Export surge as coal price increases www.en.montsame.mn
Ulaanbaatar /MONTSAME/ Some positive changes occurred in Mongolian economy in connection with the 100-120 percent increase in coal price on the global market against the same period of last year, reports the Bank of Mongolia.
Following the soaring coal price, Mongolia’s exports grew by 41 percent, said the Director of the Research and Statistics Department of the central bank, Mr D.Gan-Ochir. “Regarding this growth, as the foreign exchange flow has been increasing, the GDP rose by 4.2 percent compared to the same period of 2016. All of these have been resulting in alleviation of foreign debt burden, and stabilization of MNT rate against foreign exchange. Also, companies and individuals have been transferring their USD savings into MNT accounts”, he added.
The amount of non-performing loans has been decreasing as MNT rate stabilizes. Non-performing loans constituted 7.9 percent of total outstanding loans. The banks, which had been granting only consumption loan, started to allocate loans for mining and construction.
“All of the positive changes are thanks to the coal price increase and Mongolia’s cooperation with IMF”, said Mr Gan-Ochir.
Published Date:2017-05-17