Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexCryptocurrenciesCybersecurityPress Releases

Bank of Mongolia : Monetary policy statement - 2020/07

12/19/2020 | 02:05am EDT

MONETARY POLICY STATEMENT

Keeping the policy rate unchanged and setting the refinancing amount

No: 2020/07

Date: December 18, 2020

At the scheduled meeting held on December 18, 2020, the Monetary Policy Committee (MPC) of the Bank of Mongolia took into consideration the current state and outlook of the economy and financial markets, as well as the uncertainties and risks inherent in the domestic and external environments, and reached a decision to:

  1. Keep the policy rate unchanged;
  2. Issue up to MNT 250.0 billion under the long-term repo financing to support SMEs

and non-mining exports in the first quarter of 2021.

Annual headline inflation stands at 3.5 percent nationwide and 4.3 percent in Ulaanbaatar city as of November, 2020. Owing to a drop in prices of some administered goods and services coupled with weakened demand, inflation is projected to remain subdued and at the target level in medium-term. The domestic spread of the COVID-19 pandemic has impeded economic recovery. It is still expected that economic activity will pick up next year.

After experiencing a sharp downturn due to the COVID-19 pandemic in the first half of this year, global economic recovery is under way since the second half of the year, but it is uneven across countries. Successful completions of clinical trials of vaccines for the virus have begun to emit continuously positive signals to the market.

The step-by-step implementation of monetary and macroprudential policy measures and the adoption of new financing instruments by the central bank directed at mitigating the impact of the COVID-19 pandemic contribute to decelerating the pace of domestic economic downturns, facilitating recovery, and ensuring the stability of the banking sector.

Extracts of the meeting minutes will be released in two weeks on the Bank of Mongolia website.

MONETARY POLICY COMMITTEE

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

The Bank of Mongolia published this content on 18 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 December 2020 07:04:06 UTC


© Publicnow 2020
Latest news "Economy & Forex"
05:49pFlorida governor warns Ian may deliver significant disruptions
RE
05:48pMeloni casts ballot, exit polls confirm her election win
RE
05:41pFACTBOX : Companies potentially affected by Italy's election
RE
05:33pTaking aim at government, UK's Labour unveils national wealth fund plan
RE
05:25pInterview-ADB head says FX intervention among tools for emerging Asia
RE
05:07pItaly's right-wing parties seen winning power - exit polls
RE
05:02pCuban leader votes on proposal to legalize gay marriage
RE
04:59pU.S. EPA launches environmental justice office
RE
04:15pIn Moldova, thousands in new call for government's resignation
RE
04:04pMARKETMIND : Asia's FX doom loops
RE
Latest news "Economy & Forex"