Foreign exchange reserve increases, reaching its highest level

2020-01-09 16:13:15

Mongolia's foreign trade profit has grown up and reached USD 1.5 billion in the first 11 months of 2019. An increase of the foreign trade profit positively affected to accumulation of foreign exchange reserves. As of November, 2019, foreign exchange reserves reached USD 4 billion.

As the donor organizations disbursed funding of USD 200 million to the Government of Mongolia within the Extended Fund Facility Program being carried out by the Government of Mongolia in partnership with the International Monetary Fund, foreign exchange reserves reached its highest level in its history. Specifically, the Asian Development Bank disbursed USD 100 million in December, 2019 while the World Bank USD 100 million on January 3 and 6, 2020.

It is expected that increase of the foreign exchange reserves positively influence to maintain exchange rate of MNT against foreign currencies, successfully repay foreign debts that are scheduled to be paid in the mid-term as well as to raise and keep credit rating of Mongolia stable.