Ulaanbaatar
National currency rate strengthened amid foreign exchange reserves increase
Economy
Ulaanbaatar /MONTSAME/ Mongolian national currency rate against US dollar has been tightened in the last several days. According to the Bank of Mongolia, today, May 29, buy rate of one USD equals to MNT2395, and sell rate equals to MNT2406.50 on the interbank foreign exchange platform. A few days ago, for example on May 25, buy rate was MNT2405 and sell rate was MNT2411.
Tugrug rate is strenthening in direct connection to IMF’s funding within the Extended Fund Facility (EFF). IMF Executive Board approved a three-year extended arrangement under EFF for Mongolia on May 24 and the first funding of USD 38.6 million was deposited into the central bank on May 25 to increase foreign exchange reserves.
The foreign exchange reserves were planned to be raised to USD1.6 billion in 2017, 2.7 in 2018, USD3.5 billion in 2019 and USD4 billion in 2020.
Tugrug rate is strenthening in direct connection to IMF’s funding within the Extended Fund Facility (EFF). IMF Executive Board approved a three-year extended arrangement under EFF for Mongolia on May 24 and the first funding of USD 38.6 million was deposited into the central bank on May 25 to increase foreign exchange reserves.
The foreign exchange reserves were planned to be raised to USD1.6 billion in 2017, 2.7 in 2018, USD3.5 billion in 2019 and USD4 billion in 2020.
B.Ooluun
