Ulaanbaatar
MNT35 billion to be monthly disbursed for mortgage
Economy
Ulaanbaatar/MONTSAME/.
Today, the Bank of Mongolia (BoM) held a press conference, reporting about the
disbursement of mortgage loan.
As of first
four months of this year, mortgage loans worth MNT64 billion were disbursed to
about 900 borrowers with the funding from the BoM. During this period, a total of loans worth MNT86 billion were disbursed to individuals and businesses with
the funding of government, BoM and commercial banks. Further, MNT35 billion in
total from these three sources will be spent every month on loan disbursement,
reported the BoM officials.
Caused by
expired valid term of relevant law, BoM’s purchase of gold has declined from
January this year. Therefore, the Law on Mineral Resources has been amended to make
the royalty rate to be five percent, which stimulated a selling of gold to rise.
As of first
four months of the year, savings of US dollars have declined, but of Mongolian
Tugrik showed an increase. Currently, total deposit is amounted at MNT14
trillion, of which 79 percent are owned by individuals. Total loans are amounted
at MNT17 billion, of which 15 percent loans in foreign currency. Over 90
percent of the loans in foreign currency were received by businesses.
