The central bank of Mongolia raised its benchmark interest rate by 100 bps to 10% during its June meeting, bringing borrowing costs to the highest since 2020. The current decision was aimed at stabilizing inflation expectations in the medium term, maintaining the external and internal balance of the economy at a reasonable level, and maintaining the relative return of the togrog in the face of rising external interest rates. Policymakers noted that due to external factors and ongoing geopolitical pressures, inflation expectations are rising, coal exports are declining, and imports are increasing leading to a widening balance of payments deficit. Annual inflation in Mongolia jumped to 15.1% in May compared to 6.2% a year earlier, amid soaring prices of fuel, food and imported goods, which account for the bulk of inflation. source: Mongolbank
Interest Rate in Mongolia averaged 11.03 percent from 2007 until 2022, reaching an all time high of 15 percent in August of 2016 and a record low of 6 percent in November of 2020. This page provides the latest reported value for - Mongolia Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Mongolia Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2022.
Interest Rate in Mongolia is expected to be 12.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Mongolia Interest Rate is projected to trend around 7.00 percent in 2023, according to our econometric models.