Home World News Developed Economies Mongolia’s central bank cuts benchmark rate by 1 percent amid COVID-19 concerns

Mongolia’s central bank cuts benchmark rate by 1 percent amid COVID-19 concerns

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The monetary policy council of Mongolia’s central bank announced Monday it has decided to cut the benchmark interest rate from 10 percent to 9 percent.

“The COVID-19 pandemic is rapidly changing the internal and external environment of the economy and increasing uncertainty. Therefore, we decided to cut the benchmark interest rate by 1 percent in order to mitigate the epidemic-related economic difficulties and support future economic activities,” the Bank of Mongolia said in a statement.

In March, the Mongolian central bank cut the benchmark interest rate from 11 percent to 10 percent to support the country’s economic growth, while keeping inflation around the target rate of 8 percent in the medium term. Enditem

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