Since the beginning of 2020, the Bank of Mongolia (BoM) provided a total of currency worth USD 213.9 million to stabilize the domestic market. The central bank auctioned USD 38.9 million in the foreign exchange market on Thursday. As the Bank of Mongolia (BoM) reported previously, Mongolia had received several fundings worth less than USD 100 billion since the beginning of 2020. Particularly, the World Bank granted additional funding of USD 100 billion to the country as well as the Asian Development Bank (ADB). In the private sector, XacBank is scheduled to receive USD 100 million in co-financing from the Dutch Entrepreneurial Development Bank (FMO). The five-year tenor of the loan is expected to strengthen XacBank’s long-term funding base and allow the bank to further grow and expand in its focus areas in retail, micro and small and medium enterprises (MSMEs), the bank reported earlier. In terms of funding source, FMO will provide USD 65 million, the OPEC International Development Fund USD 25 million, and the International Economic Cooperation Bank USD 10 million respectively. ADB also provided USD 100 million last year. According to the central bank, the foreign exchange reserves of Mongolia reached USD 4.2 billion, up 20 percent from the same period over the last year.

Published Date:2020-01-20