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Events
Ts.Lut-Ochir: Inflation may reach 15% next year due to expansion of budget expenditures www.gogo.mn
The economist members of the HUN Party have become acquainted with the 2024 state budget draft.
Ts.Lut-Ochir, member of HUN Party and economist: Next year’s inflation is estimated at 6+-2 percent in the State budget. 8% inflation is not possible when expenditure is so high. The Bank of Mongolia has determined that inflation increases by 1% when budget expenditures are increased by MNT 1 trillion. According to this, the State budget will increase by MNT 5 trillion, and inflation will increase by 5%.
A strict monetary policy is the only choice when the large expansion is made to the State budget. This means that the Bank of Mongolia will implement a strict policy in order to keep the exchange rate stable. Currently, the policy rate is 13%. Bank loan interest rates for business are still high.
When the budget expenditure is high, corruption and theft will continue. The business of purchasing green buses at high prices and buying fake goods at high prices will continue. It is not the budget with the purpose of supporting the private sector.
There are no plans to open up parts of state-owned companies to the public. However the government says it will support the private sector, it has not provided space for the private sector through the budget.
Published Date:2023-10-10
