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Money supply raised by MNT221 billion www.montsame.mn
Ulaanbaatar /MONTSAME/ Today, May 26, Bank of Mongolia officials made a briefing on economic changes in April. Money supply to the market reached MNT12.4 trillion, up by MNT221 billion, compared to the same period of the previous month. 53 per cent of the supply is tugrug savings and 19 per cent is foreign currency savings. Foreign currency savings have been dropped constantly over last months due to Tugrig’s exchange rate increase against foreign currency, said a senior officer of Research and Statistics Department of Bank of Mongolia A.Anand.
“Outstanding loan amount reached MNT12.7 trillion, up by MNT28 billion compared to last month. Loan by individuals occupies 52 per cent of total loan, while 42 per cent by private companies. 7.9 per cent of them is overdue and 8.6 per cent is insecure. 945 citizens got mortgage loans of MNT56 billion, totaling mortgage balance to MNT4.1 trillion. 1.8 per cent of mortgage is insecure and 2.3 per cent is overdue.
Balance of payments had a deficit of USD164 million, while trade turnover amounted to USD2 billion, up by USD523 compared to the same period of last year. The import growth of oil by USD71 million and heavy machines and equipment import by USD78 million as well as coal export increase by USD440 million influenced it, he said.
The foreign debt of Mongolia is USD24.9 billion in the first quarter, including Government debt of USD5.8 billion and Bank of Mongolia’s USD1.7 billion and debt of commercial banks and other sectors makes 70 per cent of total foreign debt.
Journalists asked questions after the briefing.
How much foreign exchange reserve does Mongolia have now?
Foreign exchange reserve of Mongolia equals to USD1.2 billion, which means equal to 3.2 months’ need supply. Within IMF agreement, the reserve will reach USD1.6 billion at the end of this year and USD4 billion by 2020.
How much mortgage loan is being issued monthly to citizens?
Monthly mortgage issuance totals to MNT25 billion. Next year, mortgage program will be transferred from the Bank of Mongolia to the Government. Now we are carrying out a study with a World Bank expert and the Government.
Economic growth in the first four months has gone beyond the expectation. What were the factors?
Economic growth was 1 per cent at the end of 2016 due to mining sector growth. This year, the growth is expected to be minus 2.1 per cent this year. In connection with mining sector growth, economic predictions have been updated and economic growth would be minus 0.2, according to the new prediction. It is highly probable that the growth would exceed the expectation, if large scale projects are realized successfully.
Published Date:2017-05-26
