Ulaanbaatar
Salary loan interest rate to be lowered
Politics
Ulaanbaatar /MONTSAME/ During the yesterday’s cabinet meeting, Minister of Labor and Social Protection N.Nomtoibayar introduced about works being done to lower interest rate of salary loan of teachers, doctors and physicians of state owned schools and kindergartens and to invalidate fees.
The Ministry reached an initial agreement with the State Bank to lower the interest rate and fee in two stages. At the first stage, the fee for the salary loan of the targeted group will be canceled and then the current interest rate of 21.11 per cent will be lowered to 18 per cent. Salary loan of MNT48.2 billion is estimated to be issued to 8316 teachers, doctors and other employees of schools and hospitals, with lowered loan interest and fees of MNT1-1.6 billion annually. The Ministry is also holding talks with the Khan Bank authorities.
The Ministry reached an initial agreement with the State Bank to lower the interest rate and fee in two stages. At the first stage, the fee for the salary loan of the targeted group will be canceled and then the current interest rate of 21.11 per cent will be lowered to 18 per cent. Salary loan of MNT48.2 billion is estimated to be issued to 8316 teachers, doctors and other employees of schools and hospitals, with lowered loan interest and fees of MNT1-1.6 billion annually. The Ministry is also holding talks with the Khan Bank authorities.
B.Ooluun
