Ulaanbaatar
The Bank of Mongolia funds mortgage loans with MNT16 billion per month
Economy
Ulaanbaatar/MONTSAME/ Within the eight-percent mortgage loan
program, last year the Bank of Mongolia transferred approximately MNT118 billion
out of MNT310 billion which was budgeted for funding the program, said
A.Enkhjin, Director of the Reserve Management and Financial Markets Department,
the Bank of Mongolia.
He said, “Through the mortgage loan, the loans worth about MNT100
billion were given to 1152 borrowers in December, 2018. Last year, 4676 flats
were sold through the mortgage loans. Now a preparation is underway to revise the
loan regulation. On this matter, talks will be held with IMF within the joint
program. Every month, the Bank of Mongolia funds mortgage loans with
approximately MNT16 billion.”
According to the Bank of Mongolia, the money supply for 2018
showed a growth of about 23 percent, which means that it matches with inflation
rate.
About 70 percent of total money supply are individuals’
savings of national currency while 27 percent are the savings of foreign
currency. The total savings increased by 18.3
percent, in which individuals’ savings make up 19.6 percent and savings of
organizations make up 41.1 percent. Loan remainders of commercial banks reached
MNT17.1 trillion, with an increase of 26 percent as compared with the same
period of previous year. Organizational loans cover 84 percent of non-performing
loans and 85 percent of bad loans.
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