BoM Governor meets Chinese Ambassador

2020-04-03 17:21:39

Ulaanbaatar /MONTSAME/ Governor of the Bank of Mongolia (BoM) B.Lkhagvasuren met with Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to Mongolia Chai Wenrui on April 3.

Emphasizing that the two countries have close economic cooperation, Mr. B.Lkhagvasuren said China accounts for over 90 percent of Mongolia's exports and around 40 percent of its imports and informed that talks are underway to extend the duration of the MNT-CNY swap agreement, which was established between BoM and the People's Bank of China in 2017, this July.

He also noted that Mongolia’s economic growth has stabilized over the last three years, inflation rate has been within BoM’s target range, official foreign exchange reserves have grown, and exchange rates have been stable thanks to a program of the International Monetary Fund, even though the country’s economy was in trouble in late 2016, due to possible default risk.

At the end of the meeting, the BoM Governor presented to Ambassador Chai Wenrui the donations made by the central bank’s staff for the fight against Covid-19.