Central bank updates financial statistics for September 2020Economy
Ulaanbaatar /MONTSAME/. The Bank of Mongolia, today, October 28, organized a monthly press briefing on the latest update on the financial and banking industry of Mongolia.
As of September 2020, inflation rate for Mongolia was 1.7 percent, and 1.4 percent in Ulaanbaatar.
As of the first nine months of 2020, total loan balance in the banking industry was at MNT 17.2 trillion, which was made up of MNT 15.6 trillion of loans in Tugrug currency and MNT 1.6 trillion borrowings in foreign currencies. In particular, volume of salary and pension-secured loans accounted for 18 percent, which was highest share in total loans, followed by loans in the trade, real estate and mining.
In September 2020, banks issued mortgage loans worth MNT 77.3 billion to 1,052 borrowers, 30.6 percent of which is made available from financial sources of the government-approved mortgage loan program and 69.4 percent from the banks’ own funding.
Total outstanding balance of mortgage loans reached MNT 4.8 trillion with the total number of borrowers at 99,500. 73.3 percent of the total borrowers took out their mortgage loans funded by the mortgage loan program, 22 percent was funded through the banks’ sources and 4 percent from other types of sources.
Compared to the same period of last year, non-performing loans grew by MNT 4.5 billion. According to the Bank of Mongolia, the balance of payment from January to September 2020 showed deficit of USD 472.5 million, showing decrease compared to the second half of this year, when the balance of payment deficit equaled to USD 679.2 million.
Mongolia’s foreign trade balance saw a surplus of MNT 1.2 billion in the first nine months of this year.