Government to support central bank’s policy on maintaining foreign exchange reserves

2022-03-24 10:25:29

Ulaanbaatar /MONTSAME/. The Cabinet discussed how the Russia-Ukraine crisis has been affecting Mongolia's economy at its regular meeting on March 23, reported Minister of Finance B.Javkhlan.

“At each of the Cabinet meetings, corresponding ministries have been presenting possible ways to keep the negative effect caused by the Russia-Ukraine conflict at a minimum. Sanctions that have been imposed against Russia are also indirectly affecting the situation in our country to a certain extent.

As it may affect our economy through several channels, the first issue at hand is foreign trade. Petroleum makes up 75 percent of the products being imported from Russia. 

Rosneft is currently supplying petroleum products according to the agreement. From our side, importers have been making their payments without any issue. As USD 180 million worth of petroleum has been purchased since February 24, we will put in efforts into continuing to keep this amount. 

In terms of foreign policy, Mongolia continues to keep the same stance as when we voted to abstain during the recent UN resolution. 

Furthermore, the policy on maintaining foreign exchange reserves and supporting exports will continue to be implemented."