Ulaanbaatar
Banks Lifted Their Limitations on USD Transactions
Economy
Ulaanbaatar
/MONTSAME/. Commercial banks
have set a daily limitation on USD transactions since May and restricted some
long-term loans. Thereby, banks started lifting their daily limit on USD.
According to
economists, the exchange rate of the USD against the MNT will continue to rise,
and the economic situation will worsen in the coming year. Last October, the
USD exchange rate decreased to MNT 3,150-3,250 in foreign exchange
marketplaces, while it reached MNT 3,420 in the Bank of Mongolia. But at the
“Naiman Sharga” currency exchange, it reached MNT 3,440-3,450 making the
difference between the market exchange rates MNT 30-40.
The USD exchange rate
rose from MNT 2,950 to MNT 3,350 within a week in April and May. However, this
bubble started to subside when commercial banks eased their restrictions to
some extent.
However, economists
warn of the possible risk that the bubble will re-emerge and the USD exchange
rate might exceed MNT 3,500.
Banks are beginning to
take off their daily limit on USD and are issuing certain restrictions on
obligatory large transactions.
The Bank of Mongolia
announced that the USD’s exchange rate equals MNT 3,420 as of today
/12.02/2022/. Consequently, the gap between the central bank’s exchange rate
and the “Naiman Sharga” started to fluctuate within two digits.
But commercial banks
such as State Bank, Khaan Bank, Golomt Bank, and Trade and Development Bank are
offering USD to people without any limitations.
