Ulaanbaatar
Mongolia to Increase Foreign Exchange Reserves to Stabilize Inflation
Economy
Ulaanbaatar, October 22, 2023 /MONTSAME/. On October 17, 2023, the Bank of Mongolia held a meeting with Mongolian business representatives on the "Basic Guidelines for 2024 State Monetary Policy" project. At the Meeting, the Chief Economist of the Bank of Mongolia Gan-Ochir Doojav presented detailed information about the project's goals and objectives.
Chief Economist Gan-Ochir said that the Bank of Mongolia developed the "Basic Guidelines for 2024 State Monetary Policy" project and submitted it to the State Great Khural. He emphasized that the policies are expected to be responsive to public opinion and consider the suggestions and recommendations of experts before approval. He also added that open discussions and information-sharing meetings are being held gradually.
The State Monetary Policy 2024 aims to support economic growth by stabilizing inflation. To achieve this goal, the Bank of Mongolia aims to stabilize medium-term inflation to within 6 ± 2 percentage points by developing the basic infrastructure for the implementation of inflation-targeting monetary policy to the next stage.
The participants discussed proposals to focus on maintaining exchange rate stability by increasing the country's official foreign exchange reserves, lowering interest rates, and preventing financial fraud. Member of Parliament Ch. Undram, President of the Mongolian National Chamber of Commerce and Industry D. Enkhtuvshin, and Deputy Governor of the Bank of Mongolia G. Enkhtaivan took part in the Meeting.
