Program to Stabilize Economy and Support Exports to be Developed

2023-01-26 08:55:19

Ulaanbaatar, January 25 /MONTSAME/.  On January 24, Chairman of the State Great Khural G. Zandanshatar met with the leadership of the Bank of Mongolia (BoM).

He reminded that the main objective of the BoM should be to ensure the stability of the national currency and gave a direction to develop a program to stabilize the economy and support exports and present it at the spring session of State Great Khural. In addition, he mentioned that it is possible to increase foreign exchange reserves, stabilize the exchange rate and further reduce inflation by supporting export and pointed out that BoM’s policies and programs of this year should focus on increasing export.

There are some promising changes in the world economic outlook. China announced sweeping changes to its restriction policy. With regard to this, BoM urgently needs to enhance its main economic forecasts for this year, and the Chairman of the State Great Khural emphasized that there is a need to limit the increase in prices, which is the basis of the public’s frustration by focusing on increasing export.

He gave a direction to establish a working group to monitor the use of 3% interest loans for export promotion and maintain jobs included in the 10-trillion program to support economic growth after the pandemic.

According to the Media and Public Relations Department, the BoM leadership was tasked to improve their discipline and to focus on implementing the Law on Amendments to the Banking Law approved by the State Great Khural on January 28, 2021.