Mongolia’s central bank raises rates 450bp in bid to stop currency slide
Rate hike prompted by slump in currency value
Mongolia's central bank has raised its policy rate by 450 basis points (bp) to 15%, amid a worsening economic slowdown, it announced today (August 18).
The rate hike follows a slump in the value of the tugrik, Mongolia's currency. The tugrik has lost around 15% of its value against the US dollar since a peak in late June.
In its press release, the bank says rates have been increased to ensure medium-term stability and strengthen confidence in the economy. It adds that Mongolia's foreign trade
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