It is said that people bought much USD due to rumors related to currency rate fall-down. We got details from M.Badam, Director of “Suvargan Del” currency exchange.
With reference to rumor on fall down of currency rate, currency exchangers and people generated much USD on hand. Is it true?
There is no change to foreign currency rate. Exchangers won’t keep much USD on hand. Money should be circulated. Few people, who believed in rumors on currency rate drop-down, came to buy USD. The Government explains it should not purposely have the currency rate fallen down and says the rumor is groundless. Immovable property rate has increased 1 fold and currency rate fell down in comparison to that of the previous year. Last year, 2-room apartment cost MNT 30 million whilst this year it reached MNT 60 million. Commercial banks stopped their lending. It is said that they are increasing savings and mortgage loan interests.
By how many percent?
Mortgage loan interest, which was 1.3 percent, will be 1.5 percent. And that’s why lending is halted temporarily.