Mongolia’s loan goes down to 40 percent

Jul 28 • Business, Economy, Government, News • 755 Views • No Comments on Mongolia’s loan goes down to 40 percent

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As of the end of last year, our economy went up by average 8.7 percent for last 5 years. GDP per capita increased by 2.9 times, reaching USD 1.5 thousand. State budget balance showed positive indications since 2005 and share of foreign loan in GDP decreased by 2.5 times, reaching 40 percent in comparison to previous 5 years. These detailed numbers were mentioned at the seminar on Statistics on balance of payment and foreign investment position, jointly held by the Mongolbank and Ministry of Finance last Friday.

International Department of the Mongolbank reported on statistical theory and methods on balance of payment and foreign investment position, outline on foreign economy and market in the years between 2004 and 2008 and domestic currency market, which was of great interest to the participants.

Macro Economic Policy Department of Ministry of Finance informed on tendency of payment balance in the years between 2009 and 2011 and Ministry of Industry and Commerce reported on current status of direct foreign investment.

The Mongolbank warned entrepreneurs to comply with Mongolbank law on expressing price quotes for services and promotions via MNT and execute domestic transactions by MNT only. Also it recommended them to have registered at Mongolbanks in case of getting foreign loan, to improve planning on income and expenditure flow of foreign currency and to regulate currency rate risks, using new financial tools that are practiced commonly internationally in accordance with Currency settlement law.

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