Inflation rate was 2.2% in April, 2009

May 13 • Economy, Interview • 429 Views • No Comments on Inflation rate was 2.2% in April, 2009

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157.1 billion MNT was generated from National Insurance and 153.4 billion MNT of it were spent on pensions and benefit allowances. 617.1 billion MNT of GDP was produced in Mongolia in the first 4 months of the year 2009. Mining industry production was reduced by 8.1 billion MNT but the inspection made by the National Statistics committee states that the price of products in the mining sector may increase in the future.

B.Badamtsetseg, head of the Macro economics sector of National Statistics committee clarifies the Macro Economics situation of Mongolia in the first four months of the year 2009.

Q: Most of the Economic indicators were down, how does the Consumer Price Index look in April?

A: If we compare the Economic situation of the first four months of this year to the previous year, the main indicators were not good but we are happy to see some positives in the beginning of the year 2009. This is because CPI showed some positives as we are experiencing a slower rate of inflation this year. In April 2008 inflation rate was 5.7% but this year it is 2.2%.

Q: Does slower rate of inflation affect the value of foreign currency?

A: Value of foreign currency against MNT was affected as the most goods that are in used to measure the CPI are imported goods. Last month MNT was 4-6.6% better off than foreign currencies so it contributed to the slower rate of inflation.

Q: MNT savings at the banks were reduced, did it reduce further in April this year?

A: In comparison to the previous month, MNT savings was increased by 30 billion whereas foreign currency savings was reduced by 91.5 billion MNT worth. As for April 2009, money supply was reduced to 2.4 trillion MNT. Insecure loans make 6-11% of all the loans. I have to point this out as this is not a small amount.

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