Parliament Speaker met with Chiefs of Bank of Mongolia

Jun 9 • Banking, Economy, News • 525 Views • No Comments on Parliament Speaker met with Chiefs of Bank of Mongolia

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The parliament Speaker D.Demberel and accompanying him officials have got acquainted with the Bank of Mongolia. Its president L.Purevdorj received them on Wednesday.

He has spoken in detail about state of affairs, economic trends fluctuation since the beginning of 2011 and the actions the bank takes. He also has reported that the bank will issue domestic visa card and put in into Mongolia’s market soon

Investment into Mongolia is increased and loan amounts are increasing. General budget expanded faster than Bankers expected, cash handouts to all the citizens and zud disaster cut supply of meat which all resulted into higher inflation last year reports D.Boldbaatar, Director for Monetary Policy and Research of Mongol Bank to D.Demberel, Speaker of the Parliament. The officials of Mongol Bank said the economy is at stable condition since March but they are still expecting hard condition in terms of inflation due to increased spending and investment into the country.

Foreign currency inflow has increased and exchange rate is stable. Foreign exchange was increased by 1.4 times fold compared with 2010. In the first quarter of the year 2011, GDP increased by 9.7%, money supply by 66% and loans by 34.8% which Director Boldbaatar described as amazing statistics.

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