Yesterday, the Mongolian government has established a price control council tasked with containing the country’s rising inflation.
The council, headed by Finance Minister S.Bayartsogt, will oversee the implementation of a price control program and report to the government every month, according to the reports.
The government has urged all its agencies and local governments to improve the supply of consumer goods, oversee prices and save expenditures, the reports said.
The government has also approved a proposal put forward by Ch.Khurelbaatar, chief of the cabinet secretariat, to stabilize the prices of gasoline, food and public transportation fares.
Under the proposal, the government is expected to regulate prices of the above-mentioned consumer goods and services as well as the Mongolian currency’s exchange rate against the U.S. dollar.
Mongolia’s consumer goods prices have been increasing dramatically over the last two years. Inflation in the country reached 10.2 percent in 2010 and hit 12.6 percent last October.