Government and Central Bank to work together on combating inflation

Oct 23 • Business, Finance, Government, News • 817 Views • No Comments on Government and Central Bank to work together on combating inflation

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Prime Minister N.Altankhyag and Mongol Bank President N.Zoljargal have signed a memorandum to implement programs to stabilize prices of key commodities such as petroleum goods, meat, vegetable, flour, and construction materials. According to the Government press release, these programs will have a wide range of activities targeted to reduce transportation costs that result in sudden price increase for the products, and limit sharp rises for housing values.

It is planned that the projects will have their own implementation mechanism and market oriented coordination to reduce the impact of the factors that affect price increases. The Mongol Bank will carry out flexible monetary policies to support the above projects, and closely work with the private sector.

Prime Minister N.Altankhuyag said that the government had an ambitious goal to maintain the inflation rate at a single digit. “Within the framework of this goal, we plan to implement these programs to stabilize prices of the most critical commodities. They aim to support the private sector by implementing effective monetary policy, reduce red tape and bureaucracy, decrease unnecessary costs and strengthen control and monitoring functions on important areas. We are confident that these activities will bring visible results soon”, he added.

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