Flour mills to receive MNT 61 Billion soft loan

Dec 14 • News • 844 Views • No Comments on Flour mills to receive MNT 61 Billion soft loan

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The Bank of Mongolia is jointly implementing a program with the government to stabilize prices of common food products. In the framework of this initiative, flour mills will receive soft loans to purchase wheat harvested in this production season. This will enable them to maintain stable prices for retailing flour to end users.

About forty flour mills operating in Darhan-Uul, Hovsgol, Bulgan and Selenge provinces will receive a total of MNT 61 Billion loan with favorable terms this year. In return, they have agreed to supply the first grade flour to shopping centers and stores at a wholesale price of no more than MNT 550 and a retail price of no more than MNT 650.

Planned to be implemented for three years covering petroleum products, meat and flour, this joint program will help the participating companies, having received a loan with favorable terms, to maintain stability for retail prices on these key commodities. It will then ease the pressure that would have otherwise felt by the consumers. More details about the “Price Stabilization Program” can be obtained athttp://www.mongolbank.mn/pricestability.aspx.

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