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Market Update: Mongolia Holds Key Interest Rate at 6%
The National Bank of Mongolia kept its benchmark policy rate at 6% during an unscheduled meeting on June 23rd, 2021, to continue supporting the economy hurt by the coronavirus pandemic. The Bank noted that inflation quickened to 6.2% in May, driven by economic recovery and also attributed to underlying effects and temporary supply factors; and it is expected to increase slightly in the coming months, but will stabilize around the target from 2022. Policymakers also decided to increase the amount of long-term refinancing to support SMEs and non-mining exports by MNT 250 billion in the third quarter of 2021. source: Mongolbank [/s2If]
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