The National Bank of Mongolia lowered its benchmark policy rate to 6% from 8% during an unscheduled meeting on November 23, to support the economy hurt by the coronavirus pandemic without compromising inflation targets in the medium term. The Bank noted that inflation quickened to 2.4% in October and it is expected to increase slightly in the coming months due to the base period readjustment, but will likely remain low due to economic activity and will not exceed the target level. Meantime, the economy shrank by 9.7% in the first half of 2020 due to the pandemic, but the rate of contraction slowed to 3.1% in the third quarter. Policymakers also decided to restructure and defer consumer loans until July 1, 2021, and introduce long-term refinancing tools to support SMEs and non-mining exports. The reserve requirement ratio was also lowered by 2.5 percentage points to 6%. source: Mongolbank
Interest Rate in Mongolia averaged 11.55 percent from 2007 until 2020, reaching an all time high of 15 percent in August of 2016 and a record low of 6 percent in November of 2020. This page provides the latest reported value for - Mongolia Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Mongolia Interest Rate - values, historical data and charts - was last updated on January of 2021.
Interest Rate in Mongolia is expected to be 6.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Mongolia to stand at 6.00 in 12 months time. In the long-term, the Mongolia Interest Rate is projected to trend around 6.00 percent in 2021 and 7.00 percent in 2022, according to our econometric models.