Monetary policy guidelines discussed
Bank of Mongolia completes a drafting of the Monetary Policy Guidelines for 2018
The Bank of Mongolia completed a drafting of the Monetary Policy Guidelines for 2018 and an open discussion of the draft was held to reflect proposals by experts in finance and economics sector. The draft will be submitted to the Parliament before October 1st. In conjunction with the draft, the BoM proposed to amend some 10 laws including the Laws on Currency Regulation, the Central Bank, the Banking Law, and Law on Combating Money Laundering. In the monetary policy draft, BoM set a goal to ensure inflation stabilization, maintaining inflation rate at 8 per cent in nearest 3-4 years and lowering it further. Exchange rate will be determined in line with volume of USD in the economy, foreign trade balance and price of main export products. Moreover the BoM will work independently, transparent and open, publicizing its decisions, said B.Bayardavaa, chairman of the Monetary policy Department.
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