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USD continues to strengthen against Mongolian currency

Xinhua Financein ULAN BATOR
2018-10-09 09:19

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The U.S. dollar has been maintaining its strength against Mongolia's national currency the tugrik, according to Mongolia's central bank.

The Bank of Mongolia set the rate to 2,567 tugriks per dollar on Monday morning and private banks set the rate to 2,574 tugriks per dollar.

The U.S. dollar exchange rate against the tugrik has reached a historical high in the past few days, with the exchange rate standing at more than 2550.

"This rise of the U.S. dollar exchange rate is directly related to a 40 percent increase in imports in the first three quarters of this year compared to the same period last year," Batjin Narantsogt, a senior economist at the Bank of Mongolia, told local media on Monday.

"The Bank of Mongolia has the obligation to manage foreign currency reserves. The central bank has supplied about 500 million U.S. dollars to private banks since June," Batjin said.

The foreign exchange reserves in Mongolia decreased to 2.9 billion dollars at the end of last week from 3.26 billion dollars in May, which marked the highest since June 2013, according to the central bank.
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