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Bank of Mongolia Hikes Rates to Tame Prices, Halt FX Outflows
The central bank of Mongolia hiked interest rates to the highest in five years to try and control rising prices and halt currency outflows. The main policy rate was raised to 12% from 10%, the Bank of Mongolia said in a statement Tuesday. That was the highest since 2017 and comes as inflation recently hit the highest since 2012, with rising prices prompting protests in the capital earlier this year. “An increase in the policy interest rate contributes to bringing inflation back to the target level,” the bank said in the statement after the decision. Inflation should moderate following the rate increase, central ... (full story)
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- Posted: Sep 20, 2022 5:48am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 481
