Ulan Bator (Mongolia), March 25: The monetary policy committee under Mongolia's central bank has decided to increase the benchmark interest rate to 9 percent, the bank said Thursday.
The Bank of Mongolia has decided to increase the benchmark interest rate by 2.5 percent as tensions in international relations are directly and indirectly affecting the country's economy and inflation amid growing economic uncertainties, the bank's governor Byadran Lkhagvasuren told a press conference.
The annual inflation rate in Mongolia reached 14.2 percent in February, while in the capital Ulan Bator, home to over half of the country's population, inflation reached 15.5 percent.
Source: Xinhua