The Mongolbank announced on June 14,
2012, by forex auction, the BoM sells USD 30 million at closing rate of MNT
1321.53 as received the bids to buy USD. However, the BoM did not intervene in
the CNY/MNT exchange rate market and commercial banks bids to buy chinese yuans
were rejected.

FOREX auction is one of the
instruments used by the Bank of Mongolia to make the domestic currency market
operations obvious and fair, increase the benefit and ensure the stability of
national currency – MNT. The FX auctions are launched in Tuesdays and Thursdays
within the officially licensed banks in Mongolia.

BoM prefers to provide the domestic market participants with clear and fair
information to not let the MNT rapid fluctuation comes out and to ensure the
sustainability of the currency market.

The offers from the banks and the BoM participation level were stopped being
announced to the public due to its negative effect on the above principle on
December 27 of 2010. And the BoM continues reporting the closing exchange rate
of the FX auction.