Earlier today, the Mongolian Central Bank announced that its policy interest rate has been increased to 11 percent. Previously, the bank cut the policy rate to 10 percent in September, 2018.

The surprise move is Mongolia’s second rate cut in three months, with the country’s economy recovering steadily, but national currency Tugrik rate has been falling against the US Dollar. The Tugrik rate has fallen to MNT 2612 against US Dollar.