The U.S. Dollar exchange rate against the Mongolian Tugrik has reached a historical high in the past few days, with the exchange rate standing at 2832.22. Separately, the Tugrik fell against the Chinese currency to MNT 404.12 per Yuan.
On 26 June, B.Lkhagvasuren, president of the Central Bank of Mongolia – also known as Mongol Bank – reported that the country has foreign exchange reserves for 8-9 months for import demands. Therefore, Mongolia should not have to face exchange pressure. The country’s exports have fallen by 30 percent and imports by 10 percent due to the coronavirus lockdown. Mongolia faced losses of foreign trade in the first quarter of 2020; however, it recovered in May.