The Monetary Policy Council of the Central Bank of Mongolia held an emergency meeting earlier today (23 November) regarding economic measures announced by Cabinet last week. The Mongol Bank decided to cut its policy rates by 2 percent to 6 percent. In September, the bank cut the benchmark interest rate from 9 percent to 8 percent.

Furthermore, the bank decided to postpone repayments of all kind of loans issued by commercial banks until 1 July, 2021.

The gross domestic product of the country declined 9.7 percent since a year ago in Q1 of 2020 over restrictive measures to stop the spread of coronavirus, showing the strongest decline in over 20 years, the bank said.