MongolBank or the Central Bank of Mongolia announced on Wednesday that its monetary policy council has decided to keep the benchmark interest rate unchanged at 6 percent.

In addition, inflation is expected to be around the target rate of 6 percent in the near term, Bank of Mongolia Governor Byadran Lkhagvasuren said at a press conference.

In late November, the central bank cut the benchmark interest rate from 8 percent to 6 percent to reduce the negative effects of COVID-19 on the country’s economy and the financial sector, as well as ease financial burdens on its citizens, businesses and financial institutions.