On Monday (3 October), the autumn session of Mongolian parliament (State Great Khural), opened.

“This autumn session is starting in the difficult time of global price increase and drastic changes in monetary and financial policy caused by pandemic and geopolitical tension,” noted parliamentary speaker G.Zandanshatar at the opening ceremony of the session.

Mongolia’s gross domestic product grew by 1.9 percent in the first half of 2022, which is relatively weak compared to the same period of years before the pandemic.

The inflation rate has reached at 14.4 levels in August, and the real incomes and wages of workers, households and businesses are decreasing due to price increases.

Mongolia’s current account deficit stood at USD 1.5 billion as of late August, resulting in a more than USD 2 billion decrease in foreign exchange reserves.