Mongolia’s central bank raised its benchmark interest rate to 13 percent. The increase brings the policy rate to its highest level since late 2017.

The interest rate hike aims to stabilize the rate of inflation in the medium term, maintain the relative return of the Mongolian national currency Tugrik and ensure both internal and external balances of the economy,  said B.Lkhagvasuren, governor of the Bank of Mongolia

Mongolia’s annual inflation rate increased 14.5 percent year-on-year in November due to higher import prices, said the National Statistics Office.