The Mongolian central bank’s monetary policy council has decided to keep the benchmark interest rate unchanged at 13 percent.

The decision was made “given the current and future state of the economy and financial markets, external and internal uncertainties or risks to the economy, and the slow pace of inflation towards the target level,” said B.Lkhagvasuren, governor of the Bank of Mongolia.

In mid-December last year, the central bank raised its benchmark interest rate from 12 to 13 percent to stabilize the rate of inflation in the medium term, maintain the relative return of the Mongolian national currency, the Tugrik, and ensure both an internal and external balance of the economy.

According to the central bank, Mongolia’s inflation, as measured by the consumer price index, rose 10 percent year-on-year in August.

The country aims to reduce its inflation rate to a single digit by the end of this year, the central bank said.