The fifth conference of economists, finance officials, accountants, and bookkeepers is being held in the Government House. Representatives of the Mongol Bank on Monday discussed monetary policy for 2012, and stressed that the bank will focus on keeping inflation in single digits in 2012.

Delegates discussed how 30-percent salary and pension increases beginning October 1 could increase inflation and put negative pressure on the private sector. They also warned that, with the 2012 election approaching, political parties will be making promises that will result in state budget increases. Global increases in the price of petroleum could also increase inflation.

Despite a domestic yield of 420,000 tons of wheat and a large domestic supply of vegetables, food prices may also rise, the delegates concluded, adding that the strengthening Yuan will also influence Mongolia’s economy.