Officials of Mongol Bank held a press conference on Thursday to officially inform that the tugrug rate will not be cut next year, denying rumors that the rate would be cut twice in connection with depositors’ savings in US dollars.

According to the officials, the bank sector had total active capital of MNT 8.2 trillion at the end of October. That’s MNT 2.7 trillion more than at the same time a year earlier.

The bank sector has total capital of MNT 830.2 billion and the officials noted that banks’ profits are increasing.