Mongolia’s central bank raises rates 450bp in bid to stop currency slide

bank-of-mongolia
The Bank of Mongolia

Mongolia's central bank has raised its policy rate by 450 basis points (bp) to 15%, amid a worsening economic slowdown, it announced today (August 18).

The rate hike follows a slump in the value of the tugrik, Mongolia's currency. The tugrik has lost around 15% of its value against the US dollar since a peak in late June.

In its press release, the bank says rates have been increased to ensure medium-term stability and strengthen confidence in the economy. It adds that Mongolia's foreign trade

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