Bank of Mongolia should brace for impact of runaway growth, says IMF


The Bank of Mongolia should do more to avoid losing control of the country's rapidly growing economy, as inflation creeps up and financial stability risks rise, the International Monetary Fund (IMF) said yesterday.

Aided by a recent mining boom, Mongolia's economy grew 12.5% in 2012 and is expected to deliver a similar performance this year. The CIA World Factbook currently ranks it as the third fastest-growing country in the world.

At the conclusion of its Article IV consultation with Mongolia, a

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