Mongolia makes 200bp hike
Central bank has doubled rates since start of year
The Bank of Mongolia raised the country’s benchmark rate by 200 basis points to 12% on September 20, the fourth this year, for a total of 600bp of monetary tightening. The increase brings the policy rate to its highest level since late 2017.
In August, Mongolia registered 14.4% inflation nationally, down from 16.1% in June. Inflation was slightly higher in Ulaanbaatar, the capital. The central bank estimates that increasing import and transportation costs explain two-thirds of rising price
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