The National Statistical Office has presented information on the socio-economic situation of Mongolia in the first 9 months of 2017. The main economic indicators were higher than expectations and the economy is recovering. The balance of payments, equal to 201 million US dollars, was equal to 2011, and the foreign trade balance increased by 767 million US dollars from the same period of the year to USD 1,452 million, the official foreign exchange reserve (the first 8 months of 2017 month-on-month) has increased by 43.2 percent, or $ 482 million, to $ 1.6 billion. The deficit was down 64 percent compared to the same period last year to 737 billion MNT, with the dollar declining 1 percent from the beginning of the year, reflecting the stabilization of the Mongolian economy.
In addition, the Development Bank of Mongolia (DBM) has secured a total of 96.6 million USD from foreign financial institutions in the third quarter of 2017.
This has helped boost Mongolia’s foreign currency inflows, provided the domestic currency demand was adequate, stabilized exchange rate volatility, and increased confidence in the international investors of the Mongolian government. In addition, the Sustainable Growth of Sustainable Growth has been supported by a certain amount of funds that are not included in the budget.
Therefore, the DBM will support the sustainable economic development of the country by continuously expanding cooperation with international banking and financial institutions.