On February 28, an irregular meeting of the Financial Stability Council took place. During the meeting, Head of the Macroeconomic Policy Division of the Economic Policy Department at the Ministry of Finance J.Ganbayar, Director General of the Monetary Policy Department of the Bank of Mongolia B.Bayardavaa, and Director General of the Payment Systems Department of the Bank of Mongolia E.Anar made presentations on the impact of the Russia-Ukraine crisis on Mongolia’s economy, the country’s economic outlook and some possible measures, and the financial sanctions that have been imposed on Russia.
On February 28, an irregular meeting of the Financial Stability Council took place. During the meeting, Head of the Macroeconomic Policy Division of the Economic Policy Department at the Ministry of Finance J.Ganbayar, Director General of the Monetary Policy Department of the Bank of Mongolia B.Bayardavaa, and Director General of the Payment Systems Department of the Bank of Mongolia E.Anar made presentations on the impact of the Russia-Ukraine crisis on Mongolia’s economy, the country’s economic outlook and some possible measures, and the financial sanctions that have been imposed on Russia.
The central bank considers that the economy is expected to have a 5.9 percent growth next year, which will be mainly due to the post-pandemic recovery of non-mining sector. It is also stated in a draft Basic Guidelines for 2022 State Monetary Policy that direct foreign investment and export earnings will support internal circulation, highlighted Governor of the Bank of Mongolia B.Lkhagvasuren at the meeting with the press on October 18.