The Central Bank of Mongolia (Mongolbank) cut its policy rate by another 200 basis points to 6.0 percent and has now cut it by 500 points this year following earlier cuts in March, April and September.
The central bank also cut its reserve requirement on banks’ domestic deposits by another 250 basis points to 6.0 percent and has now lowered it by 450 points this year following an earlier cut in March.
In addition, Mongolbank said in a statement it would extend the period for restructuring consumer loans that are in arrears until July 1, 2021 and adopted a package of long-term refinancing instruments to support small and medium-sized enterprises and non-mining exports.
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