On April 17, 2012, the Bank
of Mongolia held a press conference at 03:00pm on the introduction of fiscal policy decisions. Journalists from 33 media and press organizations have participated in this conference.
The Director for Fiscal Policy and Research Department D.Boldbaatar made a statement, “The Bank of Mongolia Board of Directors has decided to increase fiscal policy interest rate by 0.5 unit percentile, setting it at 13.25%, and to increase the bank emergency funds by 1 unit percentile, setting it at 12%. According to the National Statistical Office of Mongolia estimates as of March 2012, inflation measured by input-cost index was at an annual rate of 15.3% nationwide and 17.3% in Ulaanbaatar city. In addition to the budget
and the excess demand caused by budget-like expenditure, the large amount of foreign investment in recent times is tending to increase inflation burden. Thus, the Bank of Mongolia is taking measures of tightening the fiscal policy
in order to limit inflation, decrease the foreign currency burden against MNT and protect the macro-economic stability.”