The Bank of Mongolia held its regular foreign currency auction
yesterday on June 14, 2012. During the auction the commercial banks have proposed a request to buy USD, where 30 million USD was sold at a closing rate of 1,321.53 MNT per one USD.
Also, a request from commercial banks
was proposed to buy CNY, but the Bank of Mongolia denied the proposal considering that the demand and supply of CNY in the domestic foreign currency market is stable.
The Bank of Mongolia
As the Central Bank, the Bank of Mongolia ensures the stability of the national currency - Tugrug
(MNT). Within this main objective, the Bank promotes balanced and sustained development of the national economy, through maintaining the stability of money, financial markets
and the banking system. In order to implement its objectives, Bank of Mongolia conducts activities such as issuing currencies in circulation, formulation and implementation of monetary policy, acting as the Government’s fiscal intermediary, supervision of banking activities, organization of inter-bank payments and settlements, management of the official foreign exchange reserves.