Mongolia has raised its benchmark interest rates by 4.5 percentage points to 15 percent on Thursday, the central bank said, as it struggles to deal with its free-falling currency.
Government raises interest rates to tackle currency freefall
Mongolia's tugrik has been the world's poorest performing currency in August, dropping 8 percent against the dollar since the beginning of the month and 12.9 percent this year.
Recommended articles
"Financial measures for the medium term have been taken to increase the rate of return for local-currency assets and provide more stability for the tugrik," the central bank said in a statement.
Last week, the finance minister warned that the cash-strapped government would struggle to pay out wages and meet other costs, prompting a slump in sovereign dollar bonds.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
We’re not stopping - Onakoya extends Guinness World record chess marathon target by 2 hours
'We have done it': Tunde Onakoya reaches 58-hour mark chess marathon
Forgive me my papa - Self-acclaimed Hausa traditional ruler kneels to beg Oba of Benin
Fubara grows Rivers IGR by over 100%, less than 1 year after Wike's tenure
Plateau University suspends exams over killing of student
Nigeria laughing stock of the rest of the world due to insecurity - TY Danjuma
APC group claims Tinubu’s initiatives stimulating economic recovery
Plateau Gov urges calm after attack that led to death of 200-level PLASU student
NAFDAC reopens popular Ibadan supermarket shut for selling unregistered product
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT