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.
Mongolia heads to polls with slowing economy on voters' minds
"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.
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