{"id":94499,"date":"2016-08-18T11:08:32","date_gmt":"2016-08-18T15:08:32","guid":{"rendered":"http:\/\/countingpips.com\/?p=94499"},"modified":"2016-08-18T11:08:32","modified_gmt":"2016-08-18T15:08:32","slug":"mongolia-raises-rate-450-bps-to-stabilize-tugrik-fx-rate","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/08\/mongolia-raises-rate-450-bps-to-stabilize-tugrik-fx-rate\/","title":{"rendered":"Mongolia raises rate 450 bps to stabilize tugrik FX rate"},"content":{"rendered":"<div id=\"inves-298782987\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 18, 2016<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>By <a href=\"http:\/\/www.centralbanknews.info\/\"><u>CentralBankNews.info<\/u><\/a><br \/>\n&nbsp; &nbsp; Mongolia&#8217;s central bank raised its benchmark by 450 basis points to 15.0 percent to help increase the return of local currency assets and ensure more stability of the tugrik currency.<br \/>&nbsp; &nbsp; It is the first rate hike by the Bank of Mongolia since January 2015 and follows two rate cuts in January and May this year by a total of 250 points.<br \/>&nbsp; &nbsp; The central bank said the entry and exit of foreign currencies is showing encouraging trends but further steps to strengthen confidence is the currency is required.<br \/>&nbsp; &nbsp; The exchange rate of the tugrik has been falling sharply since late June when the Mongolian People&#8217;s Party (MPP) returned to power in a landslide parliamentary election amidst an economic slowdown from a fall in mining output.<br \/>&nbsp; &nbsp; The tugrik was trading at 2,249.5 to the U.S. dollar today, down 11.4 percent year to date, as inflation in July declined to a year-low of 0.9 percent from 1.6 percent in June.<br \/>&nbsp; &nbsp; The central bank said the country&#8217;s trade balance had improved by US$602 million in the first half of the year while the current account deficit had narrowed.<br \/>&nbsp; &nbsp; Mongolia&#8217;s Gross Domestic Product grew by an annual rate of 1.4 percent in the first half of this year.<\/p>\n<p>&nbsp;<a href=\"http:\/\/www.centralbanknews.info\/\"> www.CentralBankNews.info<\/a><\/p>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By CentralBankNews.info &nbsp; &nbsp; Mongolia&#8217;s central bank raised its benchmark by 450 basis points to 15.0 percent to help increase the return of local currency assets and ensure more stability of the tugrik currency.&nbsp; &nbsp; It is the first rate hike by the Bank of Mongolia since January 2015 and follows two rate cuts in [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-94499","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/94499","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=94499"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/94499\/revisions"}],"predecessor-version":[{"id":94500,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/94499\/revisions\/94500"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=94499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=94499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=94499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}