The National Bank of Mongolia lowered its benchmark policy rate by 100bps to 9 percent during an unscheduled meeting on April 13th, to support the economy hurt by the coronavirus pandemic. Policymakers have also decided to extend the maturity limit on consumer loans up to 12 months for lenders experiencing difficulty in their loan repayments, saying the continued spread of COVID-19 aggravated uncertainties, contracted business activities in the economy, weakened domestic demand, and resulted in difficulties in loan repayments.
Interest Rate in Mongolia averaged 11.63 percent from 2007 until 2020, reaching an all time high of 15 percent in August of 2016 and a record low of 6.40 percent in July of 2007. This page provides the latest reported value for - Mongolia Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Mongolia Interest Rate - values, historical data and charts - was last updated on September of 2020.
Interest Rate in Mongolia is expected to be 7.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Mongolia to stand at 7.00 in 12 months time. In the long-term, the Mongolia Interest Rate is projected to trend around 7.00 percent in 2021, according to our econometric models.