Mongolian currency weakens against USD

Source: Xinhua| 2019-05-21 19:38:58|Editor: xuxin
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ULAN BATOR, May 21 (Xinhua) -- The exchange rate of the Mongolian currency Tugrik against the U.S. dollar fell by 10 percent year on year in Jan-April, data released by the Mongolian National Statistics Office (NSO) showed Tuesday.

At the end of last month, the exchange rate of the U.S. dollar against the Tugrik stood at 2,634.93, said the NSO. Tugrik also depreciated by 3.2 percent against the Chinese yuan.

The Mongolian national currency's depreciation was mainly related to continuous increase in imports, according to experts of the statistical agency.

The value of the Asian country's total imports amounted to 1.8 billion dollars in the Jan-April period, up 11.7 percent from the same period last year.

The Bank of Mongolia has provided more than 600 million dollars to private banks so far this year to manage foreign currency reserves, according to a bank statement.

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