ULAN BATOR, March 16 (Xinhua) -- Mongolia's central bank has decided to lower its benchmark interest rate to 12 percent, local media reported on Saturday, citing a statement released by the bank.
"After taking into account the current and future state of the economy and financial markets, and external risks to the economy, the monetary policy council of the central bank made the decision to cut the benchmark interest rate by 1 percent to 12 percent," the Bank of Mongolia said in a statement.
The central bank had kept the benchmark interest rate unchanged at 13 percent since December 2022.
According to the central bank, Mongolia's inflation, as measured by the consumer price index, eased to 7.0 percent in February, down by 5.2 percentage points compared to the same period of last year.
The Asian country aims to stabilize inflation around the target rate of 6 percent in the medium term. ■