AKIPRESS.COM - The Monetary Policy Council of the Bank of Mongolia cut its benchmark interest rate from 12% to 11% due to positive changes in the Mongolian economy, Xinhua reported.

Bayardavaa Bayarsaikhan, a director of Monetary Policy Department, said annual inflation in Mongolia for 2018-2020 will be about 8%. In view of this, Bank of Mongolia is working to ensure that inflation in Mongolia in 2018 does not exceed eight percent.

Meanwhile, experts of the Asian Development Bank (ADB) projected that Mongolia's economy will grow by three percent in 2018. This shows that there are more positive forecasts in the Mongolian economy compared with the April forecast of the World Bank (WB).

The World Bank experts in April concluded that Mongolia's GDP will increase by 2.8% in 2017, and by 3.1% in 2018.