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15:02, 06 February 2019

Forecast for Mongolia's 2019 inflation is 7-9.3%

AKIPRESS.COM - Mongolia's inflation rate could fluctuate between 7 percent and 9.3 percent through this year, the central bank data showed.

The annual growth rate of production in Mongolia's mining industry could be 1.9 percent, and the annual growth rate of production in the non-mining sector could be 7.9 percent, according to the regulator's forecast, Xinhua reported.

Despite reduced global demand for mineral raw materials, an increase in prices of coal and iron ore could have a positive impact on Mongolia's economy.

One main reason for the growth of inflation this year may be the weakening of the Mongolian tugrik against the U.S. dollar, experts added.

The economy of the landlocked East Asian country is centered on mining and livestock agriculture. Mongolia is rich in mineral resources, with copper, coal, molybdenum, tin, tungsten and gold among the most important.

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