The USD exchange rate, which stood at 1,965 as of the end of June, rose to 2,078 MNT on July 28.
As of July 24, the exchange rate was set at 2,070 MNT against USD at Naiman Sharga currency exchange market. Commercial banks and currency exchange centers in Mongolia sold USD for 2,066 to 2,078 MNT.
Economists explain that the USD exchange rate increase has intensified because USD supply hasn’t increased and the nation’s budget deficit now exceeds one trillion MNT. Economists predict that the exchange rate will continue increasing in the future.