The USD exchange rate, which reached 2,078 MNT on July 28, rose to 2,100 MNT on August 3.
As of August 3, the exchange rate was set at 2,090 MNT against USD at Naiman Sharga currency exchange market. Commercial banks and currency exchange centers in Mongolia sold USD for 2,090 to 2,100 MNT.
Economists predict that the exchange rate will continue increasing ahead of the new academic year.
Last week, new President of Mongol Bank N.Bayartsaikhan reported that the nation’s foreign currency reserves equal 1.27 billion USD, which can meet Mongolia’s import needs for four months.
Mongol Bank also reported that it will actively participate in the foreign currency market in order to ease the sudden exchange rate fluctuation resulting from asn imbalance between short-term supply and demand.