BANK OF MONGOLIA REPORTS

Ulaanbaatar, Mongolia /MONTSAME/ The Bank of Mongolia (BoM) released on Thursday a report on the money supply for September of 2012. According to the report, the money supply increased by 1.6 per cent against the previous month and by 17.5 per cent against the previous year, reaching MNT 7112.2 billion, whereas the annual growth rate of money supply declined by 1.0 per cent against the previous month, and by 39.7 per cent against the previous year. In addition, annual growth rate of foreign currency savings increased by 33.0 per cent. The rate of foreign exchange current accounts increased by 9.9 per cent, whereas the annual rate of Mongolian togrog (MNT) current accounts decreased by 91.0 per cent, and rates of the togrog savings and money savings outside banks decreased by 61.7 per cent and 47.7 per cent, respectively. ** ** ** The same day, the BoM set up a council on fiscal policy with a responsibility for expressing its position on the fiscal policy of Mongolia. This council has comprised related officials of the BoM; S.Purev, the Vice Minister of Finance representing the cabinet; B.Tuvshintogs, a director of the Institute of Economic Research and Survey at the School of Economics of the Mongolian State University (MSU); Dr B.Otgontogs, a deputy director of the MSU's School of Economics; and D.Batjargal, a rector of the Institute of Finance and Economics representing scientists. B.Khuder