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Economy / Mongolia News / August 17, 2016

Tugrik’s 22-Day Slump to Record Low Marks Mongolia Crisis: Chart

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Mongolia’s tugrik is in its longest losing streak on record with the economy in the grips of a crisis so severe that the newly elected government run by the Mongolian People’s Party felt obliged to tell the nation last week that they may not be able to pay salaries to soldiers and public health staff. Falling commodity prices — key export copper has recovered little since touching a seven-year low in January — have made the country of 3.3 million vulnerable. The International Monetary Fund flew in this week for talks as a slowdown in China and anti-investment laws passed by the former government scared away foreign investors.

SOURCE: Bloomberg




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