Bank of Mongolia holds FX auction

On August 7 the Bank of Mongolia held a Foreign Exchange Auction and received a bid offer for USD and CNY from local commercial banks. The BOM sold 18.0 million USD at the closing rate of Tgs1880.00 and 128.5 million CNY at the closing rate of Tgs304.50.

On August 7, the BOM received a MNT Swap agreement bid offer equivalent to 2.0 million USD and USD SWAP agreement ask offer of 18.0 million USD from local commercial banks and accepted all offers.

Foreign Exchange Auction

The Foreign Exchange Auction is used as a policy instrument by the Bank of Mongolia to improve the transparency and efficiency of the foreign exchange market and to stabilize the foreign exchange rate of MNT determined by the market force. The BOM holds foreign exchange auctions on Tuesdays and Thursdays (if the day fall on an official holiday, on the preceding business day). Eligible bidders of the auction are domestic commercial banks only.