July 3, 2012 on: Economical, International

On Tuesday, the Bank of Mongolia (BM) held its regular auction of foreign exchanges.

At the auction of Chinese Yuan (CNY), commercial banks put forward their requests to buy CNY 10 million. But the BM did not sell Chinese Yuan to the banks because the BM needs to keep a balance of the demand-supply of CNY at the domestic market. The FOREX auction is one of the instruments used by the Bank of Mongolia to make the domestic currency market operations obvious and fair, increase the benefit and ensure the stability of national currency - MNT. The FX auctions are launched in Tuesdays and Thursdays within the officially licensed banks in Mongolia. BM prefers to provide the domestic market participants with clear and fair information to not let the MNT rapid fluctuation comes out and to ensure the sustainability of the currency market. The offers from the banks and the BM participation level were stopped being announced to the public due to its negative effect on the above principle on December 27 of 2010. And the BM continues reporting the closing exchange rate of the FX auction.

SOURCE OF THIS ARTICLE : montsame

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