USD hits record high in Mongolia due to higher imports
The exchange rate of the U.S. dollar against Mongolia's national currency the Tugrik hit a new record high on Wednesday mainly because of higher imports.
The USD/MNT pair rose sharply to 2,510 in the country's domestic market, exceeding the level of 2,500 for the first time. The exchange rate stood at 2,490 on Monday.
The rise was mainly attributed to increasing imports and seasonal business activities that lead to the outflow of dollars, experts from the central bank said, adding that the Tugrik's depreciation was a temporary phenomenon.
