Mongolian currency weakens against USD, RMB as imports rise

Source: Xinhua | 2018-12-21

The exchange rate of Mongolia's national currency the Tugrik against the U.S. dollar weakened by 5.4 percent year-on-year in the first 11 months of this year, data released by the National Statistics Office of Mongolia showed Thursday.

The depreciation was largely related to higher imports that led to the outflow of dollars, according to experts from the statistical agency.

Total exports from Mongolia were worth 5.4 billion U.S. dollars in the first 11 months, up 37.6 percent from the same period last year, they said.

The exchange rate of the U.S. dollar against the Tugrik stood at 2,581.88 at the end of November.

Also, the exchange rate of the Tugrik against the Chinese currency renminbi or Yuan weakened by 0.6 percent in the January-November period from the same period of the previous year. One yuan bought 372.00 Mongolian Tugriks at the end of last month.