Mongolbank sells USD 30 million by forex auction
The Mongolbank announced on June 14, 2012, by forex auction, the BoM sells USD 30 million at closing rate of MNT 1321.53 as received the bids to buy USD. However, the BoM did not intervene in the CNY/MNT exchange rate market and commercial banks bids to buy chinese yuans were rejected.
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.
BoM 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 BoM 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 BoM continues reporting the closing exchange rate of the FX auction.
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