S&P expects Oyu Tolgoi’s second-phase copper and steady coal exports to China to keep growth above that of peers with similar incomes for the next two to three years, with net external debt falling from 184 per cent of current account receipts in 2020 to 58 per cent in 2026, the government’s communications office summarised on Friday. Net government debt stood at 29 per cent of GDP in 2025 and should settle near 25 per cent, interest payments have fallen markedly over a decade and stay below 5 per cent of revenue, and the consolidated budget, counting the stabilisation and wealth funds, shows a surplus of 2.0 per cent of GDP this year and 1.6 per cent next, the agency found, with the deficit cap of 2 per cent of GDP as the discipline behind it.
Fitch kept Mongolia at B+ with a stable outlook on 19 August and Moody’s at B1 stable on 5 October, so all three agencies held their lines this year, the office noted. The governor’s answer to the Economy Standing Committee ran to 58 pages.
Thirteen per cent in July and 12.9 in September against a target of about 5 is the distance the governor described.
Inflation reached 13 per cent as of July, half of it from meat and vegetables and the rest from fuel prices lifted by geopolitical tension, Narantsogt told the committee on Thursday, summarising his written reply to deputy Bayarmaa’s inquiry in eight areas, by Montsame’s report at 10:03. The bank cannot control price rises but tightened the policy rate and the reserve requirement sharply in August to stop prices running away, he said, called the problem one accumulated over 15 years, and promised tight money until inflation returns to about 5 per cent in the medium term, with wage-driven demand and fuel risks still high even as autumn meat supply and the harvest ease food prices.
Deputies Ganbaatar and Tsogtbaatar pressed him on lending rates that hurt business and on decisions that think of citizens, and First Deputy Prime Minister Enkhbayar proposed a hearing to reconcile the government’s protection of incomes with the bank’s tight policy, which committee chair Zayaabal said the committee would answer. Citizens can now buy granulated gold from the central bank, the governor told them.
Thirteen per cent in July and 12.9 in September against a target of about 5 is the distance the governor described. The National Statistics Office put September’s consumer prices 12.9 per cent above a year earlier, after 9 per cent a year before, with food up 20.8 per cent, goods 13.5 and services 11.2, and food accounting for 5.6 points of the rate, transport for 2.2, education for 1.2 and clothing for 0.9. The revision of the 2026 budget with its 2 per cent deficit cap was on the Great Khural’s Friday agenda behind the family-development bill, ikon.mn reported at 11:52.