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Mongolia central bank cuts key rate to 10%

The Bank of Mongolia on March 23 lowered its benchmark interest rate to 10% from 11%, Xinhua News Agency reported March 23.

The rate cut "will reduce the cost of the banking sector and support the economy. It is expected that the Bank of Mongolia can reach the 8% inflation target," Bayardavaa Bayarsaikhan, a director of the bank's monetary policy department, said.

The consumer price index in the Mongolian capital of Ulaanbaatar rose an annual 8.1% in February, up from 8.0% in January, while that in the state climbed an annual 6.9% in February, unchanged from January, central bank data showed.

Mongolia's GDP grew 5.1% year over year in 2017, compared to 1.0% in the previous year. The International Monetary Fund has forecast the country's GDP growth to reach 5.0% in 2018 and 6.3% in 2019, Xinhua said.