Bank of Mongolia:
Monetary survey, February 2008
March 31, 2008
The year-on-year growth of money supply1 accelerated to 48.5 percent or MNT 789.8 billion from the same period of last year, increased by 4.3 percent or MNT 100.3 billion from the previous month reaching MNT 2417.5 billion. Quasi money that accounted for 77.3 percent of money supply increased by 5.8 percent, however narrow money (22.7 percent of money supply) decreased by 0.5 percent or MNT 2.7 billion. Currency outside banks (44.7 percent of narrow money) decreased by 7.8 percent or MNT 20.7 billion, resulting in reduced narrow money.
Deposits in domestic currency (55.3 percent of narrow money) increased by 6.3 percent or MNT 17.9 billion reaching MNT 303.9 billion.
Currency issued in circulation grew by 38.1 percent or MNT 85.5 billion from the same period f last year, decreased by 8.4 percent or MNT 28.4 billion from the previous month reaching NT 310.0 billion.
Money supply components
Quasi money2 accounted for 77.3 percent of money supply, of which deposits in domestic currency made up 61.5 percent, saving deposits in foreign currency 22.2 percent, and foreign currency current account balances 16.3 percent. M13 accounted for 22.7 percent of money supply, of which currency outside banks made up 44.7 percent and tőgrőg denominated current account balances made up 55.3 percent.
As the end of the reporting month, quasi money reached MNT 1869.3 billion, which is higher by 5.8 percent and MNT 103.0 billion from the previous month. Tőgrőg denominated deposits grew by 1.5 percent, foreign currency saving deposits rose by 9.2 percent, foreign currency current accounts increased by 20.0 percent that gave rise to quasi money.
Total deposits increased by 44.5 percent from the same period of the previous year and by 3.5 percent from the previous month to MNT 1512.5 billion. Tőgrőg denominated deposits and foreign currency deposits accounted for 73.4 percent and 26.6 percent in qausi money, respectively.
As the end of the reporting month, narrow money (M1) decreased by 0.5 percent or MNT 2.7 billion from the previous month, and reached MNT 549.2 billion. Growth in M1 came from the decrease of currency outside banks by 7.8 percent or MNT 20.6 billion.