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HomeTourismbne IntelliNews - Hapless Mongolia struggles with a shortage of dollars

bne IntelliNews – Hapless Mongolia struggles with a shortage of dollars

The Mongolian tughrik has since late January been steadily losing value against the dollar, while inflation has been mounting. There are several reasons for this, including increases in the prices of Russian gas, energy and wheat due to effects of the war in Ukraine.

Furthermore, Mongolia’s dollar income is down, as a result of a decline in exports caused by China’s “zero-Covid” policy and consequent border closures. These have also interfered with imports from China, driving up the prices of most finished goods and value-added products in Mongolia, affecting everything from toothpaste to cleaning supplies. Additionally, the lack of foreign tourists and the decrease in exports over the past two years has caused fewer dollars to be…

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