MONGOLIA’S MONEY SUPPLY REACHES MNT 54.4 TRILLION

 

As of September 2026, Mongolia’s broad money supply (M2) reached MNT 54.4 trillion, representing a 24.7% year on year increase. While money supply growth remained relatively strong, its pace has moderated somewhat compared with the higher growth rates observed earlier in the year.

A breakdown of the annual growth in money supply shows that MNT denominated deposits contributed 13.2 percentage points, MNT denominated current accounts 7.0 percentage points, foreign currency current accounts 5.4 percentage points, and currency outside depository corporations 0.2 percentage points. In contrast, foreign currency deposits reduced overall growth by 1.0 percentage point.

From the perspective of the sources of monetary growth, net foreign assets were the primary contributor, accounting for 17.1 percentage points of the annual increase. This reflects developments in foreign currency inflows and Mongolia’s external sector. Meanwhile, net domestic assets contributed 7.6 percentage points, indicating that growth in domestic credit and financing also supported the expansion of the money supply.

The expansion of the money supply indicates an increase in funding available within the banking and financial system and may create greater capacity for financing to flow into credit, investment, and capital markets. At the same time, when monetary growth remains elevated, it is important to assess it alongside developments in inflation, credit growth, and overall financial stability.

UBIM continuously monitors developments in the monetary and financial markets, funding conditions, and the broader investment environment. Based on these assessments, the company develops appropriate financing structures and funding solutions for Ulaanbaatar’s projects and programs.