Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Mongolia 01 01 - Liquidity Support MNT 574,000,000,000 208,233,659
Mongolia 01A 01A - Short-term lending MNT 250,000,000,000 90,694,102 Bank of Mongolia (BOM). (accessed 15 September 2020); BOM. (accessed 28 December 2020).

No amount/estimate: 14 September 2020, The Bank of Mongolia announced that it will be introducing a long-term repo financing instrument to alleviate the current economic downturn and support economic recovery of the country. On 18 December 2020, the BOM announced that it will issue up to MNT250 billion under the long-term repo financing to support small and medium enterprises (SMEs) and non-mining exports in the first quarter of 2021.

Mongolia 01B 01B - Support policies for short-term lending MNT 324,000,000,000 117,539,556 International Monetary Fund (IMF). (accessed 24 July 2020); BOM. (accessed 16 July 2020); BOM. (accessed 24 November 2020).

(i) 11 March 2020, The Bank of Mongolia (BOM) reduced the Mongolian Tugrik (MNT) reserve requirement of banks by 200 basis points (bps) to 8.5%. The lower reserve requirement released MNT324 billion of additional liquidity in the banking system. 23 November 2020, The revised reserve requirement on banks’ domestic currency liabilities is 6%; (ii) No amount/estimate: 26 June 2020, BOM announced that it will reduce remuneration on MNT reserve requirements issued to banks by the amount corresponding to the ratio of foreign currency-denominated (FX) deposits with relatively higher rates and FX current accounts charging any rate to total FX deposits and current accounts.

Mongolia 01C 01C - Forex operations MNT
Mongolia 02 02 - Credit creation MNT 347,504,234,118 126,066,338
Mongolia 02A 02A - Financial sector lending/funding MNT 240,000,000,000 87,066,338 Mongolian News Agency. (accessed 21 May 2020).

20 May 2020, The BOM has decided to implement the 8% interest rate mortgage program with total investment of MNT240 billion. The central bank will provide the fund using the principal's repayment of its mortgage-backed securities, and commercial banks will provide funding of not less than the sum provided by BOM to mortgage loans. The program is expected to run from May 2020 until the end of this year.

Mongolia 02B 02B - Support policies for long-term lending MNT
Mongolia 02B1 02B1 - Interest rate adjustments MNT IMF. (accessed 24 July 2020); Bank of Mongolia. (accessed 16 July 2020); BOM. (accessed 15 September 2020); BOM. (accessed 24 November 2020); BOM. (accessed 28 December 2020).

No amount/estimate: The BOM reduced the policy rate twice - 11 March 2020 by 100 bps to 10% and 13 April 2020 by 100 bps to 9%. 26 June 2020, BOM announced that it will keep its policy rate unchanged. 14 September 2020, The BOM announced the lowering of its policy rate to 8%. On 23 November 2020, the BOM announced further reduction to 6%. 18 December 2020, The BOM announced that it will keep the current policy rate of 6% unchanged.

Mongolia 02B2 02B2 - Other policies to support long-term lending MNT IMF. (accessed 24 July 2020); Mongolian News Agency. (accessed 12 June 2020); KPMG. (accessed 13 June 2020).

No amount/estimate: 18 March 2020, The BOM and the Financial Regulatory Commission implemented temporary financial forbearance measures on prudential requirements, loan classifications, and restructuring standards.

Mongolia 02C 02C - Loan guarantees MNT 107,504,234,118 39,000,000 Asian Development Bank (ADB). (accessed 26 May 2020).

April 2020, Guarantees to support vulnerable businesses amounting to USD39 million.

Mongolia 03 03 - Direct long-term lending MNT 663,000,000,000 240,520,759
Mongolia 03A 03A - Long-term lending MNT IMF. (accessed 24 July 2020); BOM. (accessed 24 November 2020).

No amount/estimate: (i) April 2020, A comprehensive set of fiscal measures has been announced, pending parliamentary approval in early April, including an increase in soft loans from the development bank to cashmere producers; (ii) 23 November 2020, The BOM will introduce a long-term refinancing instrument aimed at supporting SMEs and non-mining exports.

Mongolia 03B 03B - Forbearance MNT 663,000,000,000 240,520,759 IMF. (accessed 24 July 2020); Mongolian News Agency. (accessed 12 June 2020); Bank of Mongolia. (accessed 11 August 2020); BOM. (accessed 24 November 2020).

(i) No amount/estimate: 13 April 2020, The BOM allowed existing consumption loan borrowers to defer their principal and interest payments by up to 12 months; (ii) 12 June 2020, The government of Mongolia, together with the BOM and commercial banks, has approved decisions to make 6-month deferrals on consumer and business loan repayment and their interests for 90 days, and to extend the repayment of mortgage loans by six months. The BOM announced that commercial banks have allowed to defer repayment of mortgage loans worth MNT500 billion in total since the decision was issued; (iii) 7 August 2020, The Monetary Policy Committee decided to prolong the implementation of restructuring and extending the maturity on consumer loans for lenders experiencing difficulties in their loan repayments due to the current economic circumstances until 31 December 2020. 23 November 2020, This has been extended to 1 July 2021. Lending contracts of around 76,000 borrowers have been amended for issuance of consumer loans amounting to MNT663 billion (from the previous MNT500 billion).

Mongolia 04 04 - Equity support MNT
Mongolia 05 05 - Health and income support MNT 5,518,793,142,083 2,002,087,958
Mongolia 05A 05A - Health support MNT 198,193,703,412 71,900,000 ADB. (accessed 26 May 2020).

March 2020, Health sector measures (USD71.9 million).

Mongolia 05B 05B - Income support MNT 5,320,599,438,672 1,930,187,958
Mongolia 05B1 05B1 - Tax and contribution deferrals and policy changes MNT
Mongolia 05B2 05B2 - Tax and contribution rates reduction MNT 890,585,175,966 323,083,292 Mongolian News Agency. (accessed 8 January 2021); ADB. (accessed 26 May 2020).

(i) 20 March 2020, support to vulnerable businesses and fiscal stimulus measures, which includes (a) Exemption on social insurance (USD288.2 million); (b) Social insurance penalty exemption (USD4.2 million); (c) Corporate Income Tax exemption (USD10.8 million); (d) Exemption for tax penalties and fines (USD5.4 million); (e) Import tax and duties exemption of food products (USD3.6 million); (ii) 31 December 2020, The government approved the cancellation of penalties for late payment of social security contributions due between 1 October and 31 December 2020 (estimated at MNT30 billion, about USD10.8 million).

Mongolia 05B3 05B3 - Subsidies to individuals and households MNT 426,157,810,118 154,600,000 ADB. (accessed 26 May 2020).

(i) March 2020, Measures supporting citizens (USD154.6 million), which includes (a) Personal Income Tax exemption (USD63.2 million); (b) Job retention allowance (USD18.4 million); (c) Child money program (USD12.4 million); (d) VAT refunds (USD14.4 million); (e) Erdenes Tavan Tolgoi Dividends Payout (USD46.2 million). Erdenes Tavan Tolgoi is a state-owned enterprise where each Mongolian citizen owns a share.

Mongolia 05B4 05B4 - Subsidies to businesses MNT 3,353,856,452,588 1,216,700,000 ADB. (accessed 26 May 2020).

March 2020, Support to vulnerable businesses and fiscal stimulus measures, which includes (a) Rental relief (USD7.2 million); (b) Cashmere sector support (USD118.1 million); (c) Discount on agricultural equipment (USD12.3 million); (d) Capital projects (of which two-thirds does not yet have financing) (USD1,079.1 million).

Mongolia 05B5 05B5 - Indirect income support MNT
Mongolia 05B6 05B6 - No breakdown (income support) MNT 650,000,000,000 235,804,666 Mongolian News Agency. (accessed 14 December 2020).

13 December 2020, The government decided to write off payments of utility bills (electricity, heat, water, and waste bills) of households and some enterprises for seven months with MNT650 billion (USD235.8 million) funding from Erdenet Mining Corporation, one of Mongolia's biggest state-owned enterprises, from 1 December 2020 to 1 July 2021.

Mongolia 05C 05C - No breakdown (health and income support) MNT
Mongolia 06 06 - Budget reallocation MNT Mongolian News Agency. (accessed 06 August 2020).

No amount/estimates: 5 August 2020, A presentation on making amendments to the 2020 general budget of Mongolia has been delivered at the Cabinet meeting. The Cabinet decided to continue some measures, which are being taken to provide support to people’s livelihood and health and preserve the employment amid the COVID-19 pandemic, until the end of 2020.

Mongolia 07 07 - Central bank financing government MNT
Mongolia 07A 07A - Direct lending and reserve drawdown MNT
Mongolia 07B 07B - Secondary purchase: government securities MNT
Mongolia 08 08 - International Assistance Received MNT 8,100,687,865,035 2,938,738,454
Mongolia 08A 08A - Swaps MNT 6,000,000,000,000 2,176,658,454 Bank of Mongolia. (accessed 11 August 2020).

31 July 2020, The Bilateral Currency Swap Arrangement of CNY15 billion (MNT6 trillion) made between the Bank of Mongolia and the People’s Bank of China has been successfully renewed for 3 more years until 2023.

Mongolia 08B 08B - International loans/grants MNT 2,100,687,865,035 762,080,000
Mongolia 08B1 08B1 - Asian Development Bank MNT 587,965,465,059 213,300,000 ADB

(i) 13 February 2020, Fifth Health Sector Development Project (USD1.20 million); (ii) 12 March 2020, Regional Improvement of Border Services Project (USD0.08 million); (iii) 2 March 2020, Improving the Preparedness and Response to Novel Coronavirus Outbreak (USD0.23 million); (iv) 25 March 2020, Asia Pacific Disaster Response Fund and Technical Assistance - COVID-19 Emergency Response (USD1 million); (v) 22 April 2020, Enhancing Gender Equality Results in East Asia (USD0.05 million); (vi) 30 April 2020, Supporting the Credit Guarantee System for Economic Diversification and Employment Project (USD24 million); (vii) April 2020, Nonsovereign Operations: Trade Finance Program (Additional Financing) - guarantee (USD10.38 million); (viii) April 2020, Nonsovereign Operations: Trade Finance Program (Additional Financing) - loan (USD0.74 million) with co-financing (USD0.03 million); (ix) April 2020, Country Support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases (USD0.77 million); (x) 7 May 2020, Fifth Health Sector Development Project - additional financing (USD29.88 million); (xi) 12 May 2020, COVID-19 Rapid Response and Expenditure Framework CPRO (USD100 million); (xii) 3 June 2020, Developing a Disaster Risk Transfer Facility in the Central Asia Regional Economic Cooperation Region (Additional Financing) (USD0.07 million); (xiii) 25 June 2020, Addressing and Preventing Domestic Violence in Mongolia during the COVID-19 Crisis (USD0.40 million); (xiv) 2 July 2020, Shock-Responsive Social Protection Project (USD26.4 million); (xv) 14 July 2020, Strengthening Integrated Early Warning System in Mongolia (USD0.55 million); (xvi) 24 July 2020, Due Diligence and Capacity Development of Trade Finance Program Banks (Subproject 3) (USD0.21 million); (xvii) 17 August 2020, Strengthening Institutional Capacity to Respond to COVID-19 (USD0.35 million); (xviii) September 3, COVID-19 Emergency Response (USD1.50 million); (xix) 29 September 2020, Wheat Supply Chain and Food Security Project (USD15 million); (xx) 27 October 2020, Managing the Risks of Food Insecurity in Mongolia during the COVID-19 Crisis (USD0.40 million); (xxi) 18 November 2020, Supporting Startup Ecosystem in the Central Asia Regional Economic Cooperation Region to Mitigate Impact of COVID-19 and Support Economic Revival (USD0.05 million); (xxii) 26 November 2020, Addressing Health Threats in the Central, West and East Asia Region (Additional Financing) (USD0.04 million).

Mongolia 08B2 08B2 - Other MNT 1,512,722,399,976 548,780,000 World Bank. (accessed 7 May 2020); UNDP. (accessed 4 June 2020); World Bank. (accessed 20 May 2020); USAID. (accessed 5 June 2020); IMF. (accessed 4 June 2020); Mongolian News Agency. (accessed 17 June 2020); Mongolian News Agency. (accessed 17 June 2020); Asian Infrastructure Investment Fund (AIIB). (accessed 24 June 2020); Mongolian News Agency. (accessed 8 July 2020); Mongolian News Agency. (accessed 23 July 2020); Mongolian News Agency. (accessed 11 August 2020); World Bank. (accessed 4 September 2020); Mongolian News Agency. (accessed 13 October 2020); European Union.,and%20people%20under%20medical%20observation (accessed 19 January 2021).

(i) 25 March 2020, The World Bank mobilized USD2.2 million to help strengthen Mongolia’s hospital services in the wake of the COVID-19 pandemic. The funding will be used to purchase the most needed medical diagnostic equipment in the country (loan); (ii) 2 April 2020, The World Bank’s Board of Executive Directors approved USD26.9 million for the Mongolia COVID-19 Emergency Response and Health System Preparedness Project to meet emergency needs in the face of the pandemic and to better prepare for future health crises (loan); (iii) April 2020, UN COVID-19 Response and Recovery Fund, a UN inter-agency fund mechanism established by the UN Secretary-General to help support low and middle income programme countries to respond to the pandemic and its impacts including an unprecedented socio-economic shock, has allocated USD1 million to Mongolia (grant); (iv) May 2020, The World Bank is reprioritizing USD15 million under the existing Employment Support Project to support certain relief measures of the government’s economic stimulus package in response to COVID-19. This support will cover out-of-pocket social insurance contributions for an estimated 120,000 individuals-including the self-employed, micro-entrepreneurs, and those informally employed-for a period of five months (loan); (v) May 2020, USAID provided nearly USD1.2 million for health assistance to the Mongolian Government to prepare laboratory systems, activate case-finding and event-based surveillance, and support technical experts for response and preparedness, and more (grant); (vi) 3 June 2020, The IMF has approved the request for emergency financial assistance under the Rapid Financing Instrument (RFI) of about USD99 million. This emergency financial assistance will help support foreign exchange reserves, create fiscal space for essential pandemic-related expenditure, and catalyze donor support (loan); (vii) 12 June 2020, the Government of Japan has decided to provide JPY1.2 billion (about USD11.6 million) as part of the non-refundable assistance to promote economic and social development, and carry out human resources development program to the Government of Mongolia; (viii) 15 June 2020, Germany's Federal Ministry of Defense will grant EUR1 million (about USD1.1 million) to Mongolia to procure medical devices, medicines, and protective equipment for Central Military Hospital; (ix) 16 June 2020, Asian Infrastructure Investment Fund (AIIB) approved financing under COVID-19 Rapid Response Program (USD100 million); (x) 19 June 2020, USD20 million IDA credit for the Mongolia Emergency Support and Employment Support Project; (xi) No amount/estimate: 8 July 2020, WHO presented personal protective equipment, diagnostic tests, and other medical equipment to the Ministry of Health in aims of providing assistance in the fight against the coronavirus infection; (xii) 21 July 2020, The European Union announced that it will provide EUR37.5 million (USD39.5 million) to Mongolia for its COVID-19 response through short-, medium-, and long-term projects; (xiii) August 10, The International Atomic Energy Agency (IAEA) donated medical equipment, worth MNT511.6 million (USD0.18 million), such as portable X-Ray machine, real time RT-PCR test kits, reagent, etc. to Mongolia under the framework of inter-regional technical cooperation project INT0098, ‘Strengthening Capabilities of Member States in Building, Strengthening and Restoring Capacities and Services in Case of Outbreaks, Emergencies and Disasters’; (xiv) 9 October 2020, The Japanese government will provide Mongolia with JPY25 billion (USD230 million) of loan with an interest rate of 0.01%; (xv) 18 January 2021, In partnership with the World Vision, European Union launches an 18-month, EUR1 million (USD1.1 million) project "Recovering Together" to contribute to limiting the spread of COVID-19 and reduce its negative impact on the vulnerable population in Mongolia, particularly mothers, children, and people under medical observation .

Mongolia 09 09 - International Assistance Provided MNT
Mongolia 09A 09A - Swaps MNT
Mongolia 09B 09B - International loans/grants MNT
Mongolia 10 10 - No breakdown MNT
Mongolia 11 11 - Other Economic Measures MNT IMF. (accesed 24 July 2020); Mongolian News Agency. (accessed 2 July 2020).

(i) 13 February 2020, Temporary suspension of coal exports to the People's Republic of China; (ii) 30 June 2020, Re-opening of children playground centers except of PC game centers, summer camps, religious and cultural centers, cinema theatres, snooker centers, and karaokes. However, public protests and mass gathered sports contests will remain prohibited. By reviving the operations, it is expected to keep around 10,000 jobs.

Mongolia 12 12 - Non-Economic Measures MNT
Mongolia 12A 12A - Measures affecting travel and transport (local and international) MNT IMF. (accesed 24 July 2020); Mongolian News Agency. (accessed 30 July 2020).

13 February 2020, Travel ban was imposed from high-risk countries.

Mongolia 12B 12B - Measures affecting business and workplace MNT Mongolian News Agency. (accessed 14 January 2021); Mongolian News Agency. (accessed 19 January 2021).

(i) 11 January 2021, 18 categories of businesses (mostly in the tourism, entertainment, and leisure sectors) remain closed for an indefinite period of time; (ii) 18 January 2021, Resumption of operations of electronics and furniture stores, mobile phone trade and repair centers, street booths and ski resorts effective 18 January 2021, adhering to infection protection regimes and requirements.

Mongolia 12C 12C - Others MNT IMF. (accesed 24 July 2020); Mongolian News Agency. (accessed 30 July 2020); Mongolian News Agency. (accessed 8 January 2021); Mongolian News Agency. (accessed 14 January 2021).

(i) 13 February 2020, The authorities declared the state of high alert and quickly implemented a broad range of measures including social distancing, public events cancellations, and school and university closures; (ii) 29 July 2020, The government discussed and approved terms and arrangement for the re-opening of all levels of educational institutions, i.e., classes will be given in a combination of a physical classroom learning and online lessons and online classes of all levels of educational institutions will begin from September 1; (iii) 21 December 2020, The government announced a strict-lockdown regime from 23 December 2020 until 6 January 2021. 4 January 2021, The government extended the lockdown until 11 January 2021; (iv) 11 January 2021, The public emergency readiness or strict lockdown in Ulaanbaatar city has been lifted to transition back into the heightened state of readiness.