March 23, 2018 / 5:17 AM / a year ago

Mongolia cuts interest rates to 10 pct from 11 pct - spokesman

ULAANBAATAR, March 23 (Reuters) - Mongolia’s central bank has cut its policy interest rate to 10 percent from the previous level of 11 percent, a bank spokesman told Reuters on Friday.

The surprise move is Mongolia’s second rate cut in four months, with the country’s economy recovering steadily from a 2016 financial crisis that sent its currency into a tailspin and forced it to turn to the International Monetary Fund for assistance.

Lawmakers have been trying to impose an interest rate cap on banks amid fears that high rates are holding back growth.

Reporting by Munkhchimeg Davaasharav Writing by David Stanway Editing by Eric Meijer

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