Mongol Bank Bought 22.6 Million US Dollars

Mongol Bank held a regular exchange auction sale on October 2nd. During the exchange auction sale commercial banks offered to sell 22.6 million US dollars and Mongol bank accepted to buy such amount at the exchange closing rage of 1’393.76. However, Mongol Bank received an offer to buy four million Yuan but did not accept it because the bank says that Yuan demand and supply is balanced. The regular exchange auction sale is organized by Mongol Bank and it is supposed to disclose domestic and foreign exchange markets, stimulate the economy, and stabilize the currency rate. Mongol Bank holds a regular exchange auction sale every Tuesday and Thursday and only banks that operate in Mongolia have the right to participate in the sale.