The Bank of Mongolia or Central Bank receives no bid offers of US dollars and Chinese Yuan

The Bank of Mongolia or Central Bank receives no bid offers of US dollars and Chinese Yuan. It was one of the bid offers at the regular Foreign Exchange Auction by the Bank of Mongolia (BOM). The Foreign Exchange Auction is used as a policy instrument by the Bank of Mongolia to improve the transparency and efficiency of the foreign exchange market and to stabilize foreign exchange rate of Mongolian Tugrugs determined by the market force.

The BOM holds foreign exchange auctions two times a week. Eligible bidders of the auction are domestic commercial banks only. The BOM provides necessary information for domestic market participants to maintain stability of the foreign exchange market and to prevent high fluctuations of foreign exchange rate of Mongolian Tugrugs. Mongolian tugrugs have been weakened against foreign currencies since the slowing down of foreign direct investments to Mongolia and its economy.