Oil importers to be promoted
Development Bank of Mongolia signed a 300 million USD trade financing agreement with VTB Bank of Russia. The agreement aims to provide Mongolian crude oil imports with affordable and reliable financing.
Development Bank of Mongolia signed a 300 million USD trade financing agreement with VTB Bank of Russia. The agreement aims to provide Mongolian crude oil imports with affordable and reliable financing. With the financing, importers will have more opportunity to sell on the domestic market and repay the loan from revenues. Official believe the agreement is also beneficial in reducing exchange rate fluctuations by taking out loans when the USD reserves decrease and pay them back when it increases.
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