ULAN BATOR, Dec. 14 (Xinhua) -- The monetary policy council of Mongolia's central bank on Friday decided to maintain the benchmark interest rate unchanged at 11 percent.
"The decision aims to stabilize inflation around the target rate of 8 percent and maintain macroeconomic stability in the medium term," Ochirkhuu Erdembileg, first deputy president of the Bank of Mongolia, said at a press conference after a council meeting.
Annual inflation was at 8.1 percent in November, Erdembileg said.
The current gradual pace of economic growth is expected to continue next year, he said.
The Bank of Mongolia decided to raise the benchmark interest rate by 1 percentage point to 11 percent in its monetary policy meeting late November, saying it was confident that inflation was near the target of 8 percent.
