Post by account_disabled on Aug 29, 2023 9:17:56 GMT
Mortgage loans are refinanced from repayment. However, if the loan payment is reduced by 20 percent from 8 percent to 6 percent, the amount of money going to the market will double. By this amount, the number of borrowers and sales in the construction industry will also decrease by 20 percent. Therefore, we are working on supporting the construction industry and housing as many people as possible, and we believe that changing the rate from 8 percent to 6 will not bring a positive impact on the industry .
Will the mortgage be completely transferred to the government? What are the advantages of doing so?
When the mortgage loan was started in 2013, the government and the Bank of Mongolia signed a memorandum stating that "the Bank of Mongolia will finance the two-year loan and pay the amount from the government Qatar Mobile Number List or the state budget." In the first 2 years, 1.6 billion MNT was financed. So, when the Bank of Mongolia wanted to return the money financed by the Government, the Bank of Mongolia did not have that amount of money, so the Bank of Mongolia continued the loan, and in 2016, the Parliament issued Resolution No. 12, and it was decided to transfer the Bank of Mongolia to the government in anticipation of the loss of 2 trillion in mortgage loans . The government has reduced the loan interest rate to 5 percent in rural areas and housing redevelopment.
Thus, the price increase and exchange rate depreciation began. Why is the central bank taking on such a large monetary loss? Mongolia's macro economy and inflation rate has a high loss on the exchange rate.
Because the loss of the Bank of Mongolia in this way was very negative, the government transferred it back to the Bank of Mongolia by Resolution No. 98 of the National Assembly. So, I have seen how much trouble the Bank of Mongolia has once considered in the form of interest, so now I am working to avoid making the same mistake.
What are the future directions?
About 300-400 billion MNT are returned annually from mortgage loans. However, this is insufficient and lacking in the construction industry, so we are studying the establishment of a government organization in charge of mortgages that can raise capital from many countries. In other countries, non-governmental organizations, commercial banks, and even governments have such departments.
Organizations such as "Mongolian Green Finance Corporation" and "Sustainable Funding Association" are getting discount loans from many countries. However, since 6 percent of the mortgage will not be accessible to citizens, we are studying the system of establishing a separate new organization and moving to a new organization with the government's guarantee behind it. Thus, the government is making policy decisions, improving its programs, and receiving support from international organizations. Then I will carry out the tasks mentioned above and go to work.
Will the mortgage be completely transferred to the government? What are the advantages of doing so?
When the mortgage loan was started in 2013, the government and the Bank of Mongolia signed a memorandum stating that "the Bank of Mongolia will finance the two-year loan and pay the amount from the government Qatar Mobile Number List or the state budget." In the first 2 years, 1.6 billion MNT was financed. So, when the Bank of Mongolia wanted to return the money financed by the Government, the Bank of Mongolia did not have that amount of money, so the Bank of Mongolia continued the loan, and in 2016, the Parliament issued Resolution No. 12, and it was decided to transfer the Bank of Mongolia to the government in anticipation of the loss of 2 trillion in mortgage loans . The government has reduced the loan interest rate to 5 percent in rural areas and housing redevelopment.
Thus, the price increase and exchange rate depreciation began. Why is the central bank taking on such a large monetary loss? Mongolia's macro economy and inflation rate has a high loss on the exchange rate.
Because the loss of the Bank of Mongolia in this way was very negative, the government transferred it back to the Bank of Mongolia by Resolution No. 98 of the National Assembly. So, I have seen how much trouble the Bank of Mongolia has once considered in the form of interest, so now I am working to avoid making the same mistake.
What are the future directions?
About 300-400 billion MNT are returned annually from mortgage loans. However, this is insufficient and lacking in the construction industry, so we are studying the establishment of a government organization in charge of mortgages that can raise capital from many countries. In other countries, non-governmental organizations, commercial banks, and even governments have such departments.
Organizations such as "Mongolian Green Finance Corporation" and "Sustainable Funding Association" are getting discount loans from many countries. However, since 6 percent of the mortgage will not be accessible to citizens, we are studying the system of establishing a separate new organization and moving to a new organization with the government's guarantee behind it. Thus, the government is making policy decisions, improving its programs, and receiving support from international organizations. Then I will carry out the tasks mentioned above and go to work.