Mongolia’s central bank raised its benchmark interest rate by 200 bps to 12%. The bank took this decision in light of the high inflation levels of over 14% in August and the selloff in the Tugrik of nearly 15% this year. The Mongolian economy has struggled this year as the mining sector is underperforming, and the rising inflation has impacted domestic spending. The economy grew just 1.9% YoY in the first half of this year.