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BoM holds FX auction

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Date Buy from BoM Sell to BoM
2018/06/19 - -
2018/06/14 - -
2018/06/12 2414.30 -
2018/06/07 - -
2018/06/05 - -

 

 

Forex Auction

Forex auction is an instrument by which the Central bank of Mongolia (The Bank of Mongolia, BOM) participates in the market activities for the purpose of improving transparency and efficiency in the domestic foreign exchange market, setting stable exchange rate of Mongolian tugrug.

The BOM holds weekly forex auctions on Tuesdays and Thursdays and only entities with permits to conduct banking services within the territory of Mongolia are eligible to participate in the forex auction. But Non-banking financial institutions (NBFIs) and other companies or citizens are able to participate in the forex auctions through their banks.

The BOM chooses the type of the forex auctions depending on the nature of the auction trading as a “multiple price auction” or “single price auction” and doesn’t have to make pre-announcement about the type of the auction:

  • “Single price auction” means all successful bids of banks are closed by a single rate;
  • “Multiple price auction” means all successful bids of banks are closed by proposed rates.

The BOM supports to deliver information to forex market participants openly with the purpose of avoiding sudden fluctuations in the MNT exchange rate.