BANKING SECTOR REVIEW: 2nd quarter of year 2022

The autumn of nomads

The banking sector indicators were relatively stable and growing. The sector’s total assets were 3% higher than last year’s. Non-performing loans tend to go down. MNT savings went down due to people’s interest to save foreign currencies because of uncertainty overseas. 

Commodity prices and inflation have raised because of disruptions in the supply chain and logistics due to the Russia-Ukraine issue and COVID-19.

Even though there has been a slow recovery in the mining, construction, and transportation sectors because of inconveniences in logistics, there have been a 1.9 percent growth in the economy due to relatively faster growth in the service and trade sectors.

 The banking sector indicators continue to grow and remain the only sector supporting the economy. The mining, construction, and transportation sectors need to recover as soon as possible to support the economy to grow at a desired level.

Economic indicators have been a good reminder to get into the autumn preparation sooner than later.

Please click Here to see the full version of the review in ENG.