EXCHANGE RATES

According to the Section 2 of Article 5 of the “Law on Currency Regulation”, under the "Regulation on foreign exchange trading reporting" and " Manual on calculating and announcing the MNT exchange rate against foreign currencies " approved by BOM Governor’s order, BOM announces reference rate to the public since December 7, 2010. The reference rate announced by the BOM shall be followed in determining the amount of customs and other taxable income by converting the income earned in economic and non-national currencies and the border price of imported goods into togrog and reflecting any assets and sources denominated in foreign currencies in togrogs until the closing rate of the next day is announced.

For example, financial statements prepared on December 31, 2021 should use the closing rate announced by the BOM on December 30, 2021 in reporting the remaining receivables and payables. Financial statements prepared on January 3, 2022 should use the closing rate announced by the BOM on December 31, 2011.

However, it shall not be understood as any signal for the exchange rate trend or any intention for trading rate.