Tugrik Deposits Reach MNT28.8 Trillion, Up 24.9% Year on Year

ULAANBAATAR — Tugrik-denominated deposits reached MNT28.8 trillion at the end of August 2026, according to preliminary data, increasing 24.9%, or MNT5.7 trillion, from the same period a year earlier. However, the figure declined 0.1%, or MNT16.4 billion, from the previous month, according to the National Statistics Office.

Individuals accounted for the largest share of total tugrik deposits. Specifically, individual deposits stood at MNT23.7 trillion, or 82.3% of the total, while deposits held by businesses and organizations amounted to MNT5.1 trillion, or 17.7%.

Foreign-currency deposits decline

Meanwhile, the tugrik-denominated value of foreign-currency deposits stood at MNT5.0 trillion at the end of August.

This represented a decline of 8.2%, or MNT446.9 billion, from a year earlier and a monthly decrease of 1.4%, or MNT70.2 billion.

The figures indicate that tugrik deposits are driving most of the growth in deposits across the banking system.

Money supply also increases

The increase in tugrik deposits coincided with growth in Mongolia’s overall money supply. National Statistics Office data shows that the money supply reached MNT54.4 trillion at the end of August 2026, up 24.7%, or MNT10.8 trillion, from the same period a year earlier. The 24.9% growth in tugrik deposits was one of the main factors contributing to this increase.

However, an increase in the nominal value of deposits does not necessarily mean that household real incomes or purchasing power have risen by the same amount. Deposit balances are influenced not only by income and saving behavior, but also by deposit interest rates, lending conditions, inflation and other economic factors.

Therefore, the MNT28.8 trillion deposit figure shows that funds held in tugriks in Mongolia’s banking system have increased significantly year on year, but it is not, by itself, a measure of households’ financial well-being.