ULAN BATOR, April 13 (Xinhua) -- The monetary policy council of Mongolia's central bank announced Monday it has decided to cut the benchmark interest rate from 10 percent to 9 percent.

Staff members spray disinfectant as a preventive measure against the COVID-19 coronavirus at Sukhbaatar square in Ulaanbaatar, the capital of Mongolia on March 17, 2020. (Photo: AFP)

"The COVID-19 pandemic is rapidly changing the internal and external environment of the economy and increasing uncertainty. Therefore, we decided to cut the benchmark interest rate by 1 percent in order to mitigate the epidemic-related economic difficulties and support future economic activities," the Bank of Mongolia said in a statement.

In March, the Mongolian central bank cut the benchmark interest rate from 11 percent to 10 percent to support the country's economic growth, while keeping inflation around the target rate of 8 percent in the medium term.