(MENAFN) The Mongolian government announced a significant decision on Wednesday to eliminate the import duty on wheat flour, effectively reducing it to zero from approximately 15 percent. Dashzegve Amarbayasgalan, who serves as the Minister of Mongolia and heads the Cabinet secretariat, disclosed this information during a press conference. The measure comes into immediate effect, allowing for the duty-free importation of flour through all border ports in Mongolia. The primary objective behind this move is to enhance the accessibility of flour across the country, ensuring the stability of its supply chain and pricing dynamics while also mitigating inflationary pressures.
According to Minister Amarbayasgalan, over 60 percent of the Mongolian consumer goods and services basket comprises flour and related products. Recognizing the critical role of flour in the daily lives of Mongolian citizens, the government's decision underscores a strategic effort to address potential challenges in the availability and affordability of this essential commodity. With Mongolia currently experiencing an inflation rate of 7 percent, as indicated by the consumer price index, there is a concerted effort to stabilize this figure around the target rate of 6 percent in the medium term.
The adjustment in import duties on wheat flour reflects a proactive approach by the Mongolian authorities to manage economic conditions and support the well-being of their citizens. By eliminating tariffs on this staple food item, the government aims to alleviate any strains on household budgets and maintain the overall economic stability of the nation. This decision aligns with broader strategies aimed at promoting sustainable growth and ensuring the welfare of the Mongolian populace amidst evolving economic challenges.
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