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Comparison of currency options for Mongolian term deposits

Do you feel that a certificate of deposit in the local currency is better than US dollars? If you do the local currency, how do you then convert to US and what is the cost?
Date: Wed-Sep-28-2016-
Response
0
I can only post about Golomt Bank, as that's the bank where I have my account. My account is a limited account, as I opened it online instead of visiting the bank in person. With a full-featured account, you might have better options, but you will need to physically travel to Mongolia to open one of those.

Currency Options

When you are setting up a term deposit (CD), you have the option to pick the currency: MNT, USD, EUR, CNY, JPY, GBP (see the rates page for rates and fees - click on "Deposit term and condition").

Withdrawing Funds

Term deposits cannot be withdrawn until they mature, so you won't be able to change the currency.

Depending on what option you picked when you opened your account, you will either need to travel to Ulaanbaatar to withdraw your funds (which probably means you'll receive Tugrik) or via wire transfer (in which case it will probably be up to your other bank to set the rates on converting to USD).

Decision Points

Which currency you pick really depends on your goals:

If you are looking to maximize your rate of return, you need to consider factors such as inflation rate and exchange rate. Earning 15% on an MNT term deposit won't do you any good if it has less buying power after 12 months!
If you are looking for a hedge against inflation, consider setting up term deposits for multiple currencies.
If you are looking to maintain a financial toehold in Mongolia (in case you might want to travel/move/invest there), local currency is probably the way to go.
[d] By: cameo
Date: Wed-Sep-28-2016
Response
What is 1 + 100



Helpfulbox Now Offers Free POS Software

for restaurants, kiosk, and any other retails business completely free. It can be used as windows cashier system or as full blown POS. You will able to print to kitchen, display orders on the kitchen screen, manage inventory, employee, report, customer loyalty offers, employee management, delivery address track and much more, all for free.

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