S.Ganbaatar, the president of Mongolia’s Confederation of Trade Unions (CTU), said the CTU is joining the growing “Occupy Wall Street” movement now underway in cities around the world. He complained that Mongolian banks set high interest rates, putting financial pressure on businesses and individuals.
He said the CTU opposes high interest rates, noting that interest rates in Mongolia can run as high as 20 to 25 percent, while in the rest of the world six percent is common. He said the CTU is bringing the movement to Mongolia to save Mongolians from high interest rates, which he said should be in the single digits. S.Ganbaatar also said Mongolians are being hurt by the misguided policies of Mongol Bank and the Ministry of Finance.