Mongolia recorded the fastest economic growth among those countries working with the European Bank for Reconstruction and Development, according to a statement released today.

Mongolia’s 2006 growth was put at 7.5 percent, up from 6.8 percent in 2005. The same growth numbers were posted for the other former Soviet countries which make up the Commonwealth of Independent States.

The bank is estimating economic growth of 7.2 percent for Mongolia in 2007.

"This (growth) was largely due to continuing high commodity prices, but also strong domestic demand," the bank said in a statement. 

The European Bank for Reconstruction and Development was founded in 1991 to help former Soviet countries develop free market economies by providing them with capital.