CCI and BE FORWARD Begin Loan Service for Used Automobiles in Mongolia
The amendments to the law on Central Bank (MongolBank) has passed.
12th January, 2018
Parliament plenary meeting on January 12 has passed amendments to the law on Central Bank with 69.1 percent vote. The amendments renewed legal status of MongolBank or its independence and decision making process in accordance with best practices and principles adhered by central banks of other countries. The amended law on Central Bank and related laws, set to be effective April 1 2018, will limit budgetary operations not related to the purpose of the BoM and ensure the bank’s independence from Government, having interactions with it within regulations of law. The law is expected to contribute to long-term economic growth by creating legal environment for development and implementation of proper monetary policy and maintenance of financial and price stability.
In September, 391 residents were involved in mortgage loans
4th November, 2017
In September 2017, the Bank of Mongolia and the Government jointly funded 24.6 billion MNT mortgage lending. The Bank of Mongolia has provided 258 borrowers MNT 15.7 billion, while the Government has provided MNT 8.9 billion to 133 borrowers from the Government.
The "Financial Education" campaign was successfully organized
9th January, 2018
The Bank of Mongolia initiated the "Financial Education" campaign throughout the country from October 2nd to December 31st, 2017. In collaboration with the central bank, local branches, commercial banks and related government organizations, the "Public Awareness Program Program" will promote and disseminate the general public with increased access and financial and economic knowledge and information dissemination, research, meetings and contests.
Other highlights of the campaign include: Mongolia has a symbol of National Savings and the "Day of Captivity" was celebrated on October 31 of each year.In conjunction with the Asian Development Bank, an international conference on the role of regulation, supervision, and financial intermediation of consumers was organized. In cooperation with the Bank of Mongolia, Microfinance Development Fund and the National Lifelong Learning Center under the Ministry of Education, Culture and Science, the "Memorandum of Understanding" has been signed to improve local financial knowledge.
Senior staff of the World Bank's Financial Sector were invited to host in technical advices and training sessions on "Monitoring and Evaluation of Public Financial Basics". Among children and young people there are "Who Will Be a Good Financier" and "My Life in Financial Education" essays and hand-drawing competitions. The Bank of Mongolia is implementing the "Public Awareness Program for Public Awareness" since 2015 under the World Bank's technical assistance and assistance. The results of this program have been highlighted by the World Bank as "Mongolia has made progress in policy-making on improving public financial knowledge."