MPP Reform Committee held Bank of Mongolia and Economic Downturn discussion today. At the beginning of the discussion researchers Kh.Batsuuri and L.Gangerel briefed the participants on the current economic situation, currency reserves and export income of Mongolia.
About two and a half years ago MPP Reform Committee has been established and it has come out with the announcement that Bank of Mongolia management should resign citing the economic situation of the country is getting worse, tugrug depreciation went on, 119 thousand people have lost their jobs and the purchasing power of the residents has been declining. Also they have mentioned that Ch.Altankhuyag, Ch.Ulaan and N.Batbayar have resigned, while N.Zoljargal is still holding his position.
President is beating around the bush. Does Prime Minister have any power?
Also they have said that Mongolian citizens are living in between the loans, whereas Bank of Mongolia is not doing its job to stabilize tugrug depreciation and holding the currency reserves at the safety level. During past period Bank of Mongolia supplied total of MNT 4 trillion into market and now it is time that we demand the results of those money supply and ask how many jobs have been created.
While D.Boldbaatar, Director of the Monetary Policy and Research at the Bank of Mongolia replied with denial that Bank of Mongolia supplied total of MNT 3.3 trillion and that number never reached 4 trillion and 2 trillion those 3.3 trillion where directed at financing the 8 percent mortgage loans, as at that time GoM was not able to finance the program alone and BoM supplied money. And added that due to complications at Oyu Tolgoi 2700 employees were laid off alone, while the mining sector has seen downsizing of 50 thousand jobs, it was inevitable that BoM had to support the construction sector.
MPP Reform Committee is convinced that resignation of BoM Governor N.Zoljargal will prevent any more malicious monetary policy. Also the critics have touched president as well.
Head of the MPP Reform Committee B.Gankhuyag said: "The nation is still tightening its belts. There is no direction in our economy. How long the nation should wait? President is beating around the bush. Does Prime Minister have any power?"
MPP Reform Committee held Bank of Mongolia and Economic Downturn discussion today. At the beginning of the discussion researchers Kh.Batsuuri and L.Gangerel briefed the participants on the current economic situation, currency reserves and export income of Mongolia.
About two and a half years ago MPP Reform Committee has been established and it has come out with the announcement that Bank of Mongolia management should resign citing the economic situation of the country is getting worse, tugrug depreciation went on, 119 thousand people have lost their jobs and the purchasing power of the residents has been declining. Also they have mentioned that Ch.Altankhuyag, Ch.Ulaan and N.Batbayar have resigned, while N.Zoljargal is still holding his position.
President is beating around the bush. Does Prime Minister have any power?
Also they have said that Mongolian citizens are living in between the loans, whereas Bank of Mongolia is not doing its job to stabilize tugrug depreciation and holding the currency reserves at the safety level. During past period Bank of Mongolia supplied total of MNT 4 trillion into market and now it is time that we demand the results of those money supply and ask how many jobs have been created.
While D.Boldbaatar, Director of the Monetary Policy and Research at the Bank of Mongolia replied with denial that Bank of Mongolia supplied total of MNT 3.3 trillion and that number never reached 4 trillion and 2 trillion those 3.3 trillion where directed at financing the 8 percent mortgage loans, as at that time GoM was not able to finance the program alone and BoM supplied money. And added that due to complications at Oyu Tolgoi 2700 employees were laid off alone, while the mining sector has seen downsizing of 50 thousand jobs, it was inevitable that BoM had to support the construction sector.
MPP Reform Committee is convinced that resignation of BoM Governor N.Zoljargal will prevent any more malicious monetary policy. Also the critics have touched president as well.
Head of the MPP Reform Committee B.Gankhuyag said: "The nation is still tightening its belts. There is no direction in our economy. How long the nation should wait? President is beating around the bush. Does Prime Minister have any power?"