"Government will continue to ensure favorable working environment for international banks in Mongolia"

MONTSAME

2017-04-10 18:31 GMT+8

Prime Minister of Mongolia J.Erdenebat addressed a plenary session of the State Great Khural (Parliament) on Friday, April 7, to give a briefing on the cooperation of the government with international banking and financial organizations.

Mongolia has joined 74 global and regional organizations, foundations and associations, of which 12 are international banks, and financial, economic and commercial organizations.

Mongolia has joined 74 global and regional organizations, foundations and associations, of which 12 are international banks, and financial, economic and commercial organizations.

Mongolia entered the International Investment Bank (IIB) in 1970, the International Monetary Fund (IMF), World Bank and the Asian Development Bank (ADB) in 1991, the European Bank for Reconstruction and Development (EBRD) in 2000, Asian Infrastructure Investment Bank in 2015. Mongolia is celebrating the 25th anniversary of cooperation with World Bank, IMF and ADB, the 15th anniversary of working with EBRD. 
With the intervention of international banking and financial organizations, Mongolian domestic economy and financial sector has been taking huge steps toward improving its prestige on international arena and discovering numerous opportunities to draw projects and programs to our market, as well as it has been affecting our capacities to benefit from development loans and increase the leverage and extend the terms of MNT/CNY and MNT/USD SWAP trades. The government views that the cooperation with international financial institutions will continue to give yields to Mongolian economy, said the Prime Minister after briefly presenting the government’s collaboration activities.

As of today, foreign banks and financial institutions have made investments to eight national banks, and five internationally acknowledged and prestigious banks are operating their official representative missions in Mongolia with the permission of the Bank of Mongolia (central bank). 
The government, while promoting the activities of the international representative offices and ensuring the favorable environment for them to run their operations smoothly in our country, will be putting efforts to increasing effectiveness of cooperation through implementing mega-scale projects on infrastructure and constructions and directing the investments to the private sector, the Prime Minister concluded his speech.

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