Parliament’s Economic Standing Committee rejected some articles from amendments to the Law on the Bank of Mongolia (BoM).
During Parliament's first review of the amendments, MPs voted to eliminate an article that says Cabinet will no longer give direction and suggestions to the BoM.
Amendments to the Administrative Law and Law on Parliament were rejected as well. The amendments to the Law on BoM are expected to be reviewed by Parliament on January 4. The main objective of the amendments is price stabilization. They include an article that says the BoM will implement a monetary policy set by Parliament. The amendments also include establishing a monetary policy council, a banking regulation and monitoring committee, and a new board of directors.
Parliament’s Economic Standing Committee rejected some articles from amendments to the Law on the Bank of Mongolia (BoM).
During Parliament's first review of the amendments, MPs voted to eliminate an article that says Cabinet will no longer give direction and suggestions to the BoM.
Amendments to the Administrative Law and Law on Parliament were rejected as well. The amendments to the Law on BoM are expected to be reviewed by Parliament on January 4. The main objective of the amendments is price stabilization. They include an article that says the BoM will implement a monetary policy set by Parliament. The amendments also include establishing a monetary policy council, a banking regulation and monitoring committee, and a new board of directors.