Ulaanbaatar Consensus held

The American Chamber of Commerce in Mongolia

2018-02-13 10:11 GMT+8

The Bank of Mongolia (BoM) organized Ulaanbaatar Consensus on February 12, which brought together economic analysts, economists, and commercial bank representatives.

The participants discussed asset rights, particularly private assets, mentioning that Parliament’s laws have been poorly implemented. They also discussed increasing exports, supporting the middle class, and encouraging young people to stay in Mongolia instead of moving overseas to find work.

IMF Country representative Neil Saker said, “Macro-economic sustainability is the key to economic growth. The Mongolian economy is shifty, because the economy is dependent on commodity prices. Financial policy needs to be excellent, and savings is crucial. By generating a large of amount of savings, when the economy is doing well, it can help when the economy is seeing negative changes.”

Another economist noted that there are too many commercial banks in Mongolia, which needs to change. The Governor of the BoM announced that an economic institute will be established in 2018, and come to action in 2019. The governor said that the institute will help improve the banking and financial sectors, as well as focus on making the BoM more open to the public.

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