Mongolian foreign exchange market proposed by the BoM

The American Chamber of Commerce in Mongolia

2018-06-07 13:46 GMT+8

Bank of Mongolia is preparing to submit proposed amendments to the Law on Currency Settlements to Parliament.

The proposed amendments include establishing and developing a Mongolian foreign exchange market and improved monitoring of domestic currency market data.

The Mongolian Bankers Association provided a proposal for the amendments that included removing state involvement from the inbound and outbound flow of currency, however, the government would be obligated to take measures to maintain the stability of currency exchange rates.

The Mongolian Economic Analysis and Research Center believes that this proposed provision could help Cabinet maintain a proper level of government debt, thereby impacting currency stabilization.​

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