Bank of Mongolia Governor N.Zoljargal issued order regarding the "General Provisions of Service Fee for Bank of Mongolia". The order was issued on March 25th and some media outlets have misleading information that ATM fees to be reduced.
We have clarified on this matter from Yu.Gereltuya, Head of the Media Relations Department of Bank of Mongolia. According to Yu.Gereltuya there are differences in the Bank of Mongolia regulations and commercial banks regulations related to the service fees.
General Provisions of Service Fee for Bank of Mongolia, which is the regulative document for the services to be received by the Bank of Mongolia, State Fund of Ministry of Finance from other participating commercial banks. As per the international standards, Bank of Mongolia is serviced by the commercial banks as well.
-Which entity sets and regulates the ATM fees operated by the commercial banks?
-According to the provision 11.3 of the Bank Law commercial banks are to set their service fees, therefore service fees for the public is regulated by commercial banks internal rules and regulations.
Also she emphasized the need to differentiate betwwen the service fees for Bank of Mongolia and services offered to commercial customers.
Bank of Mongolia Governor N.Zoljargal issued order regarding the "General Provisions of Service Fee for Bank of Mongolia". The order was issued on March 25th and some media outlets have misleading information that ATM fees to be reduced.
We have clarified on this matter from Yu.Gereltuya, Head of the Media Relations Department of Bank of Mongolia. According to Yu.Gereltuya there are differences in the Bank of Mongolia regulations and commercial banks regulations related to the service fees.
General Provisions of Service Fee for Bank of Mongolia, which is the regulative document for the services to be received by the Bank of Mongolia, State Fund of Ministry of Finance from other participating commercial banks. As per the international standards, Bank of Mongolia is serviced by the commercial banks as well.
-Which entity sets and regulates the ATM fees operated by the commercial banks?
-According to the provision 11.3 of the Bank Law commercial banks are to set their service fees, therefore service fees for the public is regulated by commercial banks internal rules and regulations.
Also she emphasized the need to differentiate betwwen the service fees for Bank of Mongolia and services offered to commercial customers.