The Bank of Mongolia (BoM) organized the first Forum on Economic Policy in Orkhon Province, from January 19 to 20.
The forum brought together over 100 attendees, including representatives from Parliament, BoM, the Ministry of Finance, Ministry of Justice and Internal Affairs, Financial Regulatory Commission, banks, and corporations, to discuss economic policy priorities for 2018.
The forum's participants referred to the event as Mongolian Davos. It was noted that the Mongolian economy saw recovery in 2017. GDP grew by almost six percent, foreign currency reserves reached three billion MNT, repayment was made for two foreign debts, the nation's balance of payments totaled 846 million USD, and the BoM’s gold purchases increased in 2017.
In addition, Moody’s upgraded the nation’s credit rating. Though the economy has seen growth, forum participants pointed out that there are many economic challenges remaining in addition to the state budget and foreign debt, such as how to address cryptocurrency, money laundering, and the financing of terrorism.
Chairman of Parliament’s Economic Standing Committee D. Damba-Ochir said that the government is planning to reform the legislative environment in response to these challenges, and noted that the biggest challenge facing the Mongolian economy is 26 billion USD in foreign debt. The Director General of the Research and Statistics Department of the BoM, D. Gan-Ochir, said that to overcome debt pressure, the nation needs to increase its foreign currency reserves and utilize its domestic potential for economic growth.
Analysts from the BoM presented ways to lower debt pressure and poverty, and to increase income. The forum's participants agreed to take action on certain policies to make positive changes to the economy.
The Bank of Mongolia (BoM) organized the first Forum on Economic Policy in Orkhon Province, from January 19 to 20.
The forum brought together over 100 attendees, including representatives from Parliament, BoM, the Ministry of Finance, Ministry of Justice and Internal Affairs, Financial Regulatory Commission, banks, and corporations, to discuss economic policy priorities for 2018.
The forum's participants referred to the event as Mongolian Davos. It was noted that the Mongolian economy saw recovery in 2017. GDP grew by almost six percent, foreign currency reserves reached three billion MNT, repayment was made for two foreign debts, the nation's balance of payments totaled 846 million USD, and the BoM’s gold purchases increased in 2017.
In addition, Moody’s upgraded the nation’s credit rating. Though the economy has seen growth, forum participants pointed out that there are many economic challenges remaining in addition to the state budget and foreign debt, such as how to address cryptocurrency, money laundering, and the financing of terrorism.
Chairman of Parliament’s Economic Standing Committee D. Damba-Ochir said that the government is planning to reform the legislative environment in response to these challenges, and noted that the biggest challenge facing the Mongolian economy is 26 billion USD in foreign debt. The Director General of the Research and Statistics Department of the BoM, D. Gan-Ochir, said that to overcome debt pressure, the nation needs to increase its foreign currency reserves and utilize its domestic potential for economic growth.
Analysts from the BoM presented ways to lower debt pressure and poverty, and to increase income. The forum's participants agreed to take action on certain policies to make positive changes to the economy.
