Bank of Mongolia
From Mongol Studies Online Reference
The Bank of Mongolia is a government run institution in charge of implementing state monetary policy in Mongolia. With the transition to a market-economy, a two-tier banking system was established in 1991: a commercial banking system and the Bank of Mongolia, or the central bank.[1] It has the responsibility to oversee the stability of the state currency, the Togrog, and to supervise the development of the economy, financial markets, and banking system. The Bank also issues the state currency, manages foreign cash reserves, and develops monetary policy guidelines that are submitted to the State Great Hural for approval every year.[2]
Working with the credit agencies Fitch, Moody’s and Standard & Poor’s, it has managed to upgrade Mongolia’s credit rating with rating agencies such as with Standard & Poor’s, from which the country received a B+ rating in December 2006.[3]
[edit] Involvement in Microfinance
The Bank of Mongolia has been involved in microfinance since the establishment of the two-tier banking system. In 1999, the first non-banking financial institution (NBFI) obtained its license from the Bank, and in 2002 it initiated the Law on Non-Bank Financial Activities. The Bank of Mongolia now actively supervises, regulates and licenses NBFI's. The Bank was also actively involved in the development of "The Microfinance Development Fund" in 2003.[4]
[edit] References
- ↑ The Bank of Mongolia. History. Retrieved on 2008-07-25.
- ↑ The Bank of Mongolia. About the Bank. Retrieved on 2008-07-25.
- ↑ Bank of Mongolia. "About the Bank." Mongolbank.mn. Accessed 29 July 2008.
- ↑ O. Chuluunbat. "What does the Bank of Mongolia do to Promote Microfinance." 14 March 2005. Regional Conference on Microfinance. Manila, Philippines. Retrieved on 2008-08-13.
