Ulaanbaatar
Draft amendments to Law on Central Bank presented
PoliticsUlaanbaatar /MONTSAME/ On August 21, S.Demberel MP presented a draft amendments to the Law on Central Bank to Z.Enkhbold, Chairman of the State Great Khural.
He said that the main objective of the Central Bank should be more clarified, specifically, to be changed as “ensuring price stability” rather than “ensuring currency stability”, which mainly refers to stabilizing the national currency - Togrog. Concept of price stability covers stability of inflation and ensuring the adequate flow of both national and foreign currencies.
The draft determines the general and sub-ordinate objectives of a Central Bank, said S.Demberel MP.
Moreover, the initiators added more clarity to the engagements of the Central Bank to the Law’s section regarding the activities of the Bank of Mongolia (BoM).
If adopted, the amended law is expected to improve the coordination of the activities of the Central Bank and the Government, by ensuring the subordination between BoM’s objectives and perspectives.
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