Draft amendments to banking law to be presented to Parliament

2016-12-22 14:02:54

Ulaanbaatar /MONTSAME/ On Wednesday, the cabinet discussed a concept of draft amendments to the Banking law and tasked related Ministers to present the draft at the next cabinet meeting upon reflecting proposals from ministers.

The bill set out duties and responsibilities, and areas of activity of foreign invested banks  which are expected to open in Mongolia.

Also, it will regulate the relations concerning the funding of projects and programs of socio-economic importance, providing loans under the pledge and Bank guarantee.

Moreover, it is banned for the foreign invested banks to draw deposits and savings, to provide services for individuals as commercial banks, to restrict competition and to create a monopoly on the market.