Bank of Mongolia to be inspected

2017-02-24 12:35:22

Ulaanbaatar /MONTSAME/ The Economic Standing Committee of Parliament has established a working group to examine Bank of Mongolia activities in 2012-2016. The working group will hold examination from February 23 to April 30, inspecting results of its programs, projects and actions including ‘Price stabilization program’ as well as its loss, and make conclusion, said MP T.Ayursaikhan.

“- Bank of Mongolia issued MNT 8 trillion in 2012-2016. The bank had a loss of MNT2.3 trillion for the last four years, mentioned in its report. However, newly appointed authorities of the central bank stated that the bank’s loss reached MNT4 trillion. The Government refunds the loss of the central bank through issuing securities and it becomes big burden on the state budget. Therefore, the reason of all mistakes and wrong actions should be found and the guilty officials should take responsibility’ he said.  

Current economic obstruction is relevant to actions of Bank of Mongolia, noted MP Ts.Davaasuren. Mongolian national currency rate against dollar has increased to over MNT2400 for the last four years while it was MNT1450 in 2012. It means 'Tugrug' currency has been devaluated by 70 per cent.

“- In the framework of ‘Price stabilization program’, a total of MNT3 trillion was issued and USD3 billion was outflowed abroad. Tens of billions was spent in the name of providing its employees with apartments. Outstanding loan was MNT200 billion in June 2014 and increased to MNT900 billion in one year. All these mishandling should be examined and corrected”

The Bank of Mongolia used to have a profit of MNT120 billion till 2012, but it has been experiencing deficits since 2012.

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