Online platform for interbank foreign exchange launched

2017-04-26 14:11:45
Ulaanbaatar /MONTSAME/ Opening ceremony of the online platform for inter-bank currency exchange took place at Tuushin Hotel on April 26. In collaboration of the Bank of Mongolia and Bloomberg L.P., beta version of the platform was released on April 10. O.Erdembileg, Deputy Governor of the central bank said the online platform for currency exchange was adapted in compliance with the general guidelines on state monetary policy approved by the Parliament last year, which set out to develop currency and financial market infrastructure.

Commercial banks, entities and individuals will be able to include their preference for the online platform through their corresponding banks. The online platform will reduce payment and information risks of inter-bank currencies, set spot prices, increase accessibility and transparency of financial market, help the Bank of Mongolia to fast receive information, get involved in the market, if necessary and to establish a foundation for a joint currency exchange platform.

For meeting the requirements stated on the contract, the Trade and Development Bank and Khan Bank were selected by the Bank of Mongolia as dealers of the second quarter of 2017. These 2 commercial banks will be able to engage in “Foreign exchange auction” with more bids and will be responsible for actively trading. The primary dealers will be selected and the central bank will announce the dealers within the 7th of the first month of each quarter. The trade information of the online platform will be available on the Bloomberg terminal as “MGRR”.

Source: Bloomberg TV Mongolia