Ulaanbaatar
Law on Currency Settlements to be amended
Economy
Ulaanbaatar /MONTSAME/ Amendments to the Law on Currency Settlements will be made in order to make currency market more transparent and develop it in line with international standards.
Discussion on the draft law was conducted at the Bank of Mongolia (BoM) on June 6. Senior lawyer of the BoM Legal Department T.Delgerkhuu introduced the amendments. The Law on Currency Settlements was adopted in 1994 and 19 amendments were made since then.
Amendments to be made to over 50 percent of total provisions of the current Law on Currency Settlements, include currency flow management, clarifying currency market management to reduce the exchange rate risk of participants, increasing the use of financial derivatives, establishment of currency exchange, improving coherence between government agencies on currency regulation and clarification of monitoring.
The above mentioned amendments are expected to make exchange market more controlled and improve financial accountability of its participants by organizing the market in exchange and non-exchange forms.
Discussion on the draft law was conducted at the Bank of Mongolia (BoM) on June 6. Senior lawyer of the BoM Legal Department T.Delgerkhuu introduced the amendments. The Law on Currency Settlements was adopted in 1994 and 19 amendments were made since then.
Amendments to be made to over 50 percent of total provisions of the current Law on Currency Settlements, include currency flow management, clarifying currency market management to reduce the exchange rate risk of participants, increasing the use of financial derivatives, establishment of currency exchange, improving coherence between government agencies on currency regulation and clarification of monitoring.
The above mentioned amendments are expected to make exchange market more controlled and improve financial accountability of its participants by organizing the market in exchange and non-exchange forms.
Representatives of relevant banking and financial institutions including the Financial Regulatory Commission, Mongolian Economic Analysis and Research Center and Mongolian Bankers Association participated in the draft law discussion.
B.Misheel
