Ulaanbaatar
Conference on Banking Sector Reform held
Society
Ulaanbaatar
/MONTSAME/ On December 18, the Bank of Mongolia (BoM) organized a Theory and
Practice Conference on Banking Sector Reform. Opening remarks were delivered by
Speaker of the State Great Khural G.Zandanshatar and BoM Governor
B.Lkhagvasuren.
Mr. B.Lkhagvasuren
said, “The maintenance of stable economic growth in mid-term is included in the guideline of state monetary policy for 2020. For this goal, a number of actions
are planned to carry out legal reform in banking and financial systems, improve
the sector’s risk capacity, reduce ownership concentration, and improve bank inspection and regulation in compliant with the Basel standards.”
“It leads to
a conclusion that the central bank now has to take policy measures to ensure sound
operation and sustainable development of the banking sector and intensify the
financial sector's activities and collaborate with other authorized
organizations in addition to adopting the monetary policy”
Thus, BoM
developed a detailed program – The medium term program on capacity building of
the banking sector – for efficient implementation of some highly important actions
that are set to run in not only 2020, but in the medium term and had it passed by
the parliament, he added. The program sets out actions under four main goals
for 2020-2023.
Presentations on legal reform of the banking sector and risk-based inspection were delivered at the conference which was held under the aforementioned program.
