Ulaanbaatar
Speaker receives BoM Governor and FRC Chairman
Politics
Ulaanbaatar /MONTSAME/. On November 23, Speaker G.Zandanshatar received Governor of the Bank of Mongolia (BoM) B.Lkhagvasuren and Chairman of the Financial Regulatory Commission (FRC) D.Bayarsaikhan.
BoM Governor B.Lkhagvasuren introduced the package of decisions that were made during the irregular meeting of the Monetary Policy Committee held on November 23, which includes reducing policy rate to 6 percent, and introducing long-term refinancing tools to support SMEs and non-mining export products. The measures are aimed to mitigate the negative impacts of the pandemic on the economy and financing sector, and ease the financial difficulties for financial institutions as well as to support financial and economic stability for the mid-term.
As for FRC Chairman D.Bayarsaikhan, he informed the Speaker of the disruption in the income of citizens and the operations of entities and organizations that took loans from non-bank financial institutions and savings and credit cooperatives due to the unprecedented circumstance, creating the conditions for the payment of loans and interest rate to be disrupted. He also noted that financial institutions and insurance companies are running their operations normally through online methods.
After learning more about the current state of situations, Speaker G.Zandanshatar obliged the BoM Governor to put forth suggestions for measures to be taken regarding monetary policy that would positively affect citizens and entities as well as relief for loans and interest rates, and the FRC Chairman to put forth suggestions for deferring loan payments for non-banking financial institutions and savings and credit cooperatives.
