Ulaanbaatar
Mongolia celebrates World Savings Day
Economy
Ulaanbaatar /MONTSAME/ Bank of Mongolia (BoM), Deposit Insurance Corporation, Mongolian Bankers Association, Sparkassen Finanzgruppe (German Savings Banks Foundation for International cooperation) and commercial banks celebrated the World Savings Day on October 31.
During the event, the banks introduced products for children and provided deposit account opening services. The BoM and Sparkassen Finanzgruppe presented their handbooks and brochures on the importance of saving to the children. Moreover, the Sparkassen Finanzgruppe conducted a quiz contest among children, awarding the winners with MNT 50 thousand deposit certificate.
Last year, eight commercial banks took part in the World Savings Day event, while this year a total of 10 banks were engaged in the event. It was remarkable that the authorities of the German Embassy attended the event, giving a special emphasis to it.
The significance of celebrating the World Savings Day is to cultivate habit of saving money in kids from an early age. In this regard, a savings campaign was organized during the week before the event. Within the savings campaign started on October 22, specific works on explaining benefits of saving have been implemented for schoolchildren.
In addition to celebrating the World Savings Day and promoting the importance of saving to the children, a special attention was paid to the improvement of financial literacy of the people. As a result, the amount of deposits in banks increased by more than 20 percent over the last year.
