Chairman G.Zandanshatar issues a task to develop a program to stabilize the economy and support exports

On January 24, 2023, Mr. G.Zandanshatar, Chairman of the Great Hural (Parliament) of Mongolia, together with Mr. B.Enkhbayar, Chair of the Standing Committee on Legal Affairs, met with the management of the Bank of Mongolia and gave some directions to follow in their activities.  


Mr. G.Zandanshatar reminded that the main objective of the Bank of Mongolia is to ensure the stability of the Mongolian Tugrik and gave directions to develop programs to stabilize the economy and promote exports by the upcoming Spring Session of Parliament. He also noted that the Bank of Mongolia's policies and programs for this year should be aimed at promoting exports, citing the possibility of increasing foreign exchange reserves through Export Promotion, stabilizing the exchange rate, and further reducing price growth and inflation.


He emphasized that the Bank of Mongolia needs to urgently update its main economic projections for this year in line with China's change in its policy to contain the spread of the COVID-19 pandemic, and that it is necessary to limit the rise in prices, which is the root of the public's frustration. He also gave directions to establish a working group to oversee the 10 trillion MNT economic stimulus program, promoting job retention and the disbursement of the 3 percent Export Promotion loans.

In addition, the Bank of Mongolia and its management team have been warned to pay attention to the implementation of the Amendments to the Law on Banking, approved on January 28, 2021.


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