A discussion on the export promotion project will be held

During the recess of the State Great Hural, Mr. G.Zandanshatar, the Chairman of the State Great Hural is holding meetings with the heads of the organizations under the direct supervision of the State Great Hural and giving directions.

On January 24, he met with the management of the Bank of Mongolia and gave tasks in several areas.

Today, on January 31, 2023, the President of the Bank of Mongolia B. Lkhagvasuren met with the Chairman of the State Great Hural and presented a draft workplan.

The draft workplan outlined measures on cooperation with the Government, relevant ministries and other government agencies to increase the export and stabilize the economy, on keeping the economic growth in 2023 at least the same level as last year, on reduction of the deficit in the balance of payments, and on import replacement.

During the meeting, the Chairman G. Zandanshatar issued a direction to organize a discussion on the draft workplan on February 9, jointly with the Working Group, comprised of the members of the Budget and Economic Development Standing Committees and the officials from the Ministry of Economy and Development.

The President of the Bank of Mongolia B. Lkhagvasuren informed that the Mongol Bank is working to deliver the initial public offering announcement of the banks within the timeframe specified by the law. Last year, Golomt bank and State bank launched IPOs. This year, the Bank of Mongolia will organize launching of Khan bank, Khas bank and Trade and Development bank IPOs by June this year, in compliance with the law.

In addition, B.Lkhagvasuren indicated that the Bank conducted an inspection on the implementation of the 3% interest loan program, which is a part of the 10 Billion Program, with a particular attention to the loan repayment and risks. The inspection report will be presented to the State Great Hural during its spring session, he said.

All the bank employees have been interviewed on whether the management of the Bank of Mongolia are connected to the non-banking financial institutions, as speculated in social media. Also, the Bank approached the Anti-Corruption Agency. Also, measures are being taken per the rules of state inspectors of the Bank of Mongolia and the code of ethics. Results will be reported to public.

The Bank of Mongolia has been continuing its work from 2022 to support exports. In particular, meetings are held to create opportunities for non-mining exports, direct small and medium enterprises towards green development, attract funding from international organizations.

The President of the Bank of Mongolia B. Lkhagvasuren stated "We are working with the relevant ministries to increase non-mining exports through converting cashmere into value-added, well-processed products. 10,000 tons of cashmere, exported as a final product, will bring on average 1.5 billion US dollars a year. To compare, the income of Oyu Tolgoi company in 2022 was 1.4 billion US dollars. If we export our cashmere as finished product, we have full potential to bring this level income."


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