Chairman of the State Great Hural (Parliament) D. Amarbayasgalan met with newly appointed non-staff members of the Monetary Policy Committee of the Bank of Mongolia and members of its Supervisory Board today. The appointments were made following an open and transparent selection process and public hearings.

At the start of the meeting, Chairman D. Amarbayasgalan emphasized the importance of ethics and accountability in the work of the new appointees. He underlined the need for the central bank’s operations to be transparent and aligned with principles of justice, adding that the appointments of experienced and qualified representatives to key roles have raised public and parliamentary expectations.

He reiterated that the current Parliament prioritizes reforms in the banking and financial sector with a focus on reducing loan interest rates to realistic levels, protecting borrowers' and consumers' rights, and creating a legal framework that empowers, rather than burdens, citizens. The Chairman urged a collaborative approach to develop comprehensive solutions that genuinely benefit citizens and support businesses, beyond general notions such as “lowering loan interest rates by reducing policy rates.”

The newly appointed members of the Monetary Policy Committee and Supervisory Board presented their views and proposed solutions to address pressing issues in coordination with fiscal and monetary policies. Discussions included structural reforms in the financial market, central bank governance, and strategies to diversify the economy and expand credit sources.

Supervisory Board Chair N. Uuganbaatar emphasized the need to update sector-specific legislation to meet current demands and align with international standards. Board member D. Enkhjargal highlighted the importance of enhancing public financial literacy, improving accountability systems, and fostering a culture that prioritizes savings over consumption.

Participants also discussed financing options for agriculture and micro-businesses, the ongoing digital transformation of the economy, and strategies to attract foreign investment.

In conclusion, Chairman D. Amarbayasgalan stressed that laws and regulations should always prioritize protecting the rights and interests of citizens rather than institutional norms. He urged all participants to keep this principle at the forefront of their efforts.