Bank of Mongolia gains greater independence under new law
Government and politically connected businessmen had been dipping into central bank funds
The Bank of Mongolia (BoM) is now governed by a new central bank law, implemented as part of a rescue package in the wake of the 2016 economic crisis.
Mongolia’s parliament handed three amended regulations to the BoM on March 21, including the central bank law, a banking law and a deposit insurance law. These were first submitted to the parliament in November 2017.
Amendments on money laundering and terrorist-financing prevention law will be released shortly, the BoM said last month.
All of
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