Bank of Mongolia gains greater independence under new law

A view of the Mongolian steppe
Mongolia has been recovering strongly from its economic crisis, with the help of an IMF support package

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.

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