Lkhagvasuren Byadran on geopolitics, gold and 100 years of central banking on the steppe

Bank of Mongolia’s governor speaks about monetary and financial reform, embracing AI and fintech, and Mongolia’s new SWF

Credit: Bank of Mongolia

The Bank of Mongolia is celebrating its centenary this year. It started out as the joint Mongolian-Russian Trade and Industry Bank of Mongolia in June 1924 and, the following year, issued the ‘new’ national currency, the tugrik, which joined the gold standard at a level of one tugrik for $0.518 in 1928. What were the main areas of focus for the central bank in those early days and through the Communist period?

Since ancient times, Mongolia has thrived as a centre of commerce and trade, boasting a

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