Bank of Mongolia
Bayartsaikhan N.
Baga Toiruu 9, Ulaanbaatar 46, Mongolia
Tel: (976)-11-310392
Fax: (976)-11-311471
Web:www.mongolbank.mn
As the Central Bank, the Bank of Mongolia (BoM) ensures the stability of the national currency – Togrog. Within this main objective, the BoM promotes balanced and sustained development of the national economy, through maintaining the stability of money, financial markets, and the banking system. In order to implement its objectives, the BoM conducts activities such as issuing currencies in circulation, formulation and implementation of monetary policy, acting as the Government’s fiscal intermediary, supervision of banking activities, organization of inter-bank payments and settlements, management of the official foreign exchange reserves.
Policy- making body
The supreme policy-making body of the BoM is the Board of Directors. The current Board of Directors consists of the Governor of the Central Bank who is Chairman, the First Deputy Governor, Deputy Governor, 9 directors and 2 non-voting members.
Frequency of meeting
The Board of Directors has regularly scheduled meetings every Thursday once a week to assess underlying economic developments, monitor progress toward achieving its monetary policy objectives, and formulate policy for the period ahead.
Degree of independence
The BoM is operationally independent from the Government though the Parliament of Mongolia monitors whether the Bank’s activities are consistent with the legislation. However, neither the Government, nor the Parliament is to interfere in activities relating to the implementation of State monetary policy by the BoM. The independence of the BoM is empowered under the Law on Central bank approved in 1996. The Governor of the BoM may attend Cabinet meetings and consult on issues relating the BoM and banking activities.
Release of Policy Information
Information on monetary policy is released in the form of press releases and statements. Monetary and financial statistics can be found in monthly bulletins and annual reports. Their electronic versions as well as key information about the BoM and major activities in the financial system are also available at www.mongolbank.mn