Safeguarding the economy

Tasked with promoting the balanced and sustainable development of the economy, Bank of Mongolia functions independently of government to ensure price stability and a robust financial sector.

Since the global crisis in 2008, which hit Mongolia hard due to a sudden and precipitous slump in mineral prices, the Bank has recovered gross international reserves to the tune of $1.3 billion, thanks to strong macroeconomic policies and the support of the International Monetary Fund. By December 2009, annual inflation was contained at 2 percent and new reforms have been introduced.

"Bank of Mongolia welcomes a consolidation of the sector which would create a more sound and competitive environment for strategic foreign investors," Bank of Mongolia Governor Lkhanaasuren Purevdorj said.