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Events
7th roundtable meeting between Central Banks of Mongolia and China being held www.montsame.mn
Ulaanbaatar /MONTSAME/ With an aim to activate cooperation in the banking sector, 7th roundtable meeting between the central banks of Mongolia and PRC is taking place on July 27 and 28.
During the meeting, the central banks of both countries are expected to present their monetary policies and are discussing issues of exchange of currency. On July 6, the Bank of Mongolia extended the CNY 15 billion swap agreement with the People’s Bank of China to 2020. The economic cooperation of the two countries is further expanding. But the bilateral trade is mostly conducted using US Dollar. Therefore, the Deputy Governor of BoM B.Lkhagvasuren signified the importance of swap agreement on using MNT and CNY for bilateral trade.
Mr. B.Lkhagvasuren said “Mongolia has used 70 percent of the CNY 15 billion. But China has only spent MNT 500 million. Therefore, it is important to focus on increasing the usage of MNT in China. Presently, 12 Mongolian banks are cooperating with Chinese banks. Bank of China and ICBC Bank of China have their representative offices in Mongolia and haven’t officially opened a branch. We don’t have regulations for foreign banks to open a branch in Mongolia. Legal reforms are currently in process in our country and discussions on Law on Development Bank of Mongolia started taking place during the Parliament’s spring session. And a draft law on Commercial Banks will be discussed soon.”
Published Date:2017-07-28
