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BoM promises favorable environment for financial consumers www.gogo.mn
The Bank of Mongolia (BoM) launched “Consumer protection campaign” last week. The campaign is set to cover the entire financial sector and cooperate with regional department of the BoM, commercial banks, Ministry of Finance, Financial regulatory Commission, Authority for Fair Competition and Consumer Protection, Mongolian Mortgage protection, Mongolian Banking Association, Deposit insurance Corporation, Microfinance Development Fund, Government and non-government organizations.
According to the BoM, the campaign will run until May 31, 2018.
At the launch ceremony, the Governor of BoM Bayartsaikhan Nadmid addressed “The balance of relations between banks and herders has been disturbed. Same goes to insurance companies and herders. We reached a conclusion we must focus on balancing the relations between these organizations and the people. Therefore, we are planning to prepare a draft Law on Financial Consumer Protection within the campaign period. I will personally be held responsible for submitting the draft to the Parliament. The final product of this campaign will be a draft law. As a result, Mongolian people nd the financial organizations will benefit from it.”
According to the Legal Department of the BoM, the BoM has implemented a consumer protection project in cooperation with the Asian Development Bank and is now launching a campaign as a result of the project. Since the BoM is responsible for regulating the banking sector, the main partners will be commercial banks. The BoM has set an objective to cooperative with 14 commercial banks in the following 5 months and take types of actions.
Published Date:2018-01-15
