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BoM to issue mortgage loan until 2020 www.zgm.mn
The Bank of Mongolia (BoM) has been continuing to dispense mortgage funding for two years, considering the social significance of the mortgage lending program. The program will be implemented jointly with the government until 2020. According to this agreement, the BoM shall finance the fund from its bonds guaranteed by its credit until 2019.
As of August, funding worth MNT 283 billion has been given to 4,000 lenders for mortgage loans from three different sources.
The three sources, including the central bank, government, and other banks, are providing the mortgage funds with MNT 36 billion per month. A total of MNT 430 billion will be allocated tothe fund in 2019. In specific, the BoM issues MNT 16 billion from its bond revenue each month. The government also provides funding to loan from the state budget and other banks issue at least 10 billion of its reserves.
The participation of banks is the biggest improvement of the year. As a result, total funding will increase to MNT 145 billion, and the number of borrowers will be doubled.
Banks that meet the requirements of the agreement between the BoM and the Government will be eligible for the program. Currently, the funding is being granted through the Trade and Development Bank, Khan Bank, Golomt Bank, State Bank, Xac Bank, Capitron Bank, Chinggis Khan Bank, Ulaanbaatar City Bank, and Bogd Bank.
Despite the increase in overall program funding, loans total of MNT 130 billion has been pending. This amount exceeded MNT 200 billion at the beginning of the year.
Published Date:2019-08-27
