In commemoration of the centennial of the establishment of the modern banking system in Mongolia, the Central Bank of Mongolia hosted an Academic Conference under the theme “Objectives, Governance, Operational Directions, and Legal Reforms of the Central Bank of Mongolia” on December 23, 2024.

During the Conference, different governance models were introduced using the examples of the Monetary Policy Committee and the Supervisory Committee. Also, the Conference discussed and presented the results of the Best Paper Competition among university students following the International Finance Conference held in July 2024. More than 30 reports were submitted for the Competition, touching on topics, such as the Central Bank's operations, legal regulation, governance, independence, legal reforms, and economic conditions.

Furthermore, scholars, experts, and students from universities, and financial and legal institutions, including the Supreme Court of Mongolia, the School of Law at the National University of Mongolia, and the University of Finance and Economics, discussed digital transformation, artificial intelligence, and its development. Specifically, the attendees were engaged in presentations on “How the Operations of the Central Bank of Mongolia Affect the Country's Economy” and “Impact of Fluctuations in Exchange Rates on Electoral Cycles.”

In his presentation on “The Impact of Legally Binding Decisions Made by the Central Bank of Mongolia on Private Legal Relations,” Lawyer, Dr. S. Enkhbayar emphasized that the legal foundation for the Central Bank’s operations plays a crucial role in its effectiveness. Mr. Enkhbayar also highlighted that having the Central Bank’s operations regulated by the Constitution ensures a strong legal foundation. Although the Central Bank’s legal framework is not explicitly enshrined in the Constitution of Mongolia, its functions are specified in the National Security Concept. Mr. Enkhbayar cited international examples where the Central Bank’s operations are independent of government control, enshrined in constitutional law, and legally protected. He further emphasized that according to Article 4, Section 4.2 of the Law of Mongolia on Central Bank, one of the key responsibilities of the Central Bank is ensuring the financial stability of commercial banks.

The presentations were discussed and judged in two categories: researchers and students. As a result, 11 research were selected for the Best Paper.