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The Bank of Mongolia: Legal Reforms Needed to Ensure Central Bank Independence www.gogo.mn
The International Monetary Fund (IMF) advises that the Central Bank of Mongolia can successfully combat inflation and maintain stable economic growth by working independently in collaboration with the government.
The Bank of Mongolia has announced plans to focus on enhancing its independence and implementing legal reforms. International organizations and economists have highlighted that the current system lacks sufficient operational autonomy for the central bank, with significant fiscal influence on monetary policy posing a key weakness in Mongolia's system.
The Bank of Mongolia reiterated its intention to prioritize its independence and pursue necessary legal reforms.
In some countries, their constitutions explicitly include central banks as part of state institutions. However, Mongolia's current legal framework does not contain such provisions. Researchers believe that incorporating the powers and responsibilities of the central bank into the constitution would create a legal foundation for implementing monetary policy independently and in alignment with national interests.
Translated by ChatGPT
Published Date:2024-12-25
