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NRI And JPX Embark On Project To Formulate Strategy For Money Market And Capital Market Development In Mongolia www.mondovisione.com
Nomura Research Institute, Ltd. (CEO: Shingo Konomoto, HQ: Tokyo, NRI) and Japan Exchange Group, Inc. (Group CEO: Akira Kiyota, HQ: Tokyo, JPX) have embarked on a project entitled “Money Market and Capital Market Development Strategy for Mongolia”, commissioned by the European Bank for Reconstruction and Development (EBRD).
Mongolia has shown significant economic development since its transition to democracy and a market economy. Recently, however, due to factors such as falling prices of natural resources, the country’s economy has suffered a slowdown, leading to potential financial assistance from the International Monetary Fund and other organisations. Mongolia is working on policy initiatives for economic recovery and budget improvement, with support from various international donor organisations. Development of the capital market is among the important areas covered by these initiatives.
With funds from the Japan-EBRD Cooperation Fund, the EBRD selected a joint team of NRI and JPX staff to support Mongolia in establishing a long-term development plan for the Mongolian capital market, identifying barriers and recommending possible solutions. The project is expected to run from May to October 2017. This is the first time that the EBRD has selected a Japanese firm as a consultant company for technical assistance in the area of financial markets.
“The joint team of NRI and JPX appeared particularly strong among those candidates with in-depth knowledge both in money markets and capital markets. We expect the team to produce exceptionally high-quality deliverables that will support the aims of Mongolia’s national strategy for the development of financial markets,” said Tricia Huijeong Park, operation leader of the project at the EBRD Local Currency and Capital Markets Development Team.
Aude Pacatte, Head of Local Currency Portfolio Management at the EBRD Treasury, emphasises that money market development is a prerequisite of capital market development and that all stakeholders should work together to agree on the sequence of reforms and the role of each institution.
Irina Kravchenko, Head of the EBRD Resident Office in Ulaanbaatar, commented: “We believe this project is very important for the country and it is consistent with one of the main strategic priorities of the EBRD's new country strategy for Mongolia. We look forward to cooperating with NRI and JPX on this initiative and providing assistance to the Ministry of Finance of Mongolia to achieve the best possible outcome for development of the money and capital markets.”
Published Date:2017-05-23
