Foreign-exchange reserves to reach USD 4 billion www.montsame.mn
Ulaanbaatar /MONTSAME/ Today, May 26, Bank of Mongolia made a press briefing regarding the International Monetary Fund's approval of Extended Fund Facility program for Mongolia. D.Orgil, spokesperson of the Bank of Mongolia (BoM) read the central bank's statement, which reported that USD 38.6 million, an initial funding of the Extended Fund Facility program, has been funded to BoM to increase foreign-exchange reserves.
Within the framework of the program, aimed at implementing economic reform in Mongolia, a total of USD 5.5 billion will be financed by international organizations, including IMF, World Bank, Asian Development Bank and JICA, as well as some countries which have bilateral ties to Mongolia, such as Japan, the People’s Republic of China and the Republic of Korea.
The program will provide positive results in the economy such as price stability, increased foreign-exchange reserves to about USD 4 billion, stabilized exchange rate of MNT against foreign currencies, proper foreign debt structures and debt sustainability.
Also, legal reforms aimed at improving BoM’s governance, strengthening its independence and ensuring financial stability will be made. For instance, making amendments to provide legally assured environment of independence to BoM. As well as to provide chance to efficiently resolve issues related to the amendments.
In order to sustain stability in the banking sector, a comprehensive assessment will be conducted in commercial banks. Through this assessment, current situations of the banking and financial system will be assessed in details, enabling for a chance to determine the activities required to expand financial intermediation.
"Healthy and safe operation of banking system will benefit the private sectors by supporting domestic and foreign investments” said D.Orgil, spokesman of BoM.
B.Tugsbilig
Published Date:2017-05-26