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Economy / Featured News / Mongolia News / March 11, 2015

Banks sign an agreement to implement principles of stable financing

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Development Bank of Mongolia and 13 commercial banks in Mongolia have signed a verification document to implement stable financing principles.

As of the end of last year, all of the nation’s banks agreed on the need to implement principles of stable financing principles, and starting from today, they are introducing these principles in their operations.

Representatives of the banking sector believe that although the implementation of the principles of stable financing agreed upon in the verification document may have a negative impact on the economy in the short term, the change will be very important for the nation’s long term financial stability.

The changes will also give commercial banks the opportunity to save on their operational costs.

According to estimates from Mongol Bank, through the introduction of stable financing principles to domestic commercial banks and  Development Bank of Mongolia, Mongolia will be able to enjoy stable development by 2030.

SOURCE: News.mn




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