The Bank of Mongolia
, or Mongolbank
, is the central bank
. The main objective of the Bank of Mongolia is to ensure stability of the Mongolian tögrög
. Within its main objective the Bank of Mongolia promotes balanced and sustained development of the national economy
, through maintaining the stability of money, financial markets and the banking system.
In order to implement its objectives as set forth in this law, the Bank of Mongolia shall conduct the following activities:
- Issuing currencies into circulation;
- Formulation and implementation of monetary policy by coordinating money supply in the economy;
- Acting as the Government's fiscal intermediary;
- Supervision of banking activities;
- Organization of inter-bank payments and settlement;
- Holding and management of the State's reserves of foreign currencies.
A joint Mongolian-Russian bank, called the "Trade and Industry Bank of Mongolia" (Bank of Mongolia) was opened on June 2, 1924 in Altanbulag
with a single branch.
At that time, the bank's capital was 260000 yanchaan
(the currency of the period). It operated with 22 employees, 18 of which were Russian specialists and 4 of them were Mongolian. At the start, the joint bank was called by two names, "Trade and Industry Bank of Mongolia", and the "Bank of Mongolia", but it was named the Bank of Mongolia in official papers and documents.
Due to the absence of a national currency, the bank faced difficulties in fulfilling... Read More