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Mongolia: Joint Project of Government and Central Bank to Increase Capital
Source: ubpost.mongolnews.mn
Source Date: Monday, May 24, 2010
Focus: E-Procurement
Country: Mongolia
Created: May 24, 2010

Representatives of banking sector largely unfavored the recently disclosed US$500,000 program reform plan that the whole industry was not aware of it.

So-called “Banking Reform and Recapitalization”, a joint project of the Government of Mongolia and Bank of Mongolia (central bank), may require private commercial banks to increase their capitals with a certain threshold within certain months, if not, those may fall into subject of forced liquidation, consolidation or bankruptcy.

Mongolia has recently observed fall of two private commercial banks: Zoos Bank have come under receivership of the state while Anod Bank is now being ruled by a special governor appointed by the central bank.

Two South Korean advisors were hired as consultants to the program, whose goal was described as “capacity building” of commercial banks. The Bank of Mongolia increased its 10 percent policy interest rate up to 11 percent on May 10 in a efforts to ease down soaring inflation into double digits.

It is still unclear when the Parliament would approve the plan “in a hurried manner” as detailed information is not publicly available.
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