Boosting Banking and Financial Sector

With the introduction of new Securities Law (2014) and Investment Fund Law (2013), there are substantial potential high-growth opportunities for new investors in an emerging advanced financial products and services industry, given its high demand within the country.

Insurance, fund management, private equity, venture capital and new credit and loan products are all areas where foreign undertakings can participate in for high capital returns.

  • 13 commercial banks
  • 1 development bank
  • 538 non-banking financial institutions
  • 254 savings & credit cooperatives
  • 54 brokerage houses
  • 15 insurance companies
  • 5 foreign banks have representative offices: ING, Sumitomo Mitsui bank, Tokyo Mitsubishi bank, Bank of China and Industrial and Commercial Bank of China are present in Mongolia. According to statistics, 90-95 % percent of financial sector assets are held by commercial banks.

Currency

The official currency of Mongolia is the Mongolian tugrik or tögrög (MNT). During the three year period to Dec 2020, the exchange rate fluctuated from 2,846-2,850 MNT:USD and 3,729-3,750 MNT:GBP.

Currency is issued by the Central Bank of Mongolia, and the official daily foreign exchange rates can be found at: https://www.mongolbank.mn/eng/dblistofficialdailyrate.aspx

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