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Quick facts

The Mongolian financial sector is dominated by banks providing about 90% of the financing, namely the 5 strategically important banks which are Golomt Bank, Khan Bank, State Bank, Trade and Development Bank and Khas Bank. The banking sector has become one of the big economy, with total assets and capital growing each year. The banking sector’s total assets in the 2022 financial year have increased by 12.3% and amount to MNT 46.0 trillion. Whereas the profits of the banks have increased by MNT 0.5 trillion, totaling MNT 1 trillion.

  • Commercial banks:

The banking sector is supervised by the central bank, Bank of Mongolia (Mongol Bank), which also grants licenses to provide commercial banking services such as money deposit, loan, payment service, issue of guarantees and among others in accordance with the Banking Law. Currently there is no presence of foreign banks in Mongolia. Please refer to page 95 for a list of commercial banks operating in Mongolia. The Banking Law amendment in 2021 required the strategically important banks to cap shareholding limit per a shareholder at 20% either alone or jointly holding the shares of bank together with its related party and to be publicly listed on the stock market within 30 June 2023. The results of banks releasing IPO in primary market trading far exceeded expectations. Additionally, the Banking Law amendment broadened the definition of an influential shareholder being ultimate beneficial owners of any person that holds 5% or more shares in the bank and those who can influence the bank’s policy, decisions and management. Any change in influential shareholders and their shareholding are subject to Mongol Bank’s approval.

  • Investment Banks:

In January 2023 the Parliament passed the Investment Banking Law which sets the legal basis for opening and operating investment banks in Mongolia. Investment banks are allowed to provide mid or long-term financing by way of eight activities such as issuing loans and guarantees, conducting payment settlements, buying/selling securities and financial instruments, purchasing/selling foreign currencies, underwriting, securities custodians and financial and investment advice. The Mongolia Bank is the main regulatory body provides an approval to open an investment bank. According to the law, foreign banks may open their subsidiary in Mongolia to operate investment banking activities, subject to licensing requirements of either FRC or Mongol Bank. However, the law prohibits investment banks to operate for any other purposes other than investment, to purchase shares of other banks and financial institutions in Mongolia, to take deposits or offer interest-bearing account or source funds by any similar fashion and to establish a subsidiary or a controlling entity. Additionally, investment banks must meet other requirements set forth in the law and detailed secondary regulations approved by the regulators.


The official currency of Mongolia is the Mongolian Tugrik/Tögrög, denoted as MNT.  

The Mongolian Tögrög or Tugrik is the official currency of Mongolia. The banknotes are in denominations of 1, 3, 5, 10, 20, 50, 100, 500, 1,000, 5,000, 10,000 and 20,000; coins are in denominations of 20, 50, 100, and 200.This currency is issued by the Central Bank of Mongolia, known as Mongol Bank.  

For the most up-to-date foreign exchange rates, you can refer to the official website at