Online platform for interbank currency exchange launched

Oyundelger 2017-04-27 03:04

Economy

Bloomberg L.P., beta version of the platform was released in collaboration with the Bank of Mongolia.

Online platform for interbank currency exchange is launched. Bloomberg L.P., beta version of the platform was released in collaboration with the Bank of Mongolia. The online platform for currency exchange was adapted in compliance with the general guidelines on state monetary policy approved by Mongolian Parliament last year, which set out to develop currency and financial market infrastructure. Commercial banks, entities and individuals will be able to include their preference for the online platform through their corresponding banks. The online platform will reduce payment and information risks of inter-bank currencies, set spot prices, increase accessibility and transparency of financial market, help the Bank of Mongolia to fast receive information, get involved in the market, if necessary and to establish a foundation for a joint currency exchange platform. The trade information of the online platform will be available on the Bloomberg terminal as “MGRR”.