Central bank presents draft resolution on Monetary Policy

Oyundelger 2016-10-03 06:10

Economy

Central bank presents draft resolution on Monetary Policy.

Central bank presents draft resolution on Monetary Policy. Governor of the Bank of Mongolia (BoM) Mr. Bayartsaikhan presented a draft resolution on Monetary Policy for 2017 to Speaker of Parliament Mr. Enkhbold. The draft designed in consideration of ongoing financial and economic difficulties in Mongolia and with a vision to sustain financial stability and improve risk tolerance of the country’s financial sector. The introduction to the document highlights an importance of order and discipline in budget consumption and proper debt management for accomplishing goals of sustaining the financial system, making up the currency reserves and attaining more resilient exchange rate. The central bank’s governor raises concerns about the necessity to pursue complete macro-economic policy in order to overcome the economic difficulties with minimum damage, and about the potential problems in the payment balance due to the approximating payment period for debts of the government, the BoM and private sector.