The Bank of
Mongolia (BoM) or Mongolbank, is the central bank of Mongolia. As the
Central Bank, BoM ensures the stability of the national currency Togrog.
Within this main objective, the BoM promotes balanced and sustained
development of the national economy, through maintaining the stability of
money, financial markets, and the banking system. In order to implement its
objectives, the BoM conducts activities such as issuing currencies in
circulation, formulation and implementation of monetary policy, acting as
the Government’s fiscal intermediary, supervision of banking activities,
organization of inter-bank payments and settlements, management of the
official foreign exchange reserves.
The supreme policy-making body of the BoM is the Board of Directors. The
current Board of Directors consists of the Governor of the Central Bank who
is Chairman, the First Deputy Governor, Deputy Governor, 9 directors and 2
In order to
implement its objectives as set forth in this law, the BoM shall conduct the
• Issuing currencies into
• Formulation and implementation of monetary policy by coordinating money
supply in the economy;
• Acting as the Government's fiscal intermediary;
• Supervision of banking activities;
• Organization of inter-bank payments and settlement; and
• Holding and management of the State's reserves of foreign currencies.
The BoM is operationally independent from the Government though the
Parliament of Mongolia monitors whether the Bank’s activities are consistent
with the legislation. However, neither the Government, nor the Parliament is
to interfere in activities relating to the implementation of State monetary
policy by the BoM.