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Bank of Mongolia

 

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 non-voting members.

In order to implement its objectives as set forth in this law, the BoM shall conduct the following activities:

 
 

  • Issuing currencies into circulation;
  • 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.

Bank of Mongolia HQ Location Map

Bank of Mongolia
HQ Address: Baga toiruu-3, 15160
Ulaanbaatar-46
Mongolia
Tel: +976 11 310 605
Fax: +976 11 311 471
Website: www.mongolbank.mn
Swift Code: BOMUMNUB
Currency: Togrog
Banking Hours:
Monday - Friday : 0900 - 1600
 

 

The independence of the BoM is empowered under the Law on Central bank approved in 1996. The Governor of the BoM may attend Cabinet meetings and consult on issues relating the BoM and banking activities. Information on monetary policy is released in the form of press releases and statements. Monetary and financial statistics can be found in monthly bulletins and annual reports.
 
 
 

List of banks governed by the Bank of Mongolia
» Khan Bank » UB City Bank » Mongol Post Bank
» Trade and Development Bank » Zoos Bank » Capital Bank
» Golomt Bank » Savings Bank » Transport Bank
» The State Bank » Erel Bank » Chingis Khan Bank
» Xac Bank » National Investment Bank » Credit Bank
» Capitron Bank » Anod Bank

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