In collaboration with the Financial Regulatory Commission, Ministry of Finance and the Bank of Mongolia, the project “National Program to Develop Mongolia’s Financial Market Up to 2025” was publicly discussed.
The purpose of the program is to improve the financial sector system, structure and infrastructure in the medium-term, to define and implement strategic goals for a multi-sector balanced structure instead of one-dominant structure, and to implement appropriate monitoring and control mechanisms.
The consultation was conducted with two main parts.
Initially, a discussion on a national program to develop Mongolia’s financial market up to 2025, a medium-term policy on the banking sector and a strategy for developing a financial sector of other than the Bank.
Various participants participated from the financial sector in the conference and expressed their views and opinions.
Secondly, sessions were held to develop strategies to improve of financial education, consumer protection, banking sector, capital market, insurance, and non-banking financial sector, savings and loans, and cooperation.
During the discussion, many views were to protect and not harm the interests of the market participants and following actions are included in this national project:
accountability system,
clarify future actions,
improve public financial education
and incorporate real work into curriculum.
The working group has introduced specific plans accordingly and summarized the initiatives from the participants and incorporated them into the national program.