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No commercial, retail activities for foreign investment banks 2016-12-23 09:48

A regular meeting of the cabinet was held on December 21, 2016 in which officials discussed concepts of the draft amendments to the Law on Banking. The Minister of Justice and Internal Affairs, Minister of Finance as well as the President of the Bank of Mongolia were instructed to revise and re-introduce the concept after reflecting the opinions of the cabinet.

The draft reflected the operational fields and responsibilities of potential branches of foreign investment banks in Mongolia. In particular, this law will regulate aspects such as financing, collateralising and guarantees of projects and endeavours with high socio-economic significance for the country. In addition, the draft reflects that foreign investment banks will not attract savings, and other aspects included prohibiting retail banking activities, limiting competition and preventing dominance on the market. 

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