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AKIPRESS.COM - The European Bank for Reconstruction and Development (EBRD) has supported the Mongolian Ministry of Finance (MoF) in developing a money and capital markets strategy and implementation of road map, which form part of the MoF's Financial Sector Strategy 2025.
The project identified the barriers to money and capital market development in Mongolia and provided a set of recommendations, along with a roadmap for their implementation. The project ended with a final workshop in Ulaanbaatar in December 2017 that was attended by representatives from the MoF, Bank of Mongolia (BoM), Mongolian Stock Exchange, Mongolian Securities Clearing and Settlement Corporation, International Finance Corporation and local commercial banks.
The Financial Stability Council of Mongolia met on 9 February 2018 and discussed the final deliverables, which should be approved jointly by the BoM, MoF and Financial Regulatory Commission.
Mongolia has been an important partner of the EBRD and the Bank has invested €1,389 million there since EBRD operations began in Mongolia. With regard to technical cooperation for the capital market, the EBRD’s Local Currency and Capital Markets Development team has deepened its partnership with the MoF over the past several years and has worked on various topics including initial public offerings of state-owned enterprises.
Improving access to finance through the development of money and capital markets is one of the priorities of the Bank’s strategy for Mongolia. The Bank is currently discussing several follow-up projects with the Mongolian authorities to continue the fruitful cooperation in developing the overall financial markets.