Нэмэгдсэн: 2015-11-02 14:11:00

Financial Regulatory Commission, together with Ministry of Finance and Mongol bank, has developed a program to change the financial system which is highly dependent on commercial banks. 

The discussion was held on “The reform and development program of financial market until 2025” among professional organization and companies at the Bank Finance Academy today. The program will be submitted to the Parliament of Mongolia after experts’ and professionals comments and proposals are included in this program.

Mr. A. Batpurev, Director of Market Development Department of FRC said that “We’re proposing a goal to develop multi-pillar financial system by 2025. This program will shift our current financial system from high interest rate bank dominated loans to comprehensive system that will allow to make public savings more effective, and to finance long term mega projects. Financial system is not limited by only insurance and stocks, it supports real economic growth. The implementation of the program is divided into three phases. First phase includes enhancement of financial and legal infrastructures, and public financial literacy which is the base for further development. After this phase, the reform policy will be implemented. This reform is aiming to transform state welfare and support to insurance products, introducing new financial products, raising cheap long term capital, and implementing social insurance reform.”

The developers of this program expect that this will strengthen market competence, join international integration and lead in the regional financial development. 

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