Нэмэгдсэн: 2018-01-05 11:18:00

The International Monetary Fund consultants — Mr. Philip Johnson and Ms. Mimi Ho paid a visit to Mongolia during 4-10 December 2017 on a mission to conduct a preliminary needs assessment survey to determine the necessary technical assistance for a project to strengthen the capacity of the Financial Regulatory Commission (FRC).

Mr. Bayarsaikhan Dembereldash, Vice Chairman of the FRC provided the consultants with an overview of Mongolia’s non-bank financial sector and introduced to FRC’s institutional policies and strategies, while emphasizing on FRC’s urgent need to further enhance its regulatory and supervisory framework.

Mongolia’s financial sector has grown rapidly in recent years. This rapid growth had been driven by innovative technology, development of new products and services, and sharp increase in number of market participants which continuously encourages development of policies that promote inclusive financial system, and consumer protection in the financial market. Thus, it urges FRC to implement sounder policies to enhance its regulatory framework and supervision system.

Mr. Philip Johnson and Ms. Mimi Ho have previous experiences working in Mongolia. During their mission, the consultants studied FRC’s work load, institutional capacity and performance quality of the FRC departments and its units. They also met with representatives of supervised entities discussing and exchanging views on facing issues and their solutions in respective markets.