MPs agree with Purevdorj, reject Finance Ministry draft

The Standing Committee on the Economy yesterday discussed the law drafts on the Treasury and Banking, with Minister of Finance S.Bayartsogt and Mongol Bank President L.Purevdorj answering members’ questions. The two, however, frequently disagreed with each other.

Purevdorj felt the Minister’s proposal that gold will have to be put only in Mongol Bank will hinder commercial banks’ activity and also be inconvenient for gold mining companies. Bayartsogt defended his plan by saying the amount of gold put into the Treasury has been reduced year by year and only the situation has to be reversed. Purevdorj said the reduction was because of the windfall profits tax and once it is withdrawn on January 1 next, more gold will come to the central bank.

Members agreed with him and did not approve the Minister’s draft.