Financial Stability Council discusses Development Bank issue
The Financial Stability Council met on Wednesday to discuss proposed amendments to the law on the Development Bank (DB).
The law on the DB was passed by Parliament on February 10, 2011, but it does not include provisions for regulating and monitoring the bank. The law also does not assign a state agency to monitor the DB.
The council discussed the criteria and parameters for overseeing the DB.
Council members, including Finance Minister S.Bayartsogt and Mongol Bank President L.Purevdorj, decided to focus on the suggestions of the Financial Regulatory Commission and to discuss the matter again at the council’s next meeting.
The law on the DB was passed by Parliament on February 10, 2011, but it does not include provisions for regulating and monitoring the bank. The law also does not assign a state agency to monitor the DB.
The council discussed the criteria and parameters for overseeing the DB.
Council members, including Finance Minister S.Bayartsogt and Mongol Bank President L.Purevdorj, decided to focus on the suggestions of the Financial Regulatory Commission and to discuss the matter again at the council’s next meeting.
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