BOM PRESIDENT RECEIVES IMF EXECUTIVE DIRECTOR

Ulaanbaatar/MONTSAME/ President of Bank of Mongolia N.Bayartsaikhan met with IMF officials led by newly appointed Executive Director for Mongolia Hohyun Jang. The meeting started with congratulations for Mr. Hohyun Jang on being appointed the Executive Director for Mongolia. During the meeting, the sides discussed about an implementation of the IMF’s Extended Fund Facility arrangement, being currently realized in Mongolia. Mr. Hohyun Jang expressed his satisfaction for the progress of the EFF and informed that the EFF’s fifth review would be soon discussed at the IMF Board of Directors. Mr. Bayartsaikhan appreciated for IMF’s support, involving Mongolia in the EFF arrangement when the country had hard time, and informed that the Bank of Mongolia is working to create risk-based control system to maintain sustainability of the banking sector, within this arrangement. In addition, he said that the Bank of Mongolia is conducting a wide-range of activities to increase foreign currency reserve. M.Unurzul