World Bank compliments implementation of national literacy program

Ulaanbaatar /MONTSAME/ Consultants of the World Bank mission on assessment of “National mid-term program for financial literacy” program implementation have been working in Mongolia these days. A meeting on giving recommendations to the program implementation was held at the Bank of Mongolia on October 18. Present at Tuesday’s meeting were, Vice Governor of Mongolia’s Central Bank B.Lkhagvasuren and international consultants on financial education of the World bank. Mr Lkhagvasuren briefed the guests on the program implementation course and underlined there is still much to do in the future. “National mid-term program for financial literacy” was developed, with World Bank technical assistance support by the Bank of Mongolia, the Ministry of Finance, the Ministry of Education, Culture and Science, the Financial regulatory commission and approved by the Financial stability council on October 7, 2015 In scope of the program implementation, the financial literacy was reflected in the general education school curriculum, and, as a result, more than a thousand teachers were trained and over 2,000 high school students started taking “business studies” classes. Also, “personal finance” classes were added to the curricula of all tertiary education institutions, and the professors have put together student books and booklets. The program leaders intend to work closely with the NGOs in order to improve financial education of those living in localities and rural areas and of businesspeople in small and medium enterprises, and to open a website to provide basic financial knowledge. The WB consultants applauded Mongolia’s progress in such a short period of time in improving the public financial literacy and pledged support for expanding the program outreach.