AMENDMENTS TO THE LAW ON CENTRAL BANK TAKES EFFECT

Ulaanbaatar /MONTSAME/ The amendments to the Law on Central bank entered into force on April 1. According to the amendments the Bank of Mongolia (BOM) has eight different functions. Firstly the BOM works to develop and implement monetary policy, act as a government intermediary, manage and coordinate the national payment system and related activities. Furthermore the Central Bank of Mongolia is responsible for custody and management of the foreign exchange reserves, protection of the rights and legitimate interests of the depositors and clients of banks, issuance and management of currency. Moreover, according to the amended Law on Central Bank the BOM will implement appropriate macroeconomic policy, using tools such as reserve requirement. B.Misheel