MONGOL BANK’S FINANCIAL LITERACY CAMPAIGN CONCLUDES

Ulaanbaatar /MONTSAME/ The Bank of Mongolia (BoM) wrapped up its Financial Literacy campaign on January 9, which ran from October 2 to December 31, 2017. The three month campaign aimed to promote better personal and household financial habits among the population through workshops and meetings addressing budget control, savings, investment decisions, prevention from financial risks, insurance and saving for retirement, held in provinces and the capital city. Within the campaign, the BoM celebrated the World Savings Day on October 31, which will be marked as National Savings Day from now on. On the National Savings Day, workshops were organized to raise awareness on the importance of savings among primary school pupils. The campaign was organized within the framework of Mongolia’s National Program on Financial Literacy, which has been running over the last two years, with the technical assistance of the World Bank. The program was developed as a World Bank evaluation of Mongolia’s financial sector concluded that poor financial literacy was a contributing factor to economic difficulty in the country. The National Program was approved by Financial Stability Council on October 7, 2015. The program is being implemented in four priority areas- financial literacy program for school children, financial education for the youth, financial education for rural residents and financial education through mass communication/media- in two stages until 2021. Kh.Aminaa