S.DAVAASUREN: DEVELOPMENT OF MULTI-PILLAR FINANCIAL SECTOR WILL BROADEN ECONOMY

Ulaanbaatar /MONTSAME/ Delegates of ‘Bloomberg Finance Forum 2017’ agreed that national advantages should be taken into account while learning from good practices of the countries when determining economic policy. The forum was co-organized by Bloomberg TV Mongolia and Financial Regulatory Commission (FRC), on Tuesday, with an aim to identify pressing issues, challenges and opportunities in the financial market. FRC Chair S.Davaasuren noted in developed countries, capital raising is being made from public through capital market, not just leaning on loans from banks. Non-banking financial services and products are developing, providing more opportunities and choices to customers. Development of multi-pillar financial sector in Mongolia will lead to proper distribution of financial reserves and will be an important basis for acceleration of economic development” she underlined. Moreover attendees noted that poor condition and environment of economy, finance and capital market as well as lack of information halt the financial market to broaden. They agreed to seriously touch upon financial market and loan interest rate and to release a recommendation. Financial market will boost with accurate information besides having many participants and much accumulation. Financial source depends on many factors including political risk, macroeconomic stability, banks and private sector’s potential. Currently it is important to stabilize economic growth”, said N.Enkhbayar, Prime Minister’s Economic Advisor. B.Batchimeg