The Banking training center

The Banking Training Center (BTC) was established as Training Center for Bank Employees of the Mongolian Banking Association in 1993. Main purposes of the BTC are as follows:

- To train, re-train banking staff and improve their professional skills;

- transfer information regarding new financial products, services, and other developments of the international financial market promptly.

During times of banking crisis, the BTC had faced such problems as irregularity in the activities, financial difficulty, and eventually, those problems even led to stagnation of the activities for certain period of time. Therefore, in order to improve training process for bankers and strengthen financial capability of the BTC, the Bank of Mongolia Governor issued a Resolution 157 on April 21, 1997 changing jurisdiction of the BTC under the Bank of Mongolia.

In 1997 the BTC had successfully implemented ADB-loan project "Improving professional skills of the banking staff -MON15" in cooperation with the Bank of Mongolia and commercial banks; and it had a great impact on further improvement in activity of the BTC. Especially, as a result of regular control of the activities and support by the Bank of Mongolia, operation of the BTC has stabilized and its financial capability has improved significantly since 2000. Moreover, support, innovation, and close cooperation of the commercial banks and non-bank financial institutions positively influenced the BTC as well.

In past three years, successful implementation of projects financed by Sweden International Development Agency (SIDA), European Bank of Reconstruction and Development (EBRD) to train banking employees has been one of the most effective and important intellectual investments into financial sector development of Mongolia. During that time, total of 3990 people from the Bank of Mongolia, commercial banks and non-bank financial institutions participated in domestically organized seminars, while 231 banking employees were covered overseas training with financing of various projects implemented by the BTC or international institutions. Furthermore, investments of 1.2 million USD for training and educating Mongolian bank employees by international financial and other institutions are channeled through the BTC.

The BTC is making efforts to strengthen its activities and emphasize on improving efficiency and quality of training and seminars. As a result, significant improvement on professional knowledge, skills, and experiences of bank employees has been observed. Moreover, banks and non-bank financial institutions started introducing new financial products and services, minimizing operational risks and improving managements; and eventually stabilized financial sector.