International activity of the Bank of Mongolia
The foundation of the Bank of Mongolia’s international relations and cooperation is closely associated with the historical development of Mongolia’s modern banking and financial system, which dates back to the establishment of the banking sector in 1924. Subsequently, through banking and financial sector reforms and Mongolia’s transition to a market-oriented economic system, the institutional mandate and legal framework of the central bank were strengthened, establishing a two-tier banking system. These developments created the institutional basis for the Bank of Mongolia to systematically develop relations and cooperation with foreign central banks, international financial institutions, and other partner organizations.
This process has evolved in line with Mongolia's Foreign Policy Concept, adopted in 1994, as well as the mandate and principles of the Bank of Mongolia as stipulated in the Law on the Central Bank (Bank of Mongolia). Today, the Bank's international relations and cooperation focus on supporting financial and economic stability, prudent management of foreign exchange reserves, strengthening external payment capacity, developing and reforming the banking and financial sector, and enhancing its participation in the international financial system.
Relations with Mongolia's two neighbors constitute an important pillar of the Bank's international cooperation. The national currency swap agreement with the People's Bank of China, alongside cooperation with banking and financial institutions of the Russian Federation and the People's Republic of China, helps strengthen financial stability and support Mongolia's external payment capacity
Within the framework of Mongolia’s “Third Neighbor” policy, the Bank of Mongolia has developed cooperation with partners including the Republic of Korea, Japan, India, the European Union, the Federal Republic of Germany, Türkiye, and Kazakhstan, placing particular emphasis on knowledge and experience sharing, technical assistance, and capacity building in the financial sector.
The Bank of Mongolia also maintains and expands policy and technical cooperation with the International Monetary Fund (IMF), the World Bank, the Asian Development Bank (ADB), and other international financial institutions, drawing on global knowledge, expertise, and best practices in areas such as macroeconomic and monetary policy, financial stability, and banking sector reform.
At the same time, the Bank of Mongolia continues to broaden its cooperation with organizations such as SEACEN and the EBRD, as well as with international initiatives, while placing increasing emphasis on emerging areas such as digital finance, payment systems, financial technology, artificial intelligence, and cyber risk, aiming to study international experience and adopt best practices.
Within the framework of its 2026–2030 medium-term strategic objectives, the Bank of Mongolia aims to take its international cooperation to a new level by gradually establishing a network of long-term, mutually beneficial partnerships with strategically important central banks and international organizations. Cooperation will be developed along four principal dimensions: strategic partnerships; knowledge and technical cooperation; institutional and human resource capacity development; and international representation and policy engagement. Particular attention will be paid to integrating the results of this cooperation into the Bank's operations.
Overall, the Bank of Mongolia’s international relations and cooperation are evolving from traditional bilateral engagement towards a more multilateral, strategic, and results-oriented partnership framework. Moving forward, the Bank of Mongolia will seek to further develop international cooperation as a strategic instrument for strengthening its policy effectiveness, institutional development, human resource capacity, and its international standing and engagement in the global financial community.