Mongolia continues to demonstrate a strong commitment to economic cooperation through its membership and participation in the activities of regional economic and international organizations. The Bank of Mongolia as the central bank of Mongolia is involved in process of joining of Mongolia in the system of global communications. The international activity of the Bank of Mongolia develops in following basic directions:
- Development and a deepening of communications with the central banks of foreign states and international financial organizations.
- Membership of Mongolia in international financial organizations.
- To carry out relations between the Bank of Mongolia and international institutions/organisations by coordinating activities of different departments.
Cooperation with international financial organizations.
The Bank of Mongolia maintains Mutual cooperation with:
- International Monetary Fund (IMF)
- World Bank
- European Bank for Reconstruction and Development
- Asian Development Bank
- German Sparkassenstiftung for International Cooperation
The positive results of work with the international financial organizations opens new prospects for the realization of joint projects together with various economic institutes and large banks of the world.
Relations with other national banks
The Bank of Mongolia has been active in developing good relations with other national banks. Besides operational communications, the Central Bank receives support in training the experts and consulting services from the correspondents. There are most fruitful relations with:
- Deutsche Bundesbank (Germany)
- Bank of England
- Bank of Korea
- Bank of Japan
- National Bank of Cambodia
- Bank of Russia
- Central Bank of the Republic of Turkey
- Bank of France
- People’s Bank of China
- Bank of Taiwan
- Bank of Vietnam
and other worldwide banks.
The South East Asian Central Banks (SEACEN) Research and Training Centre was first established as a legal entity in 1982 with eight member central banks It has grown to 16 members with the inclusion of The Bank of Mongolia in 1999. The SEACEN Centre is located in Kuala Lumpur, Malaysia.
The Centre reviews and analyses financial, monetary, banking and economic developments in its constituent member countries and in the region as a whole. It initiates and facilitates co-operation in research and training relating to the policy and operational aspects of central banking.
Bank of Mongolia actively attends annual meetings, courses, seminars, and workshops held by the SEACEN Centre. Once in a year, as a member country, Bank of Mongolia jointly organizes a course or a seminar in Mongolia.
Mongolia became a country of operation of the EBRD in October 2006. Before that, the EBRD's activities were limited to TC operations. Since then, however the EBRD has approved 26 projects involving loans, equity and guarantees, together with two previously signed regional mining projects. The signed commitments currently stand at EUR 126 million (total 281 projects), including EUR 71 million of debt/guarantees and EUR 55 million of equity.
The EBRD’s activities have developed well, with all signed projects being private sector deals, and reasonably well spread across sectors. These include equity in regional mining, local coal producer, drilling, downstream oil distributor, supermarket chain, and local financial institutions, and debt to financial institutions, local coal producer, beverage manufacturer, cashmere producer, property and geophysical survey company.
IMF, World Bank
Mongolia has been a member of the IMF and the World Bank since 1991. Bank of Mongolia successfully held stand- by arrangement with the IMF during last financial crisis.
German Sparkassenstiftung for International Cooperation
Since 2017, the Bank of Mongolia, the Mongolian Bankers Association, the German Savings Bank Foundation for International Cooperation "Sparkasse" and the Ostprignitz-Ruppin Sparkasse started implementing "Introduction of dual vocational training for bank specialists" and celebrating "the World Savings Day in Mongolia". In addition, throughout these years, an institution to empower commercial bank specialists has been successfully established.