Governor of the Bank of Mongolia S.Narantsogt Shares Policy Perspectives at the Boao Forum for Asia 2026

Hainan, People’s Republic of China (March 25, 2026)

The Boao Forum for Asia Annual Conference 2026 is progressing successfully in Boao, China. Within the framework of the Forum, Mr. S. Narantsogt, Governor of the Bank of Mongolia, is participating in the panel sessions titled “Enhancing Regional Coordination to Support Financial Stability” and “The New Landscape of Global Trade amid Tariff Wars.”

During a panel discussion on strengthening the regional Financial Safety Net, Governor S. Narantsogt delivered remarks together with Mr. Zhang Tao, Chief Representative for Asia and the Pacific of the Bank for International Settlements (BIS), and other central bank leaders.

In his remarks, Governor S. Narantsogt highlighted that global economic uncertainty, geopolitical tensions, and rising debt levels are creating additional pressures on policymakers, and emphasized the following three policy priorities based on Mongolia’s experience:

1. Effectiveness of Bilateral Currency Swap Arrangements: The currency swap agreement implemented between the Bank of Mongolia and the People’s Bank of China since 2011 has served as a “reliable protection” (liquidity backstop) to ensure market liquidity. He noted that during this period, trade turnover between the two countries has nearly tripled, and the increased role of local currencies in cross-border settlements demonstrates deepening economic integration. 
2. A Layered Financial Safety Net: While IMF programs help strengthen policy credibility, they may have limitations in addressing immediate short-term liquidity needs. Therefore, close coordination between regional financing arrangements, bilateral swap lines, and early warning mechanisms is essential. He also emphasized the importance of pre-arranged activation conditions to ensure that financial support is more accessible, transparent, and timely.
3. Climate Risks and Regulatory Cooperation: Governor S. Narantsogt noted that climate-related financial risks have cross-border impacts and proposed enhancing regional cooperation through information sharing, harmonization of supervisory practices, joint stress testing, and the establishment of a peer-learning network among central banks.

Furthermore, he introduced Mongolia’s policies in the context of tariff restrictions and geopolitical challenges, emphasizing the importance of increasing the use of local currencies in cross-border payments and deepening financial integration to reduce trade barriers. 

In his closing remarks, Governor S. Narantsogt stated: “In a world of increasing uncertainty, no country can succeed alone. Our strength lies in cooperation. By working together, sharing knowledge, building trust, and supporting one another, we can build a more stable, resilient, and sustainable future for our region. Mongolia is fully committed to this path, and we stand ready to work with all of you.” 

He reaffirmed Mongolia’s commitment to actively contributing to building a stable and resilient regional future.

During the Forum, participants noted that the policies and experiences implemented by the Bank of Mongolia serve as a useful example for other developing countries in strengthening financial resilience. Participants also shared the view that it is necessary to improve global financial governance, strengthen regional policy coordination and institutional cooperation, and further deepen the financial safety net to prevent systemic risks.