Governor of the Bank of Mongolia S. Narantsogt Participates in the IMF–World Bank Spring Meetings

Governor of the Bank of Mongolia, S. Narantsogt, together with IMF Deputy Managing Director mr. Kenji Okamura

The Governor of the Bank of Mongolia, S. Narantsogt, is leading the Mongolian delegation at the Spring Meetings of the International Monetary Fund (IMF) and the World Bank, held in Washington, D.C., United States, from April 13 to 18, 2026.

This year’s meetings place particular emphasis on the sharp rise in oil and energy prices driven by geopolitical tensions in the Middle East, supply shortages, and their resulting economic impacts, as well as potential policy solutions to address these challenges. The discussions also cover a wide range of issues that have become increasingly important for countries in recent years, including artificial intelligence, big data, cyber risks, international payment systems, financial security, digital financial solutions, sustainable growth, and the resilience and continuity of global supply chains.

Governor of the Bank of Mongolia S. Narantsogt, together with the Director of the Asia Pacific Department, IMF mr. Khrishna Srinivasan

During these meetings, the Governor S. Narantsogt provided updates on Mongolia’s current economic and financial conditions, as well as the policy measures and tools developed by the Bank of Mongolia to address external challenges. He also engaged in active discussions on the effective implementation of global economic outlook assessments and policy recommendations prepared by international partner institutions, and on future areas of cooperation.

In addition, discussions were held with senior officials and experts from international partner institutions on the Bank of Mongolia’s medium-term strategic plan, strengthening Central bank independence, accelerating banking sector reforms, proposed amendments to relevant legislation, improving financial sector infrastructure, expanding correspondent banking relationships, and the phased introduction of risk-based supervisory frameworks.

The Bank of Mongolia delegation is meeting with representatives of international partner institutions, including senior officials from the International Monetary Fund’s Asia and Pacific Department, as well as departments responsible for monetary policy, capital markets, and legal affairs. Participants also include representatives from the World Bank, the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), and major global financial institutions such as BNY Mellon, HSBC, and J.P. Morgan.

Governor of the Bank of Mongolia S. Narantsogt, together with the Vice President of the World Bank Group mr. Carlos Felipe

These institutions noted that Mongolia has relatively stronger capacity compared to peer countries to manage potential challenges arising from geopolitical tensions in the Middle East, as well as sufficient policy space and resources to effectively implement appropriate response measures. They also emphasized that, should conditions deteriorate further, timely and well-calibrated policy decisions will be essential. In this regard, they recommended limiting quasi-fiscal measures by the Central bank and ensuring that welfare and subsidy programs are implemented in a targeted manner, focusing only on vulnerable groups rather than the broader population.  Furthermore, a willingness to provide support in this area was expressed.