Governor of the Bank of Mongolia S. Narantsogt Receives Ambassador of the Republic of Korea, Choi Jin-won

On April 24,2026, the Governor of the Bank of Mongolia S. Narantsogt met with H.E. Choi Jin-won, Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to Mongolia. The two parties exchanged views on the current state and prospects of the financial sector cooperation between the two nations.

During the meeting, Governor S. Narantsogt highlighted the rapid expansion of bilateral trade and economic relations, noting the significant growth in payment transaction volumes. He emphasized the necessity of strengthening cooperation in the banking and financial sectors, particularly by enhancing the efficiency and accessibility of payment systems to reduce transaction costs. Furthermore, the Governor expressed his full support for Korean financial institutions to establish operations and increase investments in Mongolia.

Ambassador Choi Jin-won affirmed the strong mutual interest in expanding financial cooperation, noting the keen desire of Korean financial institutions to operate and invest in the Mongolian market.

Since 2021, the Republic of Korea has become Mongolia’s sixth “Strategic Partner,” marking a new stage in economic cooperation. As of 2025, total bilateral trade turnover reached USD 467.2 million. Beyond being a key partner in tourism, the Republic of Korea is an active participant and a significant investor in Mongolia’s infrastructure, mining, construction, and financial sectors.

In conclusion, Governor S. Narantsogt expressed his confidence that the Ambassador will serve as a vital link in further deepening bilateral cooperation in trade, the economy, and between the two central banks.