THE CENTRAL BANK OF MONGOLIA AND DEUTSCHE BUNDESBANK SIGN MEMORANDUM OF UNDERSTANDING ON COOPERATION

As part of the state visit of the President of Mongolia, Ukhnaagiin Khurelsukh, to the Federal Republic of Germany, the Bank of Mongolia and Deutsche Bundesbank signed a Memorandum of Understanding (MoU) on cooperation.

The MoU was signed by S. Narantsogt, Governor of the Bank of Mongolia, and Mr. Lutz Lienenkämper, Member of the Executive Board of Deutsche Bundesbank.

The Bank of Mongolia and Deutsche Bundesbank have a long-standing history of effective cooperation spanning more than 30 years, dating back to the early 1990s. The signing of this MoU marks a new chapter in the longstanding relationship between the two central banks and lays the foundation for further strengthening and expanding their institutional partnership.

Under the MoU, the two parties will cooperate in the areas of monetary policy, financial stability, banking supervision, payment system infrastructure, cash management, and digital transformation. Particular emphasis will also be placed on developing the professional capabilities of central bank staff, exchanging expertise, and expanding joint training initiatives and programs.

During the state visit, the parties highlighted that this strategically significant agreement in the banking and financial sector would provide an important impetus for strengthening cooperation between the two countries in the areas of economic relations, trade, investment, and other sectors.

The Bank of Mongolia remains committed to continuously strengthening cooperation with central banks around the world, safeguarding financial stability, accelerating payment system modernisation, and incorporating international best practices into the national financial system.