GOVERNOR OF THE BANK OF MONGOLIA MR. LKHAGVASUREN PAYS A COURTESY VISIT TO THE BANK OF KOREA

On October 6, 2023, Governor Lkhagvasuren held a courtesy meeting with the Governor of the Bank of Korea, Chang Yong Rhee to discuss the relations between two institutions and exchange views on wide range of issues including the outlook and risks of the global economic environment as well as the new developments in the Mongolian banking sector.

For the seventh consecutive year the cooperation with the Bank of Korea through the Knowledge Partnership Program (BOK-KPP) has generated valuable expertise for the development of the banking and financial sector of Mongolia. Governor Lkhagvasuren highlighted his gratitude to the Bank of Korea for the continued support through the program and expressed his optimism for the continued cooperation.

Preceding the opening of the Oyu Tolgoi’s underground copper mine project (Q1 2023), which is expected to be the fourth largest copper mine in the world, the Governor highlighted that the Bank of Mongolia has been working diligently in reforming the banking system into a modern, investor-centric one. Further, the Governor was delighted to share the news that all preparations for a foreign bank interested in opening a subsidiary and/or branch in Mongolia has been finalized and expressed his confidence in welcoming South Korean banks in Mongolia.