The Central Bank of Mongolia

Starting with the first days after the victory of the people Revolution, Mongolia started to work out and fulfill many kinds of important measures to restructure its political, economic and social life in strict sequence. The most important issue in connection with this was to establish a national bank and a monetary-credit system as pushing aside the foreign dealers and usurers that used to predominate in the local market. On the basis of appropriate preparation and carrying out many kinds of systematic measures, Mongolian-Russian Joint bank "Trade and Industry" bank of Mongolia (Bank of Mongolia) was newly opened in June 02, 1924 in Altanbulag with a single branch. At that time the bank's capital was 260000 yanchaan (currency in given period). It was operating with 22 employees totally, 18 of which were Russian specialists and 4 of them were Mongolian. From the very first, this joint bank was called by 2 names, such as Trade and Industry bank of Mongolia and the Bank of Mongolia, but mainly it used to be named the Bank of Mongolia in official papers and documents. Due to absence of national currency, the bank was facing some difficulties on fulfilling the compiled financial and monetary-credit policy in the first 1.5 years, whereas the foreign currency used to be in circulation. Consequently, according to the decision of Ikh Khural the Government of Mongolia issued a Resolution to conduct monetary reform in Feb. 22, 1925. In accordance with this Resolution the Bank of Mongolia was enacted on authority to issue national currency "Togrog" in circulation which was approved to be consisted of 25 % for precious metal and foreign stable currency, 75 % for marketable goods. In 1954, Mongolian staff of the Bank was increased to 98 % as compared to 18 % in 1924. On the basis of this extension, former Soviet Union transferred to Mongolia it's own share of capital and stocks in the Bank of Mongolia in 1954. Since then the Bank of Mongolia was reorganized as the State bank of Mongolia. In 1991 a completely new 2 level banking system was established in Mongolia: State bank of Mongolia "Bank of Mongolia" and commercial banks. Since it's establishment the Bank of Mongolia has been influencing and contributing real efforts on the economy of the country as maintaining the tight monetary policy aimed at the stabilisation of the value of the currency and reduction of the inflation rate in the unstable transitional period.

Address: Baga toiruu-3, 15160, Ulaanbaatar-46, Mongolia

Phone: +976 11 310605
FAX: +976 11 311471