The Bank of Mongolia

The Bank of Mongolia (Mongolbank) is the institution authorized to implement state monetary policy throughout Mongolia. Its primary objective is to ensure the stability of the national currency, the tugrik. It is a legal entity established by the state, headquartered in the capital of Mongolia. Its activities include issuing currency, developing and implementing monetary policy, acting as the government's financial agent, supervising banking activities, organizing interbank settlements, and holding and managing the state's foreign exchange reserves. Its history traces to the founding of the Mongolian Trade and Industry Bank on 2 June 1924 with joint Mongolian-Soviet capital.

The history of the Bank of Mongolia traces to 2 June 1924, when the Mongolian Trade and Industry Bank was established with joint Mongolian-Soviet capital. At its opening it had capital of 260,000 yanchaa and 22 staff positions, of which 18 were Soviet specialists and 4 were Mongolian workers. In the 1920s a monetary reform was carried out and Mongolia's national currency, the tugrik, was put into circulation; the bank financed trade and procurement operations, regulated market commodity supply and price movements, and granted loans to the people's economy. By the 1950s the bank's apparatus had expanded and strengthened, with branches in all aimags and major cities, and national personnel made up 98 percent of all employees. In 1954 the Soviet Union transferred its share capital and shares in the bank to the Mongolian side, and the bank was reorganized as the State Bank of the Mongolian People's Republic. From 1950 to 1991 the position of chairman of the State Bank was held by G.Baljid, L.Lkhamsuren, P.Tumur, D.Danzan, and G.Khuderchuluun. In 1990 political, social, and economic reforms took place; the 1990 "General Rules for Establishing an Economic Bank and Its Operations" and the 1991 "Law on Banks" laid the foundation for a two-tier banking system in Mongolia.

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