An extraordinary meeting of the Financial Stability Board was held on March 15, 2022. The meeting was chaired by B.Javkhlan, Minister of Finance, B.Lkhagvasuren, Governor of the Bank of Mongolia, D.Bayarsaikhan, Chairman of the Financial Regulatory Commission, S.Baatarsuren, Acting CEO of the Deposit Insurance Corporation and other officials.
The meeting discussed the current state of international settlements, uncertainties for domestic fuel importers and ways to increase the country's foreign exchange reserves and within the framework of ensuring macroeconomic and financial stability and continuing financial intermediation, the following issues were studied and recommended to be submitted to the Government of Mongolia for resolution. These include:
1. The current state of international payments.
2. Potential support from the Government and the Bank of Mongolia for fuel importers to build up fuel reserves.
3. Ways to sell foreign exchange earnings of state-owned mining companies to the Bank of Mongolia and to cover the risks using derivative financial instruments.
4. In order to increase the country's foreign exchange reserves, gold mined in Mongolia should be delivered only to the Bank of Mongolia.
Source: Bank of Mongolia