The law to make an addition to the law to prevent, fight, and minimize the adverse effects of the Coronavirus /COVID-19/ pandemic on society and the economy was passed by the Mongolian National Parliament on January 29th, 2021 and put into effect on that day.
In Section 10.11 of Article 10 of the law, it states that “During the duration of the effective period, regardless of when the foreign currency deposit contract was drawn, the total foreign currency deposits of the bank will not adhere to the Bank deposit insurance law, and the reimbursement addressed in the law’s Section 8.1 and Section 15.4, will not be given to foreign currency deposits.
The amendments to the law to prevent, fight, and minimize the adverse effects of the Coronavirus /COVID-19/ pandemic on society and the economy will be effective until June 30th, 2021
- Law to prevent, fight, and minimize the adverse effects of the Coronavirus /COVID-19/ pandemic on society and the economy: https://www.legalinfo.mn/law/details/15312?lawid=15312 https://www.legalinfo.mn/law/details/15312?lawid=15312
- The Bank Deposit Insurance Law https://www.legalinfo.mn/law/details/9022
Tel: 11-370-000
DEPOSIT INSURANCE CORPORATION OF MONGOLIA