On November 7th, Silvia Iorgova, representative of the International Monetary Fund, held a meeting and exchanged information about the current economic situation with members of the Financial Stability Board.
In attendance from the Deposit Insurance Corporation of Mongolia were B.Amarbileg, Director of the Administration division, and D.Baasandulam, director of the Resolution division. They shared the following information about the corporation, as well as received feedback and suggestions:
- • Target fund ratio of the deposit insurance fund and the duration of time required to reach it;
- Widening the scope of deposit insurance coverage, and opportunities to increase the insurance limit (20 million tugriks);
- Studies on risk at commercial banks in Mongolia, whether the fund assets would be sufficient in the case the bank is under risk, and contingency planning for cases where fund assets are insufficient;
- Issues with receiving information from commercial banks and the need to improve computer programming to resolve this.