World Bank representatives visit Financial Regulatory Commission

Densmaa 2022-07-26 05:07

Economy

Chairman of the Financial Regulatory Commission (FRC) received East Asia and Pacific Regional Director of the World Bank and other representatives.

Chairman of the Financial Regulatory Commission (FRC) received East Asia and Pacific Regional Director of the World Bank and other representatives. During the meeting, FRC Chairman expressed his gratitude to the World Bank for being a reliable partner of Mongolia for the past 30 years and for the methodical assistance provided to ensure financial stability. In particular, the FRC Chairman emphasized that the ‘Strengthening Fiscal and Financial Stability Project’, which is financed by the World Bank, is playing a crucial role in improving the credit regulatory environment and calculating the risks. In addition, the FRC presented the regulations related to banks becoming public companies and the regulation of virtual assets, as well as the risks faced by the financial sector within the framework of the banking sector reform, and exchanged opinions on this. FRC Chairman also put forth a request to continue implementing projects in the field of developing information technology and strengthening the capacity of the Committee with the support of the World Bank.