FINANCIAL REGULATORY COMMISSION CHAIRMAN RECEIVES IMF RESIDENT REPRESENTATIVE

D.Bayarsaikhan /Chairman of the Financial Regulatory Commission/ received Mr. Tigran Poghosyan/Resident Representative of the International Monetary Fund/ Mongolia.

During the meeting, the parties exchanged views on the current economic situation of Mongolia, the measures taken by the FRC to strengthen the stability of the financial market, and the results of the activities implemented in collaboration with the IMF.

Mr. D.Bayarsaikhan /Chairman, FRC/ in his opening speech stated that ‘The main policy and regulatory measures implemented in the framework of capital market development and the results are directly related to the cooperation of the IMF’.

Over the past two years, majorly featured activities implemented by the FRC.

• Privatization of state-owned companies
• Reform of the banking sector
• Formed the system of Exchange market and Over Counter market/
• New products of the capital market have been released.

However, he highlighted that the contribution of the IMF was significant in making all of this a reality and also wished to work together more tightly to further consolidate long-lasting cooperation in 2023 and in years to come.

Mr. Tigran Pokhosen also expressed that he is cheerful of cooperate in developing Mongolia's economy and financial market.

End of the meeting, Mr. D. Bayarsaikhan mentioned sincere gratitude to Mr. Seok Hyun Yoon (former resident representative in Mongolia, IMF) for his kind collaboration during his tenure in Mongolia. The excellent cooperation that we have established over the past years, and the successful accomplishment of recommendations could not have been possible without Mr. Seok Hyun Yoon’s valuable contribution. It is gratefully acknowledged that the cooperation has highly contributed to the development of the financial and economic stability of Mongolia.