2. The Bank of Mongolia funds mortgage loans with MNT16 billion per month
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1. Ulaanbaatar/MONTSAME/ Within the eight-percent mortgage loan program,
last year the Bank of Mongolia transferred approximately MNT118 billion out of
MNT310 billion which was budgeted for funding the program, said A.Enkhjin,
Director of the Reserve Management and Financial Markets Department, the Bank
He said, “Through the mortgage loan, the loans worth about MNT100 billion were
given to 1152 borrowers in December, 2018. Last year, 4676 flats were sold
through the mortgage loans. Now a preparation is underway to revise the loan
regulation. On this matter, talks will be held with IMF within the joint program.
Every month, the Bank of Mongolia funds mortgage loans with approximately
According to the Bank of Mongolia, the money supply for 2018 showed a growth
of about 23 percent, which means that it matches with inflation rate.
2. About 70 percent of total money supply are individuals’ savings of national
currency while 27 percent are the savings of foreign currency. The total savings
increased by 18.3 percent, in which individuals’ savings make up 19.6 percent and
savings of organizations make up 41.1 percent. Loan remainders of commercial
banks reached MNT17.1 trillion, with an increase of 26 percent as compared with
the same period of previous year. Organizational loans cover 84 percent of non-
performing loans and 85 percent of bad loans.
3. 2.Modernized payment system enables direct transfer of Government payments
Ulaanbaatar /MONTSAME/. Bank of Mongolia in cooperation with the Asian
Development Bank has implemented a low-value payment system
modernization project, which allows the monthly Child Money benefits to be
paid directly through an automatic bank transfer by the State Fund, in lieu of
the Bank of Mongolia.
The approved resolution states that child money benefits will be transferred to
eligible children’s registered bank accounts in commercial banks within 20th
of every month once the funding has been made, on the basis of the list of
names of eligible children submitted by corresponding social insurance public
organizations and requests for child benefit payment.
In addition, other types of government allowance, benefits, incentives and
payments and salaries, such as tax refund, tax refund lottery prize money, will
be transferred through the State Fund accounts.