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The Bank of Mongolia the BANK of MONGOLIA THE BANK OF MONGOLIA THE BANK OF MONGOLIA ANNUAL REPORT 2020 FOREWORD BY THE GOVERNOR OF THE BANK OF MONGOLIA On behalf of the Bank of Mongolia, I extend my sincere greetings to all of you and am pleased to present the Bank of Mongolia's annual report. It was a year marked with facing unprecedented challenges economically and socially. The Mongolian economy contracted by 5.3 percent in 2020, the worst contraction in the past 20 years, driven by non-economic shock. Despite the COVID-19 pandemic affecting every country across all sectors and people's lives, we successfully overcame economic and financial challenges together. In this regard, highlighting 3 crucial courses of actions: First, the Bank of Mongolia is taking necessary measures following international experience and laws to reduce the negative impact on the economy and the financial sector, to alleviate the financial difficulties and pressures of citizens, businesses, and financial institutions during the COVID-19 pandemic. The monetary policy outlook was eased through countercyclical measures, and the policy rate was reduced from 11 percent to a historically low of 6 percent. These policy measures will have a direct impact on economic recovery and lower interest rates. Second, Mongolia was removed from the Financial Action Task Force (FATF)'s list of jurisdictions under increased monitoring in a short amount of time. The European Commission also decided to remove Mongolia from its list of high-risk third countries with strategic deficiencies in their regime on anti-money laundering and counter-terrorist financing. Third, the togrog's exchange rate has remained stable despite the pandemic. This was mainly due to an increase in the Bank of Mongolia's gold purchases, foreign direct investment remaining at the previous year's level, and inflows from international financial institutions and donors. Furthermore, the short-term external debt burden facing several sectors was eased. The currency swap agreement with the People's Bank of China was extended for another three years, and the Chinggis and Mazaalai bonds were refinanced through 600 million USD raised by the Nomad bond. We have completed the IMF Extended Fund Facility program in 2020 and continued closely cooperating with international financial institutions and donors. The Bank of Mongolia has approved and started implementing a medium-term strategy, policy, and program in cooperation with the relevant authorities. The Parliament has approved the Strategy to reduce the lending rate and the State Monetary Policy Guidelines for 2021, and the Bank of Mongolia approved the Banking Sector Reform Program. These documents are interconnected and aim at maintaining economic and financial stability. Within this framework, the inflation target has been updated to 6 percent from 2021, and the weighted average interest rate on bank loans has been aimed to be reduced to 12 percent by the end of 2023. In 2020, inflation remained at the medium-term target, the average interest rate on new loans fell by 1.2 percentage points, the amount of gold purchased domestically by the central bank reached a historical high of 23.6 tons, and international reserves exceeded 4.5 billion USD. ANNUAL REPORT 2020 3 Taking into consideration the contraction of the real economy and accumulation of risk in the financial sector due to the pandemic, the Bank of Mongolia took prompt measures to protect businesses and individuals and ensure the stability of the banking system. In March 2020, temporary amendments to be enforced under extraordinary circumstances were made to the Regulation on asset classification, provisioning and its disbursements, which allowed to restructure the distressed loans and payment deferrals. As part of these forbearance measures, the payments of MNT 1.27 trillion in consumer loans of 141,171 lenders, MNT 2.8 trillion in business loans of 2,540 enterprises, and MNT 2.3 trillion in mortgage loans of 44,956 households were postponed at the end of 2020. Although the challenge will continue in 2021, the outlook for the economy is optimistic. The global economic recovery will continue as COVID-19 vaccination is underway. The effectiveness of fiscal and monetary policy measures to support the domestic economy will increase in the future. As a result, the economy will continue to recover gradually, growing by about 6 percent next year, inflation will remain on target, and pressure on the balance of payments will ease. The public-private partnership, confidence, and leadership in turning challenges into opportunities will play a key role in ensuring economic recovery and its impact on every citizen and business entity. The Bank of Mongolia will continue its policies and measures in sustaining the economy and creating a favorable financial environment. LKHAGVASUREN B. GOVERNOR OF THE BANK OF MONGOLIA 4 ANNUAL REPORT 2020 ORGANIZATIONAL STRUCTURE OF THE BANK OF MONGOLIA GOVERNOR SUPERVISORY MONETARY POLICY BANKING BOARD OF BOARD COMMITTEE SUPERVISION COUNCIL DIRECTORS GOVERNOR’S OFFICE FIRST DEPUTY DEPUTY GOVERNOR GOVERNOR Operational Division FINANCIAL Governor’s INFORMATION Office UNIT Supervision Policy Compliance and Division I Cooperation Division Security Unit ADMINISTRA- Supervision TION & Foreign Relations Division II PLANNING Unit Training Planning SUPERVISION DEPARTMENT PUBLIC Unit DEPARTMENT Protocol FNANCIAL AML-CFT Unit EDUCATION Division CENTER Strategy Press and Implementation Unit Information Unit RISK MANAGEMENT Human Resources UNIT GENERAL Division Policy and Operation MANAGEMENT Division DEPARTMENT Maintenance Banknote Policy and Division PAYMENT Oversight Planning Division SYSTEMS Division CURRENCY Department DEPARTMENT Central Banking Operation Law Division National Electronic LEGAL Division Transaction Center DEPARTMENT Banking & Finance Licensing Law Division Division Software Monetary Policy and Development Unit Forecasting Division INFORMATION Banking Policy MONETARY TECHNOLOGY BANKING Economic Analysis DEPARTMENT Operations and Division POLICY RESOLUTION and Policy Division Research Unit & POLICY DEPARTMENT Macroprudential DEPARTMENT Banking Resolution Policy Department Division Accounting Policy FINANCIAL and Reporting RESERVE International Risk Assessment Markets Division ACCOUNTING Division MANAGEMENT DEPARTMENT Division AND FINANCIAL MARKETS Financial Markets Accounting DEPARTMENT CREDIT Division Division INFORMATION UNIT Treasury Fund RESIDENT Research REPRESENTATIVE Division IN EUROPE RESEARCH AND STATISTICS Statistics REGIONAL DEPARTMENT Division DIVISIONS (5), BRANCHES (12) Economic Analysis and Survey Unit INTERNAL AUDIT ECONOMIC DEPARTMENT RESEARCH AND TRAINING INSTITUTE ANNUAL REPORT 2020 5 CONTENTS 1.MACROECONOMIC OVERVIEW OF MONGOLIA 9 1.1.Real sector ............................................................................................................................................9 1.2. External sector ...................................................................................................................................13 1.3 Monetary and financial sector ............................................................................................................18 1.4 General government budget ................................................................................................................22 2. MONETARY POLICY IMPLEMENTATION 25 2.1 Monetary policy objective, actions and results ..................………………………………………….25 2.2 Anti-money ladunering and combating the financing of terrorism regime……………… .................28 2.3 Policy implementation to maintain banking sector stability .......................…………………………34 2.4 Foreign exchange reserve management ................…………………………………………………..39 2.5 Payment system of Mongolia ....................…………………………………………………………..41 2.6 Banking sector legal reform ......................…………………………………………………………..45 2.7 National program for financial literacy…………………………………………………… ...............46 3. THE BANK OF MONGOLIA’S MONEY MARKET OPERATIONS 51 3.1 Open market operations ......................................................................................................................51 3.2 Central bank standing facilities ...........................................................................................................53 3.3 Others .................................................................................................................................................53 3.4 Government securities (GS) ...............................................................................................................55 3.5 Foreign exchange intervention ...........................................................................................................56 3.6 Gold purchases ...................................................................................................................................58 4. ORGANIZATIONAL STRUCTURE AND OTHER ACTIVITIES OF THE BANK OF MONGOLIA AND FINANCIAL STATEMENTS 61 4.1 Organizational structure ....................................................................................................…………..61 4.2 Foreign relations ...................................................................................……………………………..62 4.3 Public relations .......................................................................……………………………………….63 4.4 Measures of anti-money laundering and combating financing of terrorism……………… ...............65 4.5 Internal audit ......................………………………………………………………………………….74
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