Rebuilding the banking system
In the early 1990s the Mongolian government carried out far-reaching reforms to establish a market-oriented economy, which created foundations for the further development of private banks. From this time it became necessary to set up a legal framework for commercial banks and introduce a system for their supervision.
In 1991 the Mongolian parliament approved a banking law for commercial banks that were already present in the market, thereby establishing legal foundations for the formation and
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