Mongolia and Russia discuss banking sector ties

Mongolian and Russian banking sector representatives during the conference in Saint Peterburg

Mongol Bank and a number of Mongolian commercial banks attended the Saint Petersburg International Banking Conference, held from July 13 to 15, in Saint Petersburg, Russia, to discuss banking system trends and possibilities for cooperation with Russia.

In addition to Russia’s biggest commercial banks, international banks including ING, the Bank of New York Mellon, Commerzbank, and Arab Banking Corporation, and representatives from Bloomberg and Reuters took part in the meeting.

During the conference, the Central Bank of Russia and Promsvyazbank organized a consultative meeting at the initiative of Mongol Bank, “Expanding its Land: Modern Banking System of Mongolia”, to talk about Mongolia’s current banking system, possibilities for making investments in Mongolia, challenges faced by the two countries’ banks in their cooperation and their solutions.

As a result of the consultation, the two countries agreed to mitigate expenditures for loan advances being drawn from commercial banks in Russia, conducting 24-hour trading for RUB, easing foreign payment conditions, and expanding cooperation in the trade and financing sectors.

Mongol Bank suggested organizing the conference every year, which was supported by the Russian side. The next meeting is expected to take place in 2017 in Ulaanbaatar.