Democratic Party criticizes Mongol Bank operations audit

D.Erdenebat (left) and Z.Narantuya

On Monday, the Democratic Party’s Caucus Chairman D.Erdenebat and Member of Parliament Z.Narantuya held a briefing on a report presented by a task force that reviewed Mongol Bank’s operations.

Parliament’s Economic Standing Committee task force, led by Member of Parliament T.Ayursaikhan, reviewed Mongol Bank’s operations from 2012 to 2016. The task force concluded that some state officials, including the former president of Mongol Bank, abused their power in determining the central bank’s spending.

MP D.Erdenebat pointed out that a task force is not a judicial body or an investigative authority, adding that the seven people who made up the task force are politicians and their conclusions were motivated by political interests.

Member of Parliament Z.Narantuya said that 55,000 herders took out loans with a 10 percent interest rate under interest rate reduction programs, and that many other good programs were implemented with financing from Mongol Bank.

The DP representatives said that the party had wanted to set up a task force made up of members from all political parties to monitor the operations of Mongol Bank for the past four years. The DP group asked Parliament to discuss the report on Mongol Bank through an open parliamentary session