History
On June 2, 1924, Mongolia And The Soviet Union Jointly Funded The Establishment Of The Trade And Industry Bank Of Mongolia (also Known As The Bank Of Mongolia) In Altanbulag. At That Time, The Total Capital Of The Bank Was 260,000 Mongolian Knives ("knives" Were The Currency Of Mongolia At That Time, Also Known As "yanchaan"). There Were 22 Employees, Of Which 18 Were Soviet Experts And 4 Were Mongolians. At That Time, The Bank Used Both Names "Mongolian Trade And Industry Bank" And "Mongolian Bank", But In Official Documents And Records It Used "Mongolian Bank".
In The Early Days Of The Bank's Establishment, Mongolia Still Did Not Have A National Currency, So For The First 18 Months, The Bank's Fiscal Policy, Monetary And Credit Policies Could Not Be Implemented, While Foreign Currencies Were In Circulation. So On February 22, 1925, According To The Resolution Of The Great Hural, The Government Of The Mongolian People's Republic Announced The Decision To Carry Out Monetary Reform. According To This Decision, The Bank Of Mongolia Issued A New National Currency, The Tugrik, Guaranteed By Precious Metals And Foreign Stable Currencies (25%) And Marketable Goods (75%).
In 1954, The Mongolian Composition Of The Bank's Staff Had Risen To 98% (18% In The Early Days Of Its Establishment In 1924). On This Basis, The Soviet Union Transferred Its Own Share Capital And Shares In The Bank To The Mongolian People's Republic. After That, The Bank Of Mongolia Was Renamed The State Bank Of Mongolia, But It Was Still Referred To As The Bank Of Mongolia In The Official Documents Of The Mongolian People's Republic.
In 1991, Mongolia Established A Brand New Two-tier Banking System. Since Its Establishment, The Bank Of Mongolia Has Been Dedicated To Its Influence And Contribution To The National Economy, Maintaining A Monetary Policy Of Stable Currency Value, And Reducing Inflation During Unstable Transition Periods.
Bank Of Trade And Industry Of Mongolia
