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2025/10/29
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DRAFT AMENDMENT TO LAW ON CURRENCY SETTLEMENTS DISCUSSED BY THE STATE GREAT KHURAL

thumbnail Suld (1)Suld (1)
2018/06/28 9:09:14
DRAFT AMENDMENT TO LAW ON CURRENCY SETTLEMENTS DISCUSSED BY THE STATE GREAT KHURAL

At its plenary meeting today, the State Great Khural discussed a draft amendment to the Law of Mongolia on Currency Settlements, initiated by President of Mongolia Khaltmaagiin Battulga. As majority of the Members did not approve of the bill during the discussion, the State Great Khural resolved to return the draft amendment to the Law on Currency Settlements and the accompanying documents to the initiator.

The President had proposed the following amendments:

In the Law on Currency Settlements:

“10. The Bank of Mongolia will be allowed to register the transaction account of a legal entity, which established an investment contract with the Government, exploits a mineral deposit of strategic importance, and with foreign exchange earnings in the minimum amount set by the Bank of Mongolia.”

In the Law on Central Bank (Bank of Mongolia):

“6/ to register the account of a legal entity under certain conditions, and carry out transactions in the cases specified by the law”

In accordance with the currently effective Law on Currency Settlements and the Law on Central Bank, the Bank of Mongolia regulates currency circulation, and holds and manages the foreign exchange reserves. However, according to the bill initiator, the rationale for drafting the amendment was the fact that the Bank of Mongolia has no authority to negotiate with a legal entity earning a large amount of foreign currencies, except for buying currencies.

Furthermore, the amendment to the Law on Currency Settlements was drafted with the purpose of creating legal arrangements for the Bank of Mongolia to ensure the stability of national currency, hold and manage the foreign exchange reserves, and carry out the cash transactions and settlements of a legal entity with currency earnings from the exploitation of a mineral deposit of strategic importance, in frames of its duty to increase the foreign exchange reserves of Mongolia.

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GALLERY

thumbnail received_660411626869651
received_660411626869651
2025/10/16 3:47:27President of Mongolia Confers State Decorations on Indian Citizens
thumbnail 68f0657c8b4d0
68f0657c8b4d0
2025/10/16 3:04:24President of Mongolia Receives Speaker of India’s Lower House Om Birla
thumbnail 566490196_1331060441795499_6394994217873997481_n
566490196_1331060441795499_6394994217873997481_n
2025/10/16 2:52:15Over 150 Enterprises Attend India-Mongolia Business Forum
thumbnail received_843529181431288
received_843529181431288
2025/10/15 3:10:14President Khurelsukh Ukhnaa Lays Wreath at Mahatma Gandhi Memorial
thumbnail received_1092820602840736
received_1092820602840736
2025/10/15 3:06:59President Khurelsukh Ukhnaa Meets President Droupadi Murmu
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