Regulatory Alerts2002-09-04
Law of Mongolia on Currency Settlements
The State Ih Hural of Mongolia enacted this law to define the powers of government bodies regarding currency settlement, regulate exchange controls, and establish mechanisms to sustain the national currency exchange rate. The legislation designates the Bank of Mongolia as the primary authority for fixing exchange rates, managing outgoing currency reserves, and supervising commercial banks, while the Government and Ministry of Finance oversee foreign loan balances and state property utilization. It mandates that residents conduct foreign currency transactions exclusively through authorized banks, imposes strict reporting and registration requirements for international loans, and establishes administrative sanctions for non-compliance.
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