Regulatory Alerts2015-04-15
Regulation on Foreign Currency Deposit Between the Bank of Mongolia and Domestic Banks
The Bank of Mongolia issued this regulation to establish the guiding principles, rights, and duties governing foreign currency deposit contracts with licensed domestic banks. The document mandates that banks submit deposit requests via the Bloomberg MGFX system or approved email by 14:00, with the International Economic Department determining rates and finalizing contracts by 16:00. It further outlines strict confidentiality obligations, information disclosure requirements, and financial penalties for contract revocation or failure to maintain sufficient monetary basis.
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