L.Purevdorj, the newly appointed President of Mongolbank, told our reporter on Thursday that his first priority would be to increase money supply to the market.

Another urgent need is to shore up US dollar reserves. More foreign exchange has to be earned, and for this the Government plans to encourage export.
He wanted full use to be made of local capacity and the country’s resources. “Every kilogram of gold extracted in Mongolia should be accounted for, and gold should be sold not only to Mongolbank but to other commercial banks too,” he said.
In his opinion, the present crisis has been brought about by the fall in copper price, and “this situation, when one mineral holds such an important place in the national economy, has to be changed”.

 

Source: en.news.mn

Jan 9, 2009