Daily Business News Mongolia

Irregular Cabinet Meeting was held and discussed about the Government Agenda and housing and real estate issues, which was the main dialogue of recent days.
The Government drafted a new law on mortgage and proposed to the State Great Khural. But the new parliament decided to take comment from the new Government on this draft. Therefore, until proposing new draft law on mortgage, Government decided to take joint measures together with the Bank of Mongolia on activating commercial banks activities in mortgage loan and loan secured by the real estate. The Government is issuing a resolution “on certain measures in activating operation”. The resolution draft says that:
- to urgently develop draft law on stock, secured by the mortgage or real estate, and present to the Government and propose to the State Great Khural.
- to give authority to the respective Ministers to act within the legal framework in taking measures not to put commercial banks, which are giving housing loan or mortgage loan, in a risk until the draft law adopted by the State Great Khural and advised Mr. Ch.Batsukh, the President of Mongolbank.

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