Mr. L.Purevdorj, a newly appointed President of Mongol Bank: will hopes to provide more money into the market

Shortly after his appointment as the President of Mongol Bank, Mr. L.Purevdorj answered some questions from the media.

Q: What will be your first goal?
L.Purevdorj:  I will begin with the regular duty of the President. I am not the President yet. I haven’t met with or learned from the staff of experts and professionals at the Mongol Bank. Therefore, my focus right now is the opportunity of providing more money to the market. I say opportunity because the United States of America does not need to have a currency reserve. People’s Republic of China, on the other hand, has a reserve of over a billion US$. Hence, they won’t have that many difficulties. However,  we have many limitations such as export, import, foreign trade balance, and banking risk. It is crucial for us to increase our currency reserve. As it is the duty and responsibility of the Mongol Bank, we must work on attracting more fund and capital from the foreign market. The Government also has a vital role in it.  To get past the recession, the US Government put money into the domestic market. We have to utilize our domestic resource, and do the same. I support the sale of gold to Mongol Bank whereas right now policy has made the potential sale of gold exclusive to commercial banks only.

Q: What will be your main focus in this time of recession/?
L.Purevdorj: We should emphasize our exports. Certain measures have been planned in the budget for this purpose. Mongol Bank will work on this direction through its monetary policy and commercial banks. The copper commodity price decrease has led to this crisis in Mongolia, and our main goal now is to spring back from this unfortunate situation.

Q: Do you rely more on your staff and experts than yourself?
L.Purevdorj: I rely equally on both at the Mongol Bank.

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