Ulaanbaatar
Results of macroeconomic policy research presented
Economy
Ulaanbaatar /MONTSAME/ The second meeting of the Knowledge Sharing Program (KSP) implemented between the Bank of Mongolia (BoM) and the Bank of Korea for three years was held on October 26.
BoM is involved in the Bank of Korea’s KSP for the second year in compliance with the Memorandum of Understanding established between the central banks on August 14, 2011. In this regard, experts of the two countries conducted joint research titled ‘Developing Crisis Management System in Mongolia’ in 2017 and continued their research with theme ‘Financial Stability:Institutional Features and Implementation of Appropriate Macroeconomic Policies’ in 2018 and presented the results of the research.
Opening the meeting, Deputy Governor of the BoM B.Lkhagvasuren said “Before the second meeting, we have conducted an extensive joint research. Appropriate macroeconomic policy plays an important role in this year’s monetary policy. In particular, the latest decision from the Monetary Policy Committee is related to appropriate macroeconomic policy. The decisions were based on research results on experiences of foreign countries, methods and tools they used, their results, significance and how fast it took to take effect. In particular, we see that Korea's research is the one to be the example for us. Therefore, the cooperation is still in progress.”
Deputy Director-General of International Affairs Department of the Bank of Korea, Mr. Kee Sun Jang highlighted that the cooperation with the BoM is continuing since 2016 and expressed his hope that the research would make a contribution to the BoM, its monetary policy and appropriate macroeconomic policy activities.
Mongolia is one of the six countries implementing the Bank of Korea’s KSP, which provides policy advice to the central banks.
