Ulaanbaatar
Central bank reports on outstanding pension loan balance
Economy
Ulaanbaatar /MONTSAME/. Concerning the issue of one-time cancellation pension-backed loan debts proposed by the National Security Council of Mongolia, which is under discussion at the parliament level, Bank of Mongolia today presented the latest pension loan balance report.
As of December 31, 2019, there is a total outstanding pension loan balance worth MNT 757.9 billion in 228.7 thousand bank accounts. Compared with December 2018, the outstanding pension loan balance decreased by 18.1 percent or MNT 167.5 billion. Average pension loan per lender equals to MNT 3.3 million.
20.1 percent of total pension loan lenders has outstanding balance up to MNT 3 million, 55.1 percent has unpaid loan debts from MNT 3 to MNT 6 million, 15.4 percent has between MNT 6-10 million and remaining 9.4 percent has loan balance of more than MNT 10 million.
Concerning some allegations that the large amount of pension loan was issued in December 2019 soon before the President Kh.Battulga announced the decision on forgiveness of pension-backed loans in his New Year’s greetings, the central bank released the following table of statistics, which shows the amount of pension loans issued in each month of 2018-2019. It can be seen that pension loans issued in December 2019 amounted to MNT 55 billion, which was kept the same as monthly average and MNT 1 billion less than that of November 2019.
