The Democratic Party group in the Parliament held its meeting today on August 01, within the meeting they discussed issues relevant to the Development Bank of Mongolia
and received information on the operations of the Bank from experts.
Members of the group were intending to hear complied information from the authorities of the Bank, but could not as the Chairman of the Bank’s Board and the Executive Director failed to appear at the meeting.
After establishing the Development Bank, the Government of Mongolia raised the demanded capital by trading 600 million USD in bonds on the Singapore Stock Exchange, but the bonds’ interest rate estimates at 120 million MNT per day only and 3.6 billion MNT monthly, which shows a great amount of external deficit. Thus, the DP considers that the spending and planning of the Bank is very doubtful with concerns that it has faced such huge deficit before starting the major up building projects, which the Bank only makes the implementation investment. Currently, five South Korean experts
are employed at the Bank. Further, group members said that they were lacking of confidence on the Banks operations and planning on Mongolia’s economy development. Therefore, a working group formed by the DP group in the Parliament shall meet with the authorities of the Bank and get acquainted with internal operations of the Bank to conduct examinations, demanded the DP group Chairman D.Erdenebat.