Mongolia Opens Door to Foreign Banks for First Time to Grow Financial Sector
- Foreign banks were barred from providing banking services
- The resource-rich nation is looking to attract investment
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Mongolia is opening its door to foreign banks for the first time to support its developing banking sector, the country’s finance minister said.
The move will ensure the stability of the banking sector, “increasing access to finance and ensuring sustainable growth of the banking sector,” Finance Minister Javkhlan Bold said in an email to Bloomberg News.