Financial Sector Assessment : Mongolia

Financial Sector Assessment : Mongolia

Owing primarily to extensive investment in new mining projects, Mongolia's economy is on a path of very rapid long-term growth. While financial intermediation in Mongolia has been growing fast, access to finance remains a critical constraint f...

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Bibliographic Details
Main Author:	World Bank
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	ACCOUNTING ASSET-LIABILITY MANAGEMENT AUCTION AUCTION SYSTEM AUCTIONS BAILIFF BANK CREDIT BANK LENDING BANKING CRISIS BANKING SECTOR BANKING SECTOR ASSETS BANKING SYSTEM BANKRUPTCY BANKRUPTCY FRAMEWORK BANKRUPTCY LEGISLATION BANKRUPTCY PROCEDURES BENCHMARK MATURITIES BENEFICIARIES BLUE CHIP BOND ISSUES BORROWER BORROWING CAPACITY BROKER CAPITAL ADEQUACY CAPITAL BASE CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CAPITAL MARKETS DEVELOPMENT CAPITALIZATION CENTRAL BANK CENTRAL SECURITIES DEPOSITORY CHECKS CLEARING HOUSE COLLATERAL REGISTRY COMMERCIAL BANKS COMMODITY PRICES CONSUMER PROTECTION CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS INSTITUTIONS CORPORATE BOND CORPORATE BONDS CORPORATE GOVERNANCE CORPORATE LAWS CREDIT APPRAISAL CREDIT BUREAU CREDIT CARD CREDIT CARDS CREDIT COOPERATIVE CREDIT COOPERATIVES CREDIT GROWTH CREDIT GUARANTEE CREDIT GUARANTEES CREDIT INFORMATION CREDIT INFORMATION BUREAU CREDIT INFORMATION SYSTEM CREDIT INFORMATION SYSTEMS CREDIT PROGRAM CREDIT RATING CREDIT RISK CREDIT RISKS CREDIT SCORING CREDITOR CREDITOR RIGHTS CREDITORS CURRENCY DEBT DEBT ISSUANCE DEBT ISSUANCE STRATEGY DEBT MANAGEMENT DEBTORS DEGREE OF TRANSPARENCY DEPOSIT DEPOSITS DERIVATIVES DERIVATIVES MARKETS DOMESTIC BANKS DOMESTIC BOND DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DUE DILIGENCE EMERGING MARKET EMERGING STOCK MARKETS ENABLING ENVIRONMENT EQUITY MARKET EQUITY MARKETS EXCHANGE RATE FINANCIAL INFORMATION FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MARKET FINANCIAL STATEMENTS FINANCIAL SYSTEM FISCAL POLICY FIXED CAPITAL FOREIGN BANKS FRAMEWORK FOR SECURITIES GOVERNMENT BOND GOVERNMENT BOND MARKET GOVERNMENT BOND MARKETS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT POLICIES GROSS DOMESTIC PRODUCT GROUP LOAN GUARANTEE FUND HOUSING FINANCE IMMOVABLE ASSETS IMMOVABLE PROPERTY INFLATION INFORMATION TECHNOLOGY INITIAL PUBLIC OFFERING INSOLVENCY REGIME INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INTEREST RATES INTERNATIONAL STANDARDS INVESTMENT FUNDS INVESTOR BASE INVESTOR BASES INVESTOR CONFIDENCE IPO JUDICIAL CAPACITY LEGAL ENVIRONMENT LEGAL FRAMEWORK LEGAL PROTECTION LEGISLATIVE FRAMEWORK LENDERS LENDING REQUIREMENTS LIABILITY LIQUIDATION LIQUIDATIONS LOAN SIZES LOAN TERMS LONG-TERM CAPITAL LONG-TERM INVESTMENT MACROECONOMIC ENVIRONMENT MACROECONOMIC STABILITY MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET INTERMEDIARIES MARKET LIQUIDITY MARKET PARTICIPANTS MARKET SHARE MICROENTERPRISES MICROFINANCE MOBILE PHONE MODERNIZING MARKET INFRASTRUCTURE MORTGAGE MORTGAGE MARKET MORTGAGE-BACKED SECURITIES MOVABLE ASSETS MOVABLE COLLATERAL NONPERFORMING LOANS NPL OPEN ECONOMY OPERATIONAL INDEPENDENCE OUTSTANDING AMOUNT PARTIAL CREDIT PENSION PENSION FUNDS PENSIONS PLEDGE LAW PRICE DISCOVERY PRIMARY DEALER PRIMARY DEALER SYSTEM PRIVATE CREDIT PRODUCTIVE INVESTMENTS PROPERTY RIGHTS PUBLIC DEBT PUBLIC DEBT MANAGEMENT REAL ESTATE INVESTMENT REAL PROPERTY REGISTRATION SYSTEM REGULATORY AUTHORITIES REGULATORY CONSTRAINTS REGULATORY FRAMEWORK REMITTANCES RESIDENTIAL MORTGAGE RISK MANAGEMENT RISK SHARING SECURITIES SECURITIES MARKET SECURITIES MARKET LAW SECURITIES MARKETS SECURITIES REGULATION SECURITY INTEREST SECURITY INTERESTS SETTLEMENT SETTLEMENT RISK SETTLEMENT SYSTEM SHAREHOLDERS SHORT MATURITIES SMALL LOAN STOCK EXCHANGE STOCK MARKET STOCK MARKET CAPITALIZATION TAX TAX INCENTIVES TAX TREATMENT TRADE FINANCING TRADING TRANSACTION TRANSPARENCY TRUST FUNDS TURNOVER VALUATION VALUATIONS YIELD CURVE
Online Access:	http://documents.worldbank.org/curated/en/530751468323337238/Mongolia-Financial-sector-assessment http://hdl.handle.net/10986/26814

Description
Summary:	Owing primarily to extensive investment in new mining projects, Mongolia's economy is on a path of very rapid long-term growth. While financial intermediation in Mongolia has been growing fast, access to finance remains a critical constraint for enterprises, and especially for Small and Medium Enterprises (SMEs). Improving access to financial services will require strengthening the legal and regulatory framework and financial infrastructure, including the secured transactions framework, creditor rights and insolvency regime, credit information sharing system, platform for technology-based banking products, regulation and supervision of nonbank financial institutions, and consumer protection in financial services. To realize fully its economic potential, Mongolia needs to build a diversified, efficient and stable financial system, capable of intermediating both on a large scale and in specific market segments. Due to its focus on the development agenda, and specifically on access to finance for the SME sector, capital markets development, and housing finance market development, this report does not address financial sector stability issues. Financial intermediation in Mongolia has grown significantly in recent years; credit and deposit penetration are on par with the average in the East Asia and the Pacific (EAP) region. Access to finance is particularly constrained for SMEs, which are also more sensitive to an unstable macroeconomic environment, characterized by high inflation and exchange rate fluctuations.