On behalf of the Mongolian Banking Association (MBA), representative of 24 prestigious institutions in the Mongolian banking and financial sector with 16,000 employees and their families, I great you all.

The MBA is a non-profit organization dedicating its efforts toward the common interests and rights of all of its members. We are actively working since the establishment in 2000 and I was appointed as the President of the MBA in September 2019 from an annual meeting of all members.

Making up more than 90 percent of the financial sector, the banking sector plays a vital role in building sound governance in the sector, enhancing sustainable economic and social development, and standard of livings all together.

With that in mind, along with the MBA secretariat, I intend to dedicate my time and expertise to accomplish certaing goals with following directions:

One. Putting major efforts for reducing loan interest rates in the long-term by gradually minimizing the banks’ operating costs

Two. Seeking potential solutions for creating legal, regulatory and supervisory environment enabling the opening and operation of foreign banks and their branches in Mongolia.

Three. Exploring new opportunities to enter and compete in international markets.

I would like to express my sincere gratitude to 16,000 employees in the banking sector, their families and all valuable customers of financial services for their immeasurable contribution to the development of our country, and wish you all success and wellbeing.

Yours truly,

President
MEDREE Balbar