Mongolian Banking Sector Sees Robust Growth

The National Statistics Office of Mongolia has reported significant growth in the Mongolian banking sector’s net external assets, reaching 8.9 trillion tugriks ($2.613 billion) by the end of December 2023. This marks an impressive surge of 3.6 times compared to the previous year’s figures.

Simultaneously, the net domestic assets of Mongolia’s banks experienced a substantial increase, amounting to 28.7 trillion tugriks ($8.426 billion). This reflects a notable growth of 5.6% when compared to the figures from the preceding year.

The cumulative savings within Mongolian commercial banks demonstrated a robust performance, reaching a total volume of 17.1 trillion tugriks ($5.020 billion) by the close of December. Notably, tugrik savings experienced a substantial uptick, surging by 35.7%, while dollar savings exhibited a more modest increase of 1.8%.

Operating across the country are 1,500 branches of 11 commercial banks, contributing to the overall dynamism and expansion of the Mongolian banking sector.