Publication: Financial Sector Assessment: Mongolia
Loading...
Date
2012-06
ISSN
Published
2012-06
Author(s)
Editor(s)
Abstract
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.
Link to Data Set
Citation
“World Bank. 2012. Financial Sector Assessment: Mongolia. © World Bank. http://hdl.handle.net/10986/26814 License: CC BY 3.0 IGO.”
Associated URLs
Associated content
Other publications in this report series
Journal
Journal Volume
Journal Issue
Collections
Related items
Showing items related by metadata.
Publication Financial Sector Assessment : Vietnam(Washington, DC, 2014-06)Vietnam has achieved remarkable progress since the start of its transition from a centrally planned economy in the mid-1980s. The Economic Renovation Policy announced in December 1986 marked the transition from a centrally planned economy to a mixed economy with greater reliance on markets and increased participation of private financial and non-financial institutions. These reforms contributed to an impressive performance in the last two decades, since 1990 the annual GDP growth has exceed 7 percent and per capita income has increased three-fold. This Financial Sector Assessment Program (FSAP) provides a broad set of policy recommendations that can be used to operationalize the SEDP and the banking restructuring program. The recommendations fall into three groups: (i) a plan to work out the large stock of existing NPLs; (ii) measures to ensure sound new flows of finance and prevent the accumulation of additional NPLs; and (iii) a set of policy steps designed to protect the financial sector during the envisaged reform period. For each group of measures, the plan identifies pre-conditions (first phase) and sub-sets of measures that needs to be implemented in the short run (second phase) as well as those that can be phased in over the medium term (third phase).Publication Financial Sector Assessment Program Update : Egypt(Washington, DC, 2007-12)A joint team from the International Monetary Fund's (IMF's) Monetary and Financial Systems Department (MFD) and the World Bank visited Egypt between May 6 and May 21, 2007 to update the assessment of the Egyptian Financial Sector Assessment Program (FSAP) that had been conducted in June 2002 and completed in September 2002. The work under the FSAP update aimed to assess progress in reforming the financial sector and strengthening financial sector regulation since 2002, and identify measures that will contribute to the consolidation of the financial sector reform and the further development of the financial sector over the next five years.Publication Republic of Indonesia Financial Sector Assessment Program(World Bank, Washington, DC, 2010-11)This assessment forms part of the joint International Monetary Fund (IMF) World Bank Indonesia Financial Sector Assessment Program (FSAP) which is being undertaken during 2009-2010. The assessment, which covers the private sector equity and corporate bonds securities system's observance of the Committee on Payment and Settlement Systems / International Organization of Securities Commissions (CPSS/IOSCO) recommendations for securities settlement systems, was conducted during an ad hoc mission. The assessment focuses on two types of trades. First the clearing and settlement process is assessed as regards equity transactions traded on the stock exchange Indonesian Stock Exchange (IDX), cleared through the Clearing and Guarantee Corporation (KPEI) clearing system (e-CLEARS) and settled through the Central Securities Depository for the Stock Exchange securities (KSEI) settlement system (C-BEST). In addition, the assessment focuses on corporate bond transactions, which are traded outside the exchange and settled through the KSEI settlement system (C-BEST).Publication Financial Sector Assessment Program Update : India - CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties(World Bank, Washington, DC, 2013-08)The securities and derivatives clearing and settlement systems in India are organized around different types of products, which are (1) government securities, money market instruments and forex instruments; (2) corporate securities and financial derivatives; and (3) commodity derivatives. The scope of this assessment is limited to the clearing and settlement systems for the first two sets of products. The different sets are subject to different legal frameworks, different regulatory arrangements and the clearing and settlement systems are operated by different entities. The different securities and derivatives clearing and settlement systems handle a large number of transactions and are as such of systemic importance. Volumes in the derivatives segments increased strongly during the last years. Given the growth and volumes of the commodity derivatives market it is recommended that a detailed self-assessment by the Forwards Market Commission (FMC) and/or an independent assessment of the commodity derivatives clearing and settlement systems be considered in the immediate future.Publication India : CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties(World Bank, Washington, DC, 2013-08)The securities and derivatives clearing and settlement systems in India are organized around different types of products, which are (1) government securities, money market instruments and forex instruments; (2) corporate securities and financial derivatives; and (3) commodity derivatives. The scope of this assessment is limited to the clearing and settlement systems for the first two sets of products. The different sets are subject to different legal frameworks, different regulatory arrangements and the clearing and settlement systems are operated by different entities. The different securities and derivatives clearing and settlement systems handle a large number of transactions and are as such of systemic importance. Volumes in the derivatives segments increased strongly during the last years. Given the growth and volumes of the commodity derivatives market it is recommended that a detailed self-assessment by the Forwards Market Commission (FMC) and/or an independent assessment of the commodity derivatives clearing and settlement systems be considered in the immediate future.
Users also downloaded
Showing related downloaded files
Publication Media and Messages for Nutrition and Health(World Bank, Washington, DC, 2020-06)The Lao People’s Democratic Republic (Lao PDR) has experienced rapid and significant economic growth over the past decade. However, poor nutritional outcomes remain a concern. Rates of childhood undernutrition are particularly high in remote, rural, and upland areas. Media have the potential to play an important role in shaping health and nutrition–related behaviors and practices as well as in promoting sociocultural and economic development that might contribute to improved nutritional outcomes. This report presents the results of a media audit (MA) that was conducted to inform the development and production of mass media advocacy and communication strategies and materials with a focus on maternal and child health and nutrition that would reach the most people from the poorest communities in northern Lao PDR. Making more people aware of useful information, essential services and products and influencing them to use these effectively is the ultimate goal of mass media campaigns, and the MA measures the potential effectiveness of media efforts to reach this goal. The effectiveness of communication channels to deliver health and nutrition messages to target beneficiaries to ensure maximum reach and uptake can be viewed in terms of preferences, satisfaction, and trust. Overall, the four most accessed media channels for receiving information among communities in the study areas were village announcements, mobile phones, television, and out-of-home (OOH) media. Of the accessed media channels, the top three most preferred channels were village announcements (40 percent), television (26 percent), and mobile phones (19 percent). In terms of trust, village announcements were the most trusted source of information (64 percent), followed by mobile phones (14 percent) and television (11 percent). Hence of all the media channels, village announcements are the most preferred, have the most satisfied users, and are the most trusted source of information in study communities from four provinces in Lao PDR with some of the highest burden of childhood undernutrition.Publication Remarks at the United Nations Biodiversity Conference(World Bank, Washington, DC, 2021-10-12)World Bank Group President David Malpass discussed biodiversity and climate change being closely interlinked, with terrestrial and marine ecosystems serving as critically important carbon sinks. At the same time climate change acts as a direct driver of biodiversity and ecosystem services loss. The World Bank has financed biodiversity conservation around the world, including over 116 million hectares of Marine and Coastal Protected Areas, 10 million hectares of Terrestrial Protected Areas, and over 300 protected habitats, biological buffer zones and reserves. The COVID pandemic, biodiversity loss, climate change are all reminders of how connected we are. The recovery from this pandemic is an opportunity to put in place more effective policies, institutions, and resources to address biodiversity loss.Publication The Journey Ahead(Washington, DC: World Bank, 2024-10-31)The Journey Ahead: Supporting Successful Migration in Europe and Central Asia provides an in-depth analysis of international migration in Europe and Central Asia (ECA) and the implications for policy making. By identifying challenges and opportunities associated with migration in the region, it aims to inform a more nuanced, evidencebased debate on the costs and benefits of cross-border mobility. Using data-driven insights and new analysis, the report shows that migration has been an engine of prosperity and has helped address some of ECA’s demographic and socioeconomic disparities. Yet, migration’s full economic potential remains untapped. The report identifies multiple barriers keeping migration from achieving its full potential. Crucially, it argues that policies in both origin and destination countries can help maximize the development impacts of migration and effectively manage the economic, social, and political costs. Drawing from a wide range of literature, country experiences, and novel analysis, The Journey Ahead presents actionable policy options to enhance the benefits of migration for destination and origin countries and migrants themselves. Some measures can be taken unilaterally by countries, whereas others require close bilateral or regional coordination. The recommendations are tailored to different types of migration— forced displacement as well as high-skilled and low-skilled economic migration—and from the perspectives of both sending and receiving countries. This report serves as a comprehensive resource for governments, development partners, and other stakeholders throughout Europe and Central Asia, where the richness and diversity of migration experiences provide valuable insights for policy makers in other regions of the world.Publication South Asia Development Update, April 2024: Jobs for Resilience(Washington, DC: World Bank, 2024-04-02)South Asia is expected to continue to be the fastest-growing emerging market and developing economy (EMDE) region over the next two years. This is largely thanks to robust growth in India, but growth is also expected to pick up in most other South Asian economies. However, growth in the near-term is more reliant on the public sector than elsewhere, whereas private investment, in particular, continues to be weak. Efforts to rein in elevated debt, borrowing costs, and fiscal deficits may eventually weigh on growth and limit governments' ability to respond to increasingly frequent climate shocks. Yet, the provision of public goods is among the most effective strategies for climate adaptation. This is especially the case for households and farms, which tend to rely on shifting their efforts to non-agricultural jobs. These strategies are less effective forms of climate adaptation, in part because opportunities to move out of agriculture are limited by the region’s below-average employment ratios in the non-agricultural sector and for women. Because employment growth is falling short of working-age population growth, the region fails to fully capitalize on its demographic dividend. Vibrant, competitive firms are key to unlocking the demographic dividend, robust private investment, and workers’ ability to move out of agriculture. A range of policies could spur firm growth, including improved business climates and institutions, the removal of financial sector restrictions, and greater openness to trade and capital flows.Publication Economic Recovery(World Bank, Washington, DC, 2021-04-06)World Bank Group President David Malpass spoke about the world facing major challenges, including COVID, climate change, rising poverty and inequality and growing fragility and violence in many countries. He highlighted vaccines, working closely with Gavi, WHO, and UNICEF, the World Bank has conducted over one hundred capacity assessments, many even more before vaccines were available. The World Bank Group worked to achieve a debt service suspension initiative and increased transparency in debt contracts at developing countries. The World Bank Group is finalizing a new climate change action plan, which includes a big step up in financing, building on their record climate financing over the past two years. He noted big challenges to bring all together to achieve GRID: green, resilient, and inclusive development. Janet Yellen, U.S. Secretary of the Treasury, mentioned focusing on vulnerable people during the pandemic. Kristalina Georgieva, Managing Director of the International Monetary Fund, focused on giving everyone a fair shot during a sustainable recovery. All three commented on the importance of tackling climate change.