Financial Sector Assessment
Financial Sector Assessment
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.
- World Bank United States
PENSION FUNDS, CORPORATE LAWS, MOVABLE ASSETS, SHAREHOLDERS, CREDIT GUARANTEE, DEPOSIT, INFLATION, LIQUIDATION, CREDIT CARD, EMERGING MARKET, CAPITAL MARKET DEVELOPMENT, INFORMATION TECHNOLOGY, INVESTOR CONFIDENCE, INSTITUTIONAL INVESTOR, MORTGAGE MARKET, FINANCIAL INFRASTRUCTURE, BENCHMARK MATURITIES, LIQUIDATIONS, SECURITIES REGULATION, DUE DILIGENCE, SECURITIES MARKET LAW, TAX TREATMENT, CREDIT GROWTH, PENSION, CREDIT APPRAISAL, CLEARING HOUSE, FINANCIAL MARKET, BROKER, CONTRACTUAL SAVINGS INSTITUTIONS, MARKET CAPITALIZATION, TRANSPARENCY, MORTGAGE, NPL, PENSIONS, INSTITUTIONAL INVESTORS, CREDIT RISKS, BORROWING CAPACITY, DEPOSITS, CREDITORS, DOMESTIC CAPITAL MARKET, AUCTION, DEBT ISSUANCE STRATEGY, CORPORATE GOVERNANCE, STOCK MARKET CAPITALIZATION, PROPERTY RIGHTS, OUTSTANDING AMOUNT, FOREIGN BANKS, LONG-TERM INVESTMENT, INTEREST RATES, PUBLIC DEBT, CREDIT RISK, GOVERNMENT POLICIES, INVESTOR BASE, SHORT MATURITIES, AUCTIONS, FIXED CAPITAL, PRIMARY DEALER, BANKRUPTCY FRAMEWORK, COLLATERAL REGISTRY, INVESTOR BASES, OPERATIONAL INDEPENDENCE, EMERGING STOCK MARKETS, MARKET INTERMEDIARIES, BANKRUPTCY LEGISLATION, MACROECONOMIC STABILITY, BANKRUPTCY, CREDIT PROGRAM, RISK SHARING, TRADE FINANCING, LENDERS, MARKET PARTICIPANTS, DERIVATIVES, REAL ESTATE INVESTMENT, INSOLVENCY REGIME, CAPITAL MARKETS, CREDIT SCORING, SECURITIES MARKETS, REGULATORY CONSTRAINTS, REGULATORY FRAMEWORK, IMMOVABLE ASSETS, FINANCIAL SYSTEM, FISCAL POLICY, LIABILITY, EXCHANGE RATE, FINANCIAL INSTITUTIONS, CENTRAL SECURITIES DEPOSITORY, CURRENCY, BAILIFF, PRIVATE CREDIT, CREDIT GUARANTEES, EQUITY MARKET, MOBILE PHONE, COMMODITY PRICES, BANK CREDIT, SECURITIES, IMMOVABLE PROPERTY, NONPERFORMING LOANS, MARKET SHARE, LOAN TERMS, MICROFINANCE, REAL PROPERTY, CREDIT RATING, PUBLIC DEBT MANAGEMENT, DEGREE OF TRANSPARENCY, INVESTMENT FUNDS, CAPITALIZATION, TRADING, LEGAL ENVIRONMENT, LENDING REQUIREMENTS, CAPITAL FORMATION, MOVABLE COLLATERAL, CAPITAL MARKETS DEVELOPMENT, GOVERNMENT BOND MARKET, DEBTORS, HOUSING FINANCE, FINANCIAL INSTRUMENTS, TRANSACTION, CAPITAL FLOWS, VALUATION, TAX, BANKING SYSTEM, STOCK MARKET, CREDIT COOPERATIVES, DEBT ISSUANCE, GROSS DOMESTIC PRODUCT, INSURANCE COMPANIES, SECURITIES MARKET, GOVERNMENT DEBT, CREDIT CARDS, CREDITOR, ASSET-LIABILITY MANAGEMENT, AUCTION SYSTEM, PRIMARY DEALER SYSTEM, BANK LENDING, MODERNIZING MARKET INFRASTRUCTURE, BOND ISSUES, BENEFICIARIES, INITIAL PUBLIC OFFERING, INSTRUMENT, INTERNATIONAL STANDARDS, PARTIAL CREDIT, DOMESTIC CAPITAL, SECURITY INTEREST, CREDIT INFORMATION BUREAU, REGISTRATION SYSTEM, SMALL LOAN, GOVERNMENT BONDS, LONG-TERM CAPITAL, ENABLING ENVIRONMENT, MARKET LIQUIDITY, CONSUMER PROTECTION, SETTLEMENT RISK, SETTLEMENT, CONTRACTUAL SAVINGS, RISK MANAGEMENT, BANKING CRISIS, 330, GUARANTEE FUND, BORROWER, REGULATORY AUTHORITIES, OPEN ECONOMY, FINANCIAL STATEMENTS, MICROENTERPRISES, CREDIT BUREAU, STOCK EXCHANGE, LEGISLATIVE FRAMEWORK, DEBT, MORTGAGE-BACKED SECURITIES, MACROECONOMIC ENVIRONMENT, BANKING SECTOR, SETTLEMENT SYSTEM, BANKRUPTCY PROCEDURES, CAPITAL ADEQUACY, CREDIT INFORMATION SYSTEMS, IPO, CENTRAL BANK, FINANCIAL INFORMATION, GROUP LOAN, JUDICIAL CAPACITY, TAX INCENTIVES, LEGAL PROTECTION, CREDIT COOPERATIVE, CREDIT INFORMATION SYSTEM, ACCOUNTING, DERIVATIVES MARKETS, VALUATIONS, MARKET DEVELOPMENT, REMITTANCES, CREDIT INFORMATION, PRICE DISCOVERY, INSURANCE, RESIDENTIAL MORTGAGE, BANKING SECTOR ASSETS, TURNOVER, CORPORATE BONDS, DOMESTIC BOND, GOVERNMENT BOND, LOAN SIZES, FINANCIAL INSTITUTION, DOMESTIC BANKS, DEBT MANAGEMENT, COMMERCIAL BANKS, SECURITY INTERESTS, EQUITY MARKETS, CORPORATE BOND, PRODUCTIVE INVESTMENTS, GOVERNMENT BOND MARKETS, CREDITOR RIGHTS, LEGAL FRAMEWORK, BLUE CHIP, CAPITAL BASE, CAPITAL INFLOWS, FRAMEWORK FOR SECURITIES, CHECKS, TRUST FUNDS, PLEDGE LAW, YIELD CURVE
PENSION FUNDS, CORPORATE LAWS, MOVABLE ASSETS, SHAREHOLDERS, CREDIT GUARANTEE, DEPOSIT, INFLATION, LIQUIDATION, CREDIT CARD, EMERGING MARKET, CAPITAL MARKET DEVELOPMENT, INFORMATION TECHNOLOGY, INVESTOR CONFIDENCE, INSTITUTIONAL INVESTOR, MORTGAGE MARKET, FINANCIAL INFRASTRUCTURE, BENCHMARK MATURITIES, LIQUIDATIONS, SECURITIES REGULATION, DUE DILIGENCE, SECURITIES MARKET LAW, TAX TREATMENT, CREDIT GROWTH, PENSION, CREDIT APPRAISAL, CLEARING HOUSE, FINANCIAL MARKET, BROKER, CONTRACTUAL SAVINGS INSTITUTIONS, MARKET CAPITALIZATION, TRANSPARENCY, MORTGAGE, NPL, PENSIONS, INSTITUTIONAL INVESTORS, CREDIT RISKS, BORROWING CAPACITY, DEPOSITS, CREDITORS, DOMESTIC CAPITAL MARKET, AUCTION, DEBT ISSUANCE STRATEGY, CORPORATE GOVERNANCE, STOCK MARKET CAPITALIZATION, PROPERTY RIGHTS, OUTSTANDING AMOUNT, FOREIGN BANKS, LONG-TERM INVESTMENT, INTEREST RATES, PUBLIC DEBT, CREDIT RISK, GOVERNMENT POLICIES, INVESTOR BASE, SHORT MATURITIES, AUCTIONS, FIXED CAPITAL, PRIMARY DEALER, BANKRUPTCY FRAMEWORK, COLLATERAL REGISTRY, INVESTOR BASES, OPERATIONAL INDEPENDENCE, EMERGING STOCK MARKETS, MARKET INTERMEDIARIES, BANKRUPTCY LEGISLATION, MACROECONOMIC STABILITY, BANKRUPTCY, CREDIT PROGRAM, RISK SHARING, TRADE FINANCING, LENDERS, MARKET PARTICIPANTS, DERIVATIVES, REAL ESTATE INVESTMENT, INSOLVENCY REGIME, CAPITAL MARKETS, CREDIT SCORING, SECURITIES MARKETS, REGULATORY CONSTRAINTS, REGULATORY FRAMEWORK, IMMOVABLE ASSETS, FINANCIAL SYSTEM, FISCAL POLICY, LIABILITY, EXCHANGE RATE, FINANCIAL INSTITUTIONS, CENTRAL SECURITIES DEPOSITORY, CURRENCY, BAILIFF, PRIVATE CREDIT, CREDIT GUARANTEES, EQUITY MARKET, MOBILE PHONE, COMMODITY PRICES, BANK CREDIT, SECURITIES, IMMOVABLE PROPERTY, NONPERFORMING LOANS, MARKET SHARE, LOAN TERMS, MICROFINANCE, REAL PROPERTY, CREDIT RATING, PUBLIC DEBT MANAGEMENT, DEGREE OF TRANSPARENCY, INVESTMENT FUNDS, CAPITALIZATION, TRADING, LEGAL ENVIRONMENT, LENDING REQUIREMENTS, CAPITAL FORMATION, MOVABLE COLLATERAL, CAPITAL MARKETS DEVELOPMENT, GOVERNMENT BOND MARKET, DEBTORS, HOUSING FINANCE, FINANCIAL INSTRUMENTS, TRANSACTION, CAPITAL FLOWS, VALUATION, TAX, BANKING SYSTEM, STOCK MARKET, CREDIT COOPERATIVES, DEBT ISSUANCE, GROSS DOMESTIC PRODUCT, INSURANCE COMPANIES, SECURITIES MARKET, GOVERNMENT DEBT, CREDIT CARDS, CREDITOR, ASSET-LIABILITY MANAGEMENT, AUCTION SYSTEM, PRIMARY DEALER SYSTEM, BANK LENDING, MODERNIZING MARKET INFRASTRUCTURE, BOND ISSUES, BENEFICIARIES, INITIAL PUBLIC OFFERING, INSTRUMENT, INTERNATIONAL STANDARDS, PARTIAL CREDIT, DOMESTIC CAPITAL, SECURITY INTEREST, CREDIT INFORMATION BUREAU, REGISTRATION SYSTEM, SMALL LOAN, GOVERNMENT BONDS, LONG-TERM CAPITAL, ENABLING ENVIRONMENT, MARKET LIQUIDITY, CONSUMER PROTECTION, SETTLEMENT RISK, SETTLEMENT, CONTRACTUAL SAVINGS, RISK MANAGEMENT, BANKING CRISIS, 330, GUARANTEE FUND, BORROWER, REGULATORY AUTHORITIES, OPEN ECONOMY, FINANCIAL STATEMENTS, MICROENTERPRISES, CREDIT BUREAU, STOCK EXCHANGE, LEGISLATIVE FRAMEWORK, DEBT, MORTGAGE-BACKED SECURITIES, MACROECONOMIC ENVIRONMENT, BANKING SECTOR, SETTLEMENT SYSTEM, BANKRUPTCY PROCEDURES, CAPITAL ADEQUACY, CREDIT INFORMATION SYSTEMS, IPO, CENTRAL BANK, FINANCIAL INFORMATION, GROUP LOAN, JUDICIAL CAPACITY, TAX INCENTIVES, LEGAL PROTECTION, CREDIT COOPERATIVE, CREDIT INFORMATION SYSTEM, ACCOUNTING, DERIVATIVES MARKETS, VALUATIONS, MARKET DEVELOPMENT, REMITTANCES, CREDIT INFORMATION, PRICE DISCOVERY, INSURANCE, RESIDENTIAL MORTGAGE, BANKING SECTOR ASSETS, TURNOVER, CORPORATE BONDS, DOMESTIC BOND, GOVERNMENT BOND, LOAN SIZES, FINANCIAL INSTITUTION, DOMESTIC BANKS, DEBT MANAGEMENT, COMMERCIAL BANKS, SECURITY INTERESTS, EQUITY MARKETS, CORPORATE BOND, PRODUCTIVE INVESTMENTS, GOVERNMENT BOND MARKETS, CREDITOR RIGHTS, LEGAL FRAMEWORK, BLUE CHIP, CAPITAL BASE, CAPITAL INFLOWS, FRAMEWORK FOR SECURITIES, CHECKS, TRUST FUNDS, PLEDGE LAW, YIELD CURVE
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