Source: Business Council of Mongolia    Date: May 20, 2010

The quarterly meeting of the Consultative Council on Investment Climate and Private Sector Development (CCICPSD) on May 11 was chaired by Deputy Finance Minister T. Ochirkhuu. Mr. B.Enkhbat, BCM Board member and Business Development Director of Just Group, and Mr. B.Bayar, head of the BCM Legislative Working Group and Managing Director of the law firm ELC, submitted certain recommendations on the law on “Conducting Settlement in National Currency” aimed at protecting and promoting the interest of local suppliers.

Mr. Jim Dwyer, Executive Director of BCM, stated “there is no problem settling transactions in tugrug, but Mongolan vendors need to be able to link the tugrug to other currencies when quoting sales prices in tugrug for imported products.”
The meeting decided to forward the recommendations to Mr. S.Bayartsogt, Minister of Finance, Mr.L.Purevdorj, Governor of the Central Bank, and to Mr. D.Bayarsaikhan, Chairman of the Financial Regulatory Committee, so that they can be considered for implementation.