Noted economist N. Dishevel says the
failure of the Mongol Bank to contribute anything to the state budget in 2009
shows the flaws in its policy in relation to foreign currency reserves. “That
tax payers’ money was wasted in loss-making currency deals shows that the
bank’s officials are not qualified,” he said.

Other economists see little merit in the Central Bank’s claim that the present
foreign currency reserves are at “a historic high” of USD1.3 billion. They say
this should actually be much higher, given the country‘s natural resource and
the high commodity prices in recent months. Gold extraction was estimated to
reach 15 tons but the Central Bank received less than 3 tons, indicating
failure of last year’s measures to support gold extractors. Parliament cannot
take Central Bank officials to task because their appointment is decided by
MPs.