The
first meeting of the new monitoring board of Mongolbank, held before Naadam,
decided to send an advisory to the Mongolbank administration, recommending new
procedures to prepare the budget, to identify income and expenses as well as to
to ensure proper and timely implementation of the work schedule. The decision
was taken after a review of reports on expenditure plans, risk management
practices, and execution of administrative board decisions, submitted
respectively by three members of the board — D.Molomjamts, Ch.Enkhbaatar and
J.Unenbat.

The
board suggested that Mongolbank should ask Parliament not to have deficit
budgets. It also wanted a review of contracts made with banks such as Golomt
and Savings, and Parliament to decide on whether Mongolbank should come under
the Law of Finances of Budgeted Organizations, and reveal details of foreign
currency reserves, and of its operations that do not impinge on customers’
prerogatives.