On 10^th of February, the State Great Khural of Mongolia (parliament) approved the law on Development Bank of Mongolia. The law allows tightening control on credit arrangements by the bank. According to the law, officials will be held personally responsible for their decisions which endanger the bank and in the case of loss, will pay with their own money and assets.

The law will come into effect on 1^st of April – possibly, not the best choice of day, for such serious legislation!

In March, Mongolia must pay US$ 580 million for the bonds issued by Development Bank of Mongolia.