Debts totaling MNT 815 billion, granted to pensioners are to be cleared. The National Security Council of Mongolia, chaired by President Kh.Battulga, has decided to write off the loans of all pensioners. The president announced the decision on Tuesday night while extending his New Year greetings to the nation.

Following the decision, the Central Bank of Mongolia decided today (2 January) to stop granting credits to pensioners.

There are over 230,000 pensioners with debts; most of them have received the money through the State Bank and Khaan Bank. The pension loans have been granted at 10 percent of interest and are up to 30 months.