A high-power Khan Bank team, led by CEO Peter Morrow, recently briefed President Ts.Elbegdorj on measures the bank has taken to provide succor to herders who borrowed from it and now find themselves in distress because of the harsh winter. Applications for fresh loans for fodder were being processed quickly and granted with a low interest. The bank is also making allowances for those who have lost animals. “In general, we give priority to herdsmen with whom we have been cooperating for ten years,” they said.
The President stressed the need in the present emergency to extend the repayment period and to ease the terms of fresh loans. He urged the bank to design a livestock insurance system in cooperation with other institutions.
As of January 1, 64,600 or some 37 percent all herders owed money to the bank, with 95 percent of them making regular repayment. The average individual loan is for MNT 970,000.