3,429.70
Many, surprised by the suddenness of
the fall of Anod Bank, have wondered why mandatory annual audit of its accounts
every year for seven years by Mongolbank never found any cause for concern,
until it said the bank was in deep trouble, suspended operations, appointed its
own man to run the bank, and finally allowed it to go into liquidation.
Something similar happened in the case of Zoos Bank, too.
Many
have felt there was something wrong with the way the central bank, the watchdog
of the banking sector, monitored the functioning of commercial banks. The State Specialized Inspection Agency has
been scrutinizing the details of past audits by the Central Bank to detect how
warning signs managed to go undetected.
