Following a request from MongolBank, the World Bank Mongolia recently arranged for three world class banking and financial sector restructuring and reform experts to visit Mongolia to suggest ways of surmounting the difficulties in the country’s financial and banking sectors.

The Government of Mongolia and the Bank of Mongolia are in the process of finalizing Mongolia’s banking restructuring strategy which will be submitted to Parliament. This strategy outlines a framework of banking restructuring resolution techniques.
The three who came are Mats Josefsson, an economist who has been influential in the restructuring of banking systems in Iceland, Turkey and Thailand; Carl Lindgren, a world class expert on financial sector reform, bank restructuring and bank resolution who has provided advice to several governments on financial and banking sector reform  during their banking crises; and  Engine Akcakoca, former Chairman and CEO of the Banking Regulation and Supervision Agency (BRSA) and the Savings Deposit Insurance Fund (SDIF) in Turkey, who has had hands-on experience in banking sector restructuring in Turkey.

Their program included separate sessions with Members of Parliament, meetings with high-level officials from the Government and discussions with commercial bank executives, economists and external partners. An open public and media session on “Global experience on banking restructuring” took place on April 9.