visimoney
TLDR:
- The volume of net external assets of the Mongolian banking sector reached $2.613 billion by the end of December 2023, marking a significant increase from the previous year.
- The volume of net domestic assets of Mongolia’s banks also saw a 5.6% increase compared to the previous year.
- Tugrik savings in Mongolian commercial banks saw a significant increase of 35.7%, while dollar savings increased by 1.8%.
- Mongolia has a total of 1,500 branches operated by 11 commercial banks.
The volume of net external assets of the Mongolian banking sector reached $2.613 billion by the end of December 2023, which is 3.6 times more than the previous year, according to the National Statistics Office of Mongolia. This significant increase indicates a positive growth trend in the sector.
Additionally, the volume of net domestic assets of Mongolia’s banks amounted to $8.426 billion, showing a 5.6% increase compared to the previous year. This growth suggests that the domestic banking sector is also expanding and strengthening.
Furthermore, the total volume of savings in Mongolian commercial banks reached $5.020 billion by the end of December. Tugrik savings increased by 35.7%, indicating a preference for local currency savings among customers. On the other hand, dollar savings saw a more modest increase of 1.8%.
Mongolia’s banking sector is supported by a network of 1,500 branches operated by 11 commercial banks. This extensive coverage allows for widespread access to banking services across the country.
Overall, these figures demonstrate the positive growth and development of the Mongolian banking sector, both in terms of external and domestic assets. The significant increase in net external assets indicates the sector’s ability to attract foreign investment and improve its financial standing. Moreover, the growth in domestic assets and savings reflects the confidence of customers in the stability and reliability of Mongolian banks.
