International Networking Event Hosted by TransBank
The International Cooperation Division hosted a successful Networking and Product Launch Event on the evening of Wednesday 25th May in the TransBank lounge at Headquarters, Shangri-La Offices, Ulaanbaatar.
The event featured participants from the Asian Development Bank, Embassy of the United States to Mongolia, European Union Delegation in Mongolia, Oyu Tolgoi, Sandvik Mongolia, the British School of Ulaanbaatar, the International School of Ulaanbaatar, Max Group, Shangri-La Hotel Ulaanbaatar and other prominent International and Mongolian enterprises. The event was hosted by Mrs Erica (Erkhembayar) Baltsukh Deputy CEOs of TransBank.
Mr Declan Magee, Deputy Country Director of Asian Development Bank in Mongolia presented ADB’s latest Economic Outlook and Plans for Mongolia.
Mr Magee highlighted several key trends which are negatively impacting growth including: ongoing border closures and trade disruption; high inflation; exchange rate depreciation coupled with falling foreign reserves; high domestic financing needs; with high geopolitical risks. Export performance is expected to remain weak and this signals low growth for Mongolia in 2022.
As for planning ADB’s Country Partnership Strategy 2021-2024 is focused on “supporting Covid-19 recovery and lay[ing] resilient foundations for inclusive and stable growth”. The CPS focuses on inclusive social development and economic opportunity, climate-resilient infrastructure development and green development.
TransBank, gave a brief presentation of it’s recent development and products. We presented new Exchange Rate Risk Sharing Deposit product which offers our customers a higher interest rate to compensate for any official Bank of Mongolia MNT-USD exchange rate depreciation.