On March 24, Naranjogt Sambuu, the Governor of the Bank of Mongolia, held an important meeting with Pan Gongsheng, the head of the People's Bank of China.
The meeting took place in a constructive and friendly atmosphere, where the participants discussed key aspects that could elevate the strategic cooperation between the central banks to a new level, reaching consensus, reports MiddleAsianNews.
During the negotiations, the following important issues were addressed:
- Agreements on currency swaps and foreign trade: The parties discussed the possibilities for improving and extending the currency swap agreement that has been in effect since 2011. This agreement plays a key role in maintaining liquidity and increasing trade turnover between the countries, supporting settlements in national currencies and facilitating regional economic integration. The participants unanimously agreed on the need to work together to improve the use of currency swaps, drawing on best practices applied in countries such as Korea and Turkey.
- Modern payment systems: Naranjogt Sambuu presented the concept of transitioning to a digital infrastructure for payments between the two countries, discussing opportunities for cooperation in projects such as mBridge. The focus was on modernizing payment systems based on new technologies to reduce costs and increase the speed of cross-border payments.
- Financial stability in the region: The participants emphasized the importance of joint efforts by the central banks to enhance the consistency of macroeconomic policies and ensure financial stability amid growing uncertainty in the global economy.
The head of the Bank of Mongolia, Naranjogt Sambuu, noted: “Our cooperation is based on trust, and I am confident that today’s negotiations will create a solid foundation for further growth in trade, investment, and sustainable economic development.”
As a result of the meeting, the parties agreed on the necessity of further strengthening friendly relations between the central banks and activating their joint activities.
