The Bank of Mongolia was Mongolia’s first modern central bank, established as the Mongolian Trade and Industry Bank in 1924.
The institution was founded on 2 June 1924 with assistance from the Soviet Union. It later developed into Mongolia’s central monetary authority and adopted the name Bank of Mongolia in 1955.
Today, the Bank of Mongolia conducts monetary policy, regulates parts of the financial system, manages foreign reserves, and issues the Mongolian tögrög. Its headquarters are in Ulaanbaatar.
The bank is sometimes described simply as Mongolia’s national bank, but that wording can cause confusion with commercial banks operating in the country. The Bank of Mongolia is the central bank, not a retail banking chain.