12/6/2022

After the Law on Valuation was first approved in 2010, the new revision of the Law on Valuation was approved by the Parliament of Mongolia in 2022 which was an important event in accelerating the development of the sector. In connection with the latest approval of the amendment of the Law on Valuation, as a next step towards addressing legal environment-related challenges, the Accounting Policy Department of the Ministry of Finance has been working on development and improvement of the relevant regulations and methodologies on the valuation, its organization, and quality control matters for the further development of the valuation service and ensuring the implementation of the law.

11/30/2022

As part of the Strengthening Fiscal and Financial Stability project, a consulting team has been developing draft of the mid-term roadmap toward implementation of accrual based International Public Sector Accounting Standards (IPSAS), economic classification and chart of accounts for public sector accounting and reporting. 

11/22/2022

The Ministry of Labor and Social Protection and SCE signed a cooperation agreement. It officially launched the operation as part of the World Bank-funded SFFS project. 

11/16/2022

Delegations of the Financial Regulatory Commission attended the International Association of Insurance Supervisors (IAIS) Annual Conference, held in Santiago, Chile.

11/2/2022

The Financial Information Technology Division of The Ministry of Finance Mongolia is responsible for more than 10 fiscal and financial related important information systems of the government such as Government Financial Management Information System of the Treasury (GFMIS), the financial reporting system of budget organizations (E-Report), the financial reporting system of private organizations (E-Balance), Glass accounting system, Budget planning system, Debt management system, Integrated salary system of civil servants, and etc. Ensuring the security of these systems and the reliable operation of the database is a task that requires many factors such as time, human resources, and technological innovation, and it is not easy to solve it with state budget funds alone. Therefore, under the projects SFFS and SGM, we are working to improve and ensure the reliable operation of the databases of the Ministry of Finance's information systems, and to create an integrated database management system.

10/26/2022

Mr Bayarsaikhan Dembereldash, Chairman, Financial Regulatory Commission of Mongolia participated in the 47th Annual Meeting of the International Organization of Securities Commissions (IOSCO) from 17 to 20 October, in Marrakech, Morocco. During the Annual Meeting, member authorities have discussed the previous year’s achievements, policies, recommendations, and challenges for accelerating the development of the capital market. Particularly, delegations exchanged views on the supervision of technology-based financial activities and the principles of sustainable finance including green finance, and policy solutions for carbon reduction. 

10/18/2022

Under the "Strengthening Budget and Financial Stability Project" implemented in cooperation with the World Bank, the Ministry of Finance, the Financial Regulatory Commission /FRC/, and the Mongolian Insurance Association have prepared the draft revisions to the Law on Insurance, the Law on Insurance Intermediation, and the Law on Drivers’ Insurance. Within the scope of gradually implementing legal reforms in the insurance sector, in accordance with the relevant policy and planning of the Parliament and Government of Mongolia, the draft revisions of the laws were published on the Ministry of Finance’s website in June 2022 and have carried out the public discussion step electronically, thus reflected 277 suggestions received from the professional associations, stakeholders and individuals. The revised versions of the laws were prepared for the next round of discussions. 

10/12/2022

The Ministry of Finance Mongolia is responsible for more than 10 fiscal and financial-related information systems used nationwide. For example, the Government Financial Management Information System of the Treasury (GFMIS), the financial reporting system of budget organizations (E-Report), the financial reporting system of private organizations (E-Balance), the Glass accounting system, Budget planning system, Debt management system, Integrated salary system of civil servants, etc. citizens and institutions are familiar.