Russian Bank May Establish Operations In Mongolia

The Mongolian Prime Minister Gombojavyn Zandanshatar, who is visiting Moscow to participate in the Annual SCO Heads of Government summit, has stated that opening a Russian bank branch in Mongolia would help facilitate bilateral settlements. He was speaking with Russian President Vladimir Putin. Such a move would pave the way for an as-yet-unnamed Russian bank to open a branch in Ulaan Baatar. No Russian bank currently provides services in Mongolia.

Zandanshatar said, “Mutual payments and trade settlements remain an important topic for us. Today, our finance ministers have practically agreed on how to address these issues. We are willing to grant all necessary permits for the branch of a Russian bank to open.” Zandanshatar said all settlements and payments could be handled by the bank.

Putin said bilateral trade between Russia and Mongolia rose 7.9% between January and August. “It has to be said that in current conditions, growth of nearly 8% is a good result,” he said.

Further Reading

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