The Executive Board of the Bank of Mongolia has decided to grant permission to the Industrial and Commercial Bank of China to open a representation in Ulaanbaatar. This important decision was taken at a meeting of the Executive Board on 5th of December, 2016.
According to Mongolian banking law, if a foreign bank wants to open a branch in Mongolia, it must receive government approval or, as in this case, approval from the Bank of Mongolia.
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Монгол эхийг энд дарж уншина уу