BANKS BACK IN THE BLACK

The Central Bank feels the banking sector has turned the corner. Vice President B.Javkhlan told a press conference on Wednesday that at the present 6.7%, bad loans stood at their lowest since before the economic crisis. The total capital of commercial banks now amounts to MNT640 billion, substantially higher than the MNT450 billion before the crisis hit. It had subsequently fallen to MNT170 billion.
Banks have posted a healthy profit of between 11% and 12% on average. During the days of the crisis, most banks were in the red, he said.
The Directors’ Council of the Central Bank decided earlier this week to make no change in the policy interest rate.
Source: News.mn, Montsame
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