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Moody’s praises stability of Mongolia’s banks |
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Tuesday, 08 January 2008 |
 Mongolia’s banks have been
praise by the most important international rating company, Moody's
Investors Service.
In a statement issued by the
company, it called Mongolia’s banks ‘stable,’ noting that the
economy continues to strengthen due to the demand for energy and other
minerals which Mongolia has in abundance.
Moody’s also said the government’s
system for regulating its banks has been highly successful, resulting
in a crisis-free banking system since the last bank crisis in the 1990’s.
Additionally, the rating company
said Mongolian banks have increased their assets in recent years, which
it attributed to embracing international banking standards and increasing
its operating transparency.
The only warning came in mentioning
that the increased competition in Mongolia’s banking industry could
result in decreased profits as banks seek greater share of a relatively
small market.
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