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Mongolia has been recognized as one of the major destinations of world mining industries. The country with 3 million of population has US$1 to US$3 trillion worth of copper, gold, coal, oil, and other resources, close to growing markets in China and elsewhere in Asia. Contrary to the rich mining sector, the rest of the economy is still relatively unknown. Thus, this article deals with one of the key components of the rest of the Mongolian economy—banking sector. The Mongolian banking sector is a mirror of its economy: it represents country’s economic transition, authorities' approach to economic reforms, as well as relationship with its neighbors, Russia and China. Also Mongolia's banking sector transformation provides precious lessons why banking transformation has been so difficult, time-consuming and full of mistakes even for one of the most successful cases. |
