/ Jul 22, 2020

DEAR CUSTOMERS

In accordance with the law on prevention, control and reduction of socio-economic impact of coronavirus (COVID-19) pandemic approved by the Parliament of Mongolia on April 29, 2020 and the law on payments in national currencies with the guidelines issued by the Bank of Mongolia, the following restrictions will be imposed on foreign exchange transactions by TDB until December 31, 2020.

  • All types of cash payments related to goods, works and services must be made only in the national currency, the tugrik (MNT).

However, the following transactions under a banking license shall be made in foreign currency. These include:

  • Transactions between your accounts;
  • Deposit transactions;
  • Loans, loan repayments and any other services similar to loan;
  • Transactions related to the performance of contractual obligations related to financial derivatives;
  • Swift and other foreign transactions;
  • Currency exchange transactions.

Please note that our bank’s staff will remind you of this new regulation and provide appropriate services based on the purpose of your transaction. We hope that you will understand and accept the provisions of this law, as they apply to all commercial banks, business entities and individuals operating in Mongolia.

 

TRADE AND DEVELOPMENT BANK


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