BOK and Bank of Mongolia Sign Revised MOU on Central Bank Cooperation

The Bank of Korea (BOK) and the Bank of Mongolia signed a revised Memorandum of Understanding (MOU) on July 9 to strengthen cooperation in core central banking functions including monetary policy, financial stability, and payment systems. The revision builds on the original MOU signed between the two central banks in 2011 for exchange cooperation and technical support. BOK stated the revised agreement reflects advanced financial cooperation and establishes a foundation for more substantive collaboration by specifying cooperation areas and operational methods.

BOK and Bank of Mongolia Revise 2011 Cooperation Agreement

The Bank of Korea announced on July 10 that it signed a revised MOU with the Bank of Mongolia on July 9. The two central banks originally established an MOU on exchange cooperation and technical support in 2011. Through this revision, both parties have specified cooperation fields and operational methods in greater detail.

Revised MOU Expands Cooperation Scope and Operational Framework

The revised MOU explicitly identifies cooperation and technical support areas covering major central bank functions: monetary policy, financial stability, and payment systems. In addition to existing workshops and seminars, the two banks added working-level meetings to enhance operational effectiveness. BOK explained that the revision is meaningful in that it establishes a foundation for more substantive cooperation by specifying the scope and format of exchange cooperation. BOK also expressed expectations that the agreement will contribute to strengthening strategic cooperative relations with Mongolia, which possesses abundant resource potential and is expected to serve as a bridge connecting Central Asia and Northeast Asia.

FAQ

What did the Bank of Korea and Bank of Mongolia sign on July 9?

The Bank of Korea and the Bank of Mongolia signed a revised Memorandum of Understanding on July 9 to strengthen cooperation in monetary policy, financial stability, and payment systems.

Why did the two central banks revise the original MOU?

The revision was made to reflect advanced financial cooperation between the two central banks and to specify cooperation fields and operational methods in greater detail, building on the original 2011 agreement on exchange cooperation and technical support.