Proposed Currency Regulation Act may lead to capital controls

On 19 Oct 2018, the Mongolian Parliament have voted in favor of considering a new Currency Regulation Act. The proposed Act has been developed by Central Bank of Mongolia and is sponsored by several MPs. If adopted, the bill will replace the existing Currency Regulation Act adopted in 1994. The 1994 Act has effectively provided for a liberal regime for foreign exchange, including floating exchange rate, open conversion into any other currency and repatriation of any type of funds, profits, revenues, loan repayments, lease payments etc. …

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