Mongolia State Bank’s privatization to worth at least 300 bln togrog
State Secretary of the Mongolian Ministry of Finance Buyantogtokh Nyamaa said that if the State Bank of Mongolia is to be fully privatized, the minimum amount of the sale would be 300 billion togrog (around US$122.6 million), The UB Post reported referring to a recent session of the parliamentary economic standing committee.
The recently approved public budget states that the privatization of State Bank could bring 75 billion togrog ($30.6 million) in revenue. It was reported that this amount was only taking into account the 25-percent stake owned by the Ministry of Finance.
Taking into account the 75-percent stake owned by the Deposit Insurance Corporation of Mongolia, the value of the State Bank was calculated to be a minimum of 300 billion togrog.
The State Bank of Mongolia has a statutory reserve of 113 billion togrog and active assets of 2.9 trillion togrog. The net income of the Bank was calculated to be 7.57 billion togrog as of the third quarter of 2016.
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