The Parliament of Mongolia has approved a bill on the steps to be taken after approval of the public budget for 2017, reports The UB Post.

The bill focuses on supporting economic growth, decreasing costs for banking services and loans, strengthening the banking system, researching feasibility of foreign banks entering the domestic market, and improving legal regulations.

The topic of allowing foreign banks to operate in the country has been the subject of much debate and speculation. Many economists and politicians have been wary of allowing foreign banks to operate in Mongolia, with many stating the potential risk to the interests of domestic banks and consumers. Many proponents of the approved bill have stated that the presence of foreign banks could drive down interest rates, as many economists have noted that interest rates in Mongolia are too high.

Also, articles included in the bill about developing financing for housing projects and implementing the government’s mortgage loan program in a way that is sustainable for the economy. These two tasks were delegated to the Cabinet of Ministers, Bank of Mongolia, and the Financial Regulatory Commission.