Project to be implemented to develop non-cash payment system

Ulaanbaatar /MONTSAME/ The Ministry of Economic Development and the Asian Development Bank (ADB) have agreed to implement a "Payment System Modernization" project here. This two-year project will address issues such as development of non-cash payment system and advancement of inspection on monetary policies realization through controlling money flows. Under the agreement, established between the parties, ADB will invest twenty million USD to the project, while the Government of Mongolia will grant 2.5 million USD. L.Amar, a senior economist at ADB, pointed out direct and non-direct benefits of the project to the economy and social development, as it will open a great opportunity to increase a productivity of banks, support combating against money laundering and other financial crimes, as well as to join international financial markets. The financing from ADB will be in form of a loan with a term of 15 years.