支持资本市场发展与改革：蒙古国国家评估报告

COUNTRY ASSESSMENT REPORT FOR MONGOLIA DECEMBER 2025 SUPPORTINGCAPITAL MARKET COUNTRY ASSESSMENT REPORT FOR MONGOLIA DECEMBER 2025 Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) © 2025 Asian Development Bank6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, PhilippinesTel +63 2 8632 4444; Fax +63 2 8636 2444 Some rights reserved. Published in 2025. ISBN 978-92-9277-632-9 (print); 978-92-9277-633-6 (PDF); 978-92-9277-634-3 (ebook)Publication Stock No. TCS250561-2 The views expressed in this publication are those of the authors and do not necessarily reflect the views and policiesof the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for anyconsequence of their use. The mention of specific companies or products of manufacturers does not imply that theyare endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned. By making any designation of or reference to a particular territory or geographic area in this document, ADB does notintend to make any judgments as to the legal or other status of any territory or area. This publication is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be boundby the terms of this license. For attribution, translations, adaptations, and permissions, please read the provisions This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributedto another source, please contact the copyright owner or publisher of that source for permission to reproduce it. Please contact pubsmarketing@adb.org if you have questions or comments with respect to content, or if you wishto obtain copyright permission for your intended use that does not fall within these terms, or for permission to use Corrigenda to ADB publications may be found at http://www.adb.org/publications/corrigenda. Note:In this publication, “$” refers to United States dollars. Cover design by Cleone Flores Baradas. On the cover (clockwise from top left): (i) a construction worker of a railway station in Viet Nam, (ii) engineers andtechnicians of a power plant in Uzbekistan, (iii) beneficiaries of an electricity grid development program in Indonesia,(iv) various currency symbols (designed by Claudette Rodrigo), (v) ADB headquarters building in Manila, and (vi) stock CONTENTS TABLES AND FIGURESACKNOWLEDGMENTSABBREVIATIONSCURRENCY EQUIVALENTS TABLES AND FIGURES TABLES 1Dimensions of a Diagnostic Framework for the Local Currency Bond Market2Summary of Recommendations—Legal and Regulatory Framework3Summary of Recommendations—Financial Market Infrastructure4Summary of Recommendations—Investor Base5Summary of Recommendations—Issuer Base FIGURES 1Summary of Assessment Results (Conceptual)2Results of the Assessment of the Mongolian Bond Market3Status and Road MapA1.1GDP (in constant 2015 $) and GDP Growth (2024)A1.2GDP by Sector (2024)A1.3Exports by Commodity (2024)A1.4Exports by Destination (2024)A1.5Foreign Trade Turnover (2024)A1.6International Reserves and Exchange Rate (2024)A1.7Inflation in Mongolia (2024) ACKNOWLEDGMENTS As the acting senior director of the Finance Sector Office (SD3-FIN) at the Asian Development Bank (ADB),I would like to extend my profound gratitude to the TA 6716–REG research team (lead consultant Kim Pil-Kyu,international consultant Ki-Hoon Ro, and national consultant Bilguun Dashdorj), and staff for their continuous In particular, I would also like to express my sincere appreciation to the Ministry of Finance of Mongolia, thefinancial market infrastructures, and the participants of the Mongolian local currency bond market (LCBM). Kyung Soo Shin, finance sector specialist, SD3-FIN led the efforts to coordinate and contribute to thedevelopment and production of the publication. The publication also greatly benefited from comments This publication analyzed the status of the legal and regulatory framework, financial market infrastructures,investor base, issuer base, and intermediation, which are key components of the Mongolian LCBM, usingADB’s standardized diagnostic methods. Through this analysis, we identified the factors hindering the ADB pledges to continue its efforts in developing infrastructure for the financial market, including the bond The publication was produced with the support of Katherine Mitzi Co, operations analyst, SD3-FIN.Consultant Ma. Kristina Mahilum provided valuable administrative support. This publication does not represent the official views of ADB or any of the institutions mentioned herein. Tariq NiaziOfficer-in-Charge, Senior Director, SD3-FIN, Sectors Department 3 ABSasset-backed securitiesADBAsian Development BankBOMBank of MongoliaCCPcentral counterpartyCIScollective inves