BOK renews MOU with Mongolian central bank on continued cooperation

The Bank of Korea (BOK) said Friday that it has signed a renewed memorandum of understanding with its Mongolian counterpart, the Bank of Mongolia, to promote bilateral cooperation.

The updated MOU expands on the original inked in 2011 and aims to deepen cooperation between the two central banks in areas including monetary policy, financial stability, and payment and settlement.

The two sides also agreed to hold working-level meetings in addition to existing workshops and seminars to further promote exchanges, the BOK said.

"This is meaningful as it lays the foundation for strengthening cooperation between the two central banks by specifying the scope and forms of cooperation to reflect the advancement of bilateral financial collaboration," the BOK said.

"We hope it will contribute to strengthening the strategic partnership between Korea and Mongolia."

Yonhap