Mongolia: Central Bank Communications

This paper presents High-Level Summary Technical Assistance (TA) report on Mongolia Central Bank Communications. The TA report reviews the existing communication framework of Bank of Mongolia (BOM). The analysis focuses on the assessment of the monetary and financial policy communications as well as the evaluation of the internal organization of the BOM’s communication function. The organizational arrangements are reviewed in terms of structure, resources, and procedures. The report also highlights the importance of establishing several pre-conditions for effective central bank communications, which include the presence of sound legal and normative frameworks particularly in relation to the mandate and independence of the central bank. The report identifies several areas where BOM could enhance the effectiveness of its communications. Creating a dedicated well-staffed department in charge of communications and integrating this department into major BOM’s policy actions and flagship reports would significantly strengthen the BOM’s internal organization of communications.