Mongolian commercial banks resume providing loans to pensioners
Mongolian commercial banks have resumed providing loans to pensioners, the country’s Minister of Labor and Social Protection Sodnom Chinzorig said Friday.
The resumption started on Thursday after the loans of all pensioners in the country have been written off, Chinzorig told a press conference.
Mongolian President Khaltmaa Battulga announced the decision on Dec. 31 to write off the loans of all pensioners to help them get out of debt when he extended New Year greetings via media.
On Jan. 2, the country’s central bank ordered all commercial banks to stop providing loans to pensioners. As of the end of last year, there were over 380,000 seniors who received retirement pensions in the country, and more than half of them have taken out loans, according to statistics.
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