Parliament passes resolution on rejecting bills and resolutions

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During its plenary session on October 2, Parliament discussed the draft parliamentary resolution on rejecting of some bills and draft resolutions of Parliament.

Introducing the draft resolution, lawmaker S.Byambatsogt said, “Some bills submitted to Parliament and other draft parliamentary resolutions’ initiators were changed, and some bills need to be consulted by the new Cabinet. Therefore, the draft resolution states that some bills and parliamentary resolutions have been rejected.”

Particularly, based on the proposals of the government and relevant standing committees on more than 90 bills submitted to Parliament, 33 bills included in the annex to the resolution and five draft resolutions of Parliament will be rejected.

In accordance with Article 39.3 of the Law on Parliamentary Procedure, 53.1 percent of lawmakers supported to discuss the draft resolution at the meeting of the Standing Committee on Justice.

In addition, during the session, the draft parliamentary resolution on Approval of the State Monetary Policy Guidelines for 2021 was discussed, and President of Mongol Bank B.Lkhagvasuren introduced it.

B.Lkhagvasuren said, “The government's monetary policy guidelines for 2021 are based on the principle of rescuing the economy from crisis and ensuring medium-term stability. Reducing inflation volatility and implementing a policy of low-level and consistent reduction in line with economic and financial market conditions will be the basis for ensuring economic and financial stability.”

He stressed that the adequacy of foreign exchange reserves is maintained at the level of eight to nine months of import needs, and the relatively flexible exchange rate of the tugrug plays a role in ensuring the stability of the balance of payments in line with the fundamentals of the economy, maintaining the adequacy of foreign exchange reserves and mitigating the negative effects of external shocks.

The draft monetary policy guidelines for 2021 include the following.

 The monetary policy will be implemented on the basis of market principles and inflation measured by the consumer price index from 2021 to 2023 will be based on around 6 percent in the +/- 2 percent interval.

 A prudent macro policy aimed at preventing risks in the banking system and maintaining financial intermediation will be implemented in combination with the monetary policy.

 Provide information to the public to increase the transparency and accountability of the central bank and manage the expectations of market participants.

At the end of the session, Parliament decided to submit the draft parliamentary resolution on Approval of the State Monetary Policy Guidelines for 2021 to the Standing Committee on Economy for initial discussion.

Misheel Lkhasuren