Central Bank Confirms TDB in Good Shape, After Rumors Cause Concern

By , 22 March, 2010, 1 Comment

The Central Bank has said it sees no reason to worry about the health of Trade and Development Bank (TDB). The bank administration has also strongly denied there is any problem whatsoever. The reassurances were found necessary after the city had been abuzz with rumors about the bank, with customer confidence continuing to be low following what happened at Zoos and Anod banks.

The bank’s Executive Director, Mr.  B.Medree, told media that one account holder who had extended his account by six months later complained that he had meant it to be extended for a year and demanded interest for a year. The bank refused this, explaining that it had his signature for a 6-month extension but he refused to listen to reason and threatened to write to the Prime Minister and the media. He then had articles published in newspapers that TDB had secretly met the Ministry for Finance and was about to go bankrupt. This is totally untrue. “In any case, the Ministry for Finance does not control the banking sector. The Central Bank does this and the Central Bank has no problems with us,” Mr. Medree said.

The Director of the Inspection Department at the Central Bank, Mr. B.Lhagvasuren, said they are “satisfied that TDB is doing well and there is nothing to worry”.

Source: News.mn; highlighted in the BCM Newswire by Mongolia Business Council

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