## MONGOLIA – Central Bank Communications

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**Canonical URL:** [MONGOLIA – Central Bank Communications](https://www.imf.org/-/media/files/publications/hls/2023/english/hlsea2023006.pdf)

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### Background
- At the request of the Bank of Mongolia (BOM), a mission team from the IMF’s Monetary and Capital Markets Department (MCM) provided technical assistance (TA) to BOM on central bank communications.
- The mission took place in August 2022.
- Over the last decade, the Bank of Mongolia (BOM) has significantly intensified the use of communications:
  - Developed flagship reports including Inflation Report and Financial Stability Report.
  - Launched new communication platforms including BOM’s pages on financial literacy and social media.
  - Revamped the BOM’s organizational set-up relating to its communication function.
- Communications are now an important aspect of BOM’s operations, with numerous reports, articles, statements, and speeches published on the BOM’s website and various social media.
- BOM complements these publications with financial education activities and regular or ad-hoc meetings of BOM management with stakeholders including Parliament, banks, journalists, and think tanks.

### Summary of Findings
- The TA report reviews the existing communication framework of BOM, focusing on:
  - Assessment of monetary and financial policy communications.
  - Evaluation of the internal organization of the BOM’s communication function in terms of structure, resources, and procedures.
- The report highlights the importance of establishing several pre-conditions for effective central bank communications, including:
  - The presence of sound legal and normative frameworks, particularly in relation to the mandate and independence of the central bank.

### Summary of Recommendations
- Organizational recommendations:
  - Create a dedicated well-staffed department in charge of communications.
  - Integrate this department into major BOM policy actions and flagship reports to significantly strengthen BOM’s internal organization of communications.
- Monetary policy communications:
  - Make the BOM’s Inflation Report more forward-looking, supporting BOM’s decision-making.
  - Streamline BOM’s Monetary Policy Guidelines.
- Financial policy communications:
  - Sharpen the focus of the BOM’s Financial Stability Report.
  - Enhance internal (inter-departmental) as well as external (inter-agency) communications/collaboration.
- Evaluation and impact assessment:
  - Develop and adopt a framework to conduct regular impact assessments of BOM’s communications to understand whether policy messages have traction with its many stakeholders.

*High-Level Summary Technical Assistance Report — MONGOLIA: Central Bank Communications (May 2023).*

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_Source: https://www.imf.org/-/media/files/publications/hls/2023/english/hlsea2023006.pdf_