A FINANCIAL SOLUTION WORKING GROUP WILL BE ESTABLISHED IN THE CASHMERE SECTOR.

The President of the Bank of Mongolia Lkhagvasuren.B and the Directors of the relevant departments had a business meeting with Mongolian Wool and Cashmere Association and its heads of the factories regarding Government of Mongolia’s forthcoming submission of the draft law on ‘Economic Recovery after the Plague” to the Parliament in order to solve the problems of the cashmere sector from the Bank of Mongolia and to establish the rights loan mechanism.
In the meeting discussed about the management on issues such as working capital loans for the wool and cashmere sector for 3 years, valuing collateral enforcing the VAT law, and controlling cash flows from the southern neighbor during raw material procurement.
Furthermore, The Bank of Mongolia has agreed to establish a working group consisting of the Bank of Mongolia, the Ministry of Finance, three major commercial banks, Mongolian wool and cashmere association are to bring the cashmere sector’s supply chain in line with international standards.

September 8, 2021