Annual savings campaign launched

The national Savings Campaign was launched on October 22 in the lead up to World Savings Day on October 31. The campaign is being implemented as part of a larger joint-strategy to educate the public about financial literacy launched by the Ministry of Finance, Mongol Bank, Financial Regulatory Commission (FRC), and the Ministry of Education, Culture and Science.

Continuing until November 2, the Savings Campaign is designed to promote savings and establishing smart saving habits amongst the public. World Savings Day will be celebrated in Ulaanbaatar on October 31 and a number of seminars, lectures, and other events will be organized in the lead up to the day and on October 31.

Under the two-week campaign starting Monday, several related activities will be organized across the country by the central bank in cooperation with commercial banks. World Savings Day is celebrated worldwide with more than 140 countries participating. It was established on October 31, 2014 in Italy.

Last year, Mongol Bank created a national symbol for savings as part of their efforts to improve financial education. Mongol Bank officials explained that a camel has been depicted on the national symbol as it has provided a reliable form of transport for goods and wealth throughout Mongolian history. In addition, a camel is able to store water in its humps and survive for extended periods of time, which

they believe is a good metaphor for savings and the security it provides.

According to the National Statistics Office, only 27 percent of Mongolia's population have savings, and 83 percent of those who have savings only have less than one million MNT in their accounts.