An­nual sav­ings cam­paign launched

The UB Post - - Business & Economics - By B.CHINTUSHIG

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.

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