Seoul: The Bank of Korea (BOK) announced it has signed a renewed memorandum of understanding (MOU) with the Bank of Mongolia to promote bilateral cooperation. This agreement aims to enhance collaboration in areas such as monetary policy, financial stability, and payment and settlement systems.
According to Yonhap News Agency, the renewed MOU builds upon the original agreement signed in 2011. It seeks to deepen the partnership between the two central banks by specifying the scope and forms of cooperation. Both institutions have committed to holding working-level meetings in addition to existing workshops and seminars to further promote exchanges and collaboration.
The BOK emphasized the significance of the renewed MOU, stating that it lays the foundation for strengthening cooperation between the two central banks. The agreement reflects the advancement of bilateral financial collaboration and aims to bolster the strategic partnership between South Korea and Mongolia.