How is the oldest bank in Mongolia only 24 years old?
Upvote:3
You are referring to 2 Mongolias.
The State of Mongolia was formerly called the Mongolian People's Republic. Formerly a part of China, it proclaimed independence with the support of Russia. On March 13th 1921 a Provisional People's Government was established, and then on November 26th, 1924 the government proclaimed the Mongolian People's Republic. This was a Soviet satellite state.
A referendum took place on October 20, 1945, when Mongolia voted for independence.
After the breakdown of communist regimes in Europe in late 1989, Mongolia saw its own democratic revolution in early 1990; it led to a multi-party system, a new constitution of 1992, and transition to a market economy.
(From Wikipedia.)
So what you are referring to in 1990 is the "modern" Mongolia. And the banks of modern state of Mongolia would be from 1990 onwards logically.
But coins have been issued by the "Mongolian People's Republic" since at least 1925. Example: KM#1, 9, 21 and 27 as per Catalogue each of denomination 1 MONGO and KM#2, 10 and 16 of denomination 2 MONGO. "State" (modern) Decimal Coinage seems to start from 1994 with KM#122 of denomination 20 TUGRIK. This seems to correspond with the idea of the new state and its Banks starting off around 1990.
Note that I referred to the 2008 catalogue rather than the 2015 linked above.
Upvote:7
The Wikipedia article is inexact. The TDB is the oldest existing commercial bank in Mongolia. Before 1990 all the banks in Mongolia (and the Soviet Union in general) were state-owned banks.
The first bank in Mongolia was the Trade and Industry Bank of Mongolia, opened in June 1924. This bank became a possession of the Mongolian government in 1954 and was renamed the State Bank of Mongolia at that time. Since then it has been renamed the Bank of Mongolia, which is how it is known today. It is a central bank, owned by the government of Mongolia.
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