New legislation passed: law on economic entities and Law of Mongolia on privatisation, new banking law and banking system. These laws enabled the transition of the Mongolian central economy into a market economy. The banking sector consequently suffered through three crises, in 1994, 1996, and 1998. Shagdar, 2007:10.
All timeline events.
Mongolia becomes a member of the International Monetary Fund (IMF), the World Bank (WB) and the Asian development Bank (ADB). It joins the International Monetary Fund (IMF) with a quota of SDR of 25 million and receives the first IMF loan of USD22,5 million. Read more
Legislation was introduced to provide a framework for foreign investment. Amendments to this law took place in 1993, 1998, 2002 and 2013.
The revolution started with demonstrations to overthrow the Mongolian People’s Republic and to support the writing of the new constitution.