Bank of Korea revises MOU with Mongolian central bank, adds working-level meetings

The Bank of Korea said it revised and signed a memorandum of understanding on exchange and cooperation with the Bank of Mongolia on Thursday, updating an agreement first concluded in 2011.

The revision spells out the scope of cooperation and technical support across core central banking functions — monetary policy, financial stability and payment and settlement systems. It also strengthens the practical effectiveness of the partnership by adding working-level meetings to the existing framework of workshops and seminars.

The Bank of Korea said the revision reflects the progress made in financial cooperation between the two central banks, giving concrete form to the areas and methods of collaboration and further solidifying the foundation for cooperation.

The bank also said it expects the revision to deepen ties with Mongolia, a strategically important country bridging Central Asia and Northeast Asia with strong natural resource potential.

Meanwhile, Bank of Korea Governor Shin Hyun-song said at the European Central Bank Forum on Central Banking — known as the Sintra Forum — held in Sintra, Portugal, on July 1 (local time), that South Korea's tokenization ecosystem initiatives, including "Project Han River," are roughly two years ahead of Europe.