Committee members urge Mongol Bank be held accountable

After gasoline prices went up January 6, the Confederation of Trade Unions (CTU) organized demonstrations at Sukhbaatar Square and in aimags.

The committee, which includes Social Welfare and Labor Minister T.Gandi, CTU President S.Ganbaatar, and Employers’ United Association Chairman N.Ganbaatar, reported on its work at a press conference on Monday.

The committee members said they will deliver several suggestions to the Government, such as holding Mongol Bank accountable for failing to stabilize the tugrik. They also said Mongol Bank officials should consult with the government whenever the tugrik’s rate against foreign currencies fluctuates by more than two percent in a week. They also said the law on currency regulation should be amended, and that a monetary policy council under the Mongol Bank president should be established, to include representatives of government, trade unions, employers, and consumers.

The committee is also asking the Government to reduce gasoline prices to their pre-January 6 levels by February 8, and to establish a three-month reserve of gasoline. The committee is also asking the Mayor and aimag governors to increase the supply of reserved meat, because the sale of reserved meat currently can not meet demand. It also suggested establishing a council to monitor market competition under the Authority for Fair Competition and Consumers.

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