Social Insurance Fund Expected to Grow by 105 MNT billion

The National social insurance council has approved a resolution to place 700 MNT billion of the Social Insurance Fund’s free balanced into term deposits at systemically important commercial banks for one year at an annual interest rate of 14.2%.

Based on the council’s decision, banks that proposed an interest rate not lower than the approved minimum namely, State Bank, Golomt Bank, Khan Bank and Trade and Development Bank- have been selected to receive the deposits at an annual interest rate of 15% for a one-year term.

As a result, the Social Insurance Fund’s free balance of 700 MNT billion is expected to generate 105 MNT billion in additional income over the course of one year.

This move aims to enhance the fund’s financial sustainability and improve the long-term stability of Mongolian social insurance system.