“Quasi-fiscal policies” undertaken by the Bank of Mongolia (BoM) suffered from weak controls and may have conflicted with other parts of the central bank’s mandate, leading to large losses, a new report finds.

Between 2012 and 2016 the Bank of Mongolia was involved in several quasi-fiscal policies that supplied funds to parts of the economy. Though launched by the government, the central bank acted as financier and administrator for the policies.

The largest programme, in support of