Bank deposits in Mongolia reached significant levels by the end of September 2025, signaling growing confidence in the financial system. The National Statistics Office reported that tugrug-denominated deposits totaled MNT 23.5 trillion, an increase of 13.8 percent compared to the same period in 2024. The monthly increase amounted to MNT 456.1 billion, or 2 percent from August 2025. Bank deposits continue to reflect a trend of rising individual and corporate savings in the country.
Of the total tugrug deposits, 86.1 percent, or MNT 20.2 trillion, were held by individuals. Enterprises and organizations contributed the remaining 13.9 percent, or MNT 3.3 trillion. Analysts note that individual savings continue to dominate Mongolia’s financial landscape, demonstrating households’ increasing reliance on the banking sector for wealth preservation and secure returns.
Meanwhile, foreign currency deposits reached MNT 5.3 trillion. This represents an 18.4 percent increase, or MNT 819.6 billion, from a year earlier. However, foreign currency deposits declined slightly by 2.9 percent, or MNT 157.4 billion, from the previous month. Experts suggest that currency fluctuations and global market volatility may have contributed to the small decline.
Cash circulation decreased during the same period, totaling MNT 1.2 trillion. This marks a drop of 3 percent from September 2024 and a monthly decrease of 1.2 percent. The decline in cash circulation alongside rising bank deposits indicates that more Mongolians are choosing to store funds in banks rather than hold cash, a positive sign for financial sector stability.
Financial analysts highlight that the steady growth of bank deposits strengthens Mongolia’s banking system and provides a buffer against economic uncertainty. The trend also supports the government’s broader monetary policy goals, which aim to encourage savings and maintain liquidity in the banking sector.
Looking ahead, officials expect bank deposits to continue growing steadily as economic activity stabilizes. However, monitoring foreign currency trends and cash circulation will remain crucial to ensure balanced financial growth. The increase in bank deposits signals public confidence and the gradual strengthening of Mongolia’s financial infrastructure.
Bank deposits, both in tugrugs and foreign currencies, are likely to remain key indicators of economic stability. As individuals and enterprises continue to save, the banking sector can expand lending and investment opportunities across Mongolia.
