Russian bank branch may open in Mongolia

Opening a Russian bank branch in Mongolia could facilitate settlements, Mongolian Prime Minister Gombojavyn Zandanshatar said at a meeting with Russian President Vladimir Putin.

"Mutual payments and trade settlements remain an important topic for us. Today, our finance ministers have practically agreed on how to address these issues. We are willing to grant all necessary permits for the branch of a Russian bank to open," Zandanshatar said.

According to him, all settlements and payments could be handled by the bank.

Putin said bilateral trade rose 7.9% in January-August. He noted that in current conditions, growth of nearly 8% is generally a good result.