MIRA Becomes First Mongolian Representative to Attend ACRAA Annual Meeting

The 24th Annual Meeting of the Association of Credit Rating Agencies in Asia (ACRAA) took place on December 6 in Ho Chi Minh City, Vietnam, under the theme “Capital Market Development Initiatives in Asia.”

The event brought together 21 representatives from credit rating agencies across 14 member countries, including Mongolia, China, India, Japan, and Indonesia. Participants shared insights, discussed best practices, and explored opportunities for future collaboration.

Asian nations established credit rating agencies following the 1997 financial crisis to strengthen financial markets, diversify funding sources, and reduce excessive reliance on banking systems. These initiatives, including policies promoting bond markets and credit rating agencies, have played a critical role in fostering capital market development, enhancing financial diversification, and reducing economic dependency on banks. By 2023, domestic bond issuance as a percentage of GDP reached 37.6% in China, 49.9% in Hong Kong, 70% in Taiwan, 16% in India, and 60% in Thailand. In contrast, Mongolia’s figure stands at just 2%.

Representatives from Mongolian Investment Rating Agency LLC (MIRA) highlighted the agency’s pivotal role in advancing Mongolia’s financial market and facilitating its integration into the broader Asian economy. As the key partner organization in Mongolia for ACRAA member countries, MIRA emphasized the importance of adopting international best practices to promote financial market development and support the growth of Mongolia’s capital markets.

Founded in 2001, ACRAA serves as a vital platform for member countries’ credit rating agencies to share expertise and drive mutual growth.