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. Last Updated: 07/27/2016

Mongolia Bank Fails

ULAN BATOR () -- The collapse of Mongolia's first private commercial bank under a burden of bad debt and poor management has underscored a banking crisis in the north Asian nation as it struggles to adjust to the ways of the market.

Central Asia Bank, established in 1992 as Mongolia's first fully private bank, lost its license last month because it was failing to meet interest payments on deposits. Some bankers say the collapse was a dramatic embodiment of a wider financial crisis facing the country.