N.Enkhbayar, Advisor to the PM on Economic Policy: "Experts signaled to Government and Parliament on the potential economic struggle"

Our committee has formulated its rules and regulations and has been operating under PM. Initially there were different concepts on the directions and tasks of the committee. It was understood that the committee would make decisions pertaining to everyday problems. In other countries, such committees are being established in Government levels with the similar tasks and functions during this economic downturn. I would like to emphasize that two issues have to be discriminated here. 

Firstly, Ministries have their own list of everyday tasks and legally defined directions and functions. However, during the crisis some emerging problems are a way beyond from the capacities of the ministries. There are some issues that need urgent decisions. For example, a fluctuation in foreign exchange and a price increase. 
Secondly, let us look at the international practice. Chairman of the US Federal Reserve mentioned once in one of his interviews in February that it needed a new institution which carried out a fast monitoring in its economic and financial situation and observed them on everyday basis. 

Now, let us look at our condition. Official statistics is released one month later within the law, which means after a very long time. News bulletins of the Ministry of Finance and State Fund are issued within the 8th day of each month. Statistics is published within the 10th day of each month. The figures received on the 10th of each month are already outdated. Statistical figure of an inflation rate is already outdated and it is information laggard as they say in a banking jargon. For example, let us look at the information on price increase of meat and grocery last year. A reason of price increase has been brewing from February already; however, the price increase was illustrated on the statistical figures of May. And the statistics bulletin of this process is published in June. Any action based on June statistics will be a measure taken at least half a year later. There are a plenty of such cases. As it is not advisable to work this way, the committee releases information in a very efficient manner.

We do not cover all social issues, but the ones pertaining to the main economic indicators such as banking and financial sectors.
A working group set up under the ad-hoc committee prepares brief information on everyday basis. Some information is mainly concerned on prices and rates. Much more comprehensive information is provided to the ad-hoc committee every week. Firstly, it is efficient and secondly, it is essential, therefore, it becomes like a mirror reflecting the current economic shape.