In spring 2000 the Government ofMongolia adopted a Long-Term Vision and Medium Term Strategyfor Financial Sector Reform and Development in 2000-2010,and implemented the Medium Term Strategy in 2001-2004 underthe framework of the Bank s FSAC and ADB s FSPL II. In2004-2005, a Bank team carried out a series of reviews totake stock of the progress made, and identify the remainingas well as emerging challenges. The reviews enjoyed supportand coordination from the Ministry of Finance, the Bank ofMongolia and various financial institutions in Mongolia. Thedata used for the reviews were mainly those at the end of2004, some were as recent as June 2005 and beyond.The mainfindings and recommendations of the reviews are summarizedin this report, which serves as an Issues Paper for Bankmanagement and staff working on or interested in Mongolia.