The Supervisory Board was established in 2004 and it has limited decision-making powers as compared to supervisory boards in most other central banks with such bodies.
The Supervisory Board mainly focuses on issues related to the financial operations of the Bank of Mongolia (in particular its investment operations, notably the gold operations), but is not involved in monetary policy making.
De facto, the Supervisory Board fulfills functions that are customary of an Audit Committee of central banks with such committees.
The Supervisory Board reports to the Parliament and plays an advisory role to the Governor of the Bank of Mongolia. It may also issue recommendations to be fulfilled by the Bank of Mongolia, and which are copied to the Economic Standing Committee of the Parliament.
To perform its responsibilities, the Supervisory Board has access to all the financial documents produced by the Bank of Mongolia.
| Mr. Davaasambuu Dalrai | Chairman, Supervisory Board of the Bank of Mongolia |
| Mr. Tserenbaltav Bat-Ochir | Member, Supervisory Board of the Bank of Mongolia |
| Mr. Lkhagvajav Baatarjav | Member, Supervisory Board of the Bank of Mongolia |
| Mr. Dondog Luvsan-Ochir | Member, Supervisory Board of the Bank of Mongolia |
| Mrs. Ariunaa Lkhagvadorj | Member, Supervisory Board of the Bank of Mongolia |
| Mr. Enkh-Amgalan Mishig | Member, Supervisory Board of the Bank of Mongolia |
| Mr. Chimidsuren Choigunsen | Member, Supervisory Board of the Bank of Mongolia |