Bank of Mongolia increased minimum capital requirement for banks periodically, and capital adequacy ratio of the banking sector was as high as 14-24 percent since 2000, which is 1.8-3 times higher than international minimum standards. With strong economic growth, private sector credit has increased significantly. Banks’ total outstanding loans were MNT 60 billion which were issued to 1700 borrowers in 2000, compared to total outstanding loans of MNT 2,000 billion issued to 483 thousand borrowers in September, 2007. Ratio of non-performing loans fell to 3.5 per cent in September 2007, down from 24 per cent in 2000 and 50% in 1999 following repeated banking crises in the 1990s. Following the 2008 financial crisis, this rose again to 20% in 2009 but by June 2010 had fallen to 7.7%.