ULAN BATOR, Jan. 23 (Xinhua) -- Mongolia has launched a campaign to promote the development of its banking sector, local media reported Wednesday.

The campaign is part of the activities to celebrate the 95th anniversary of the development of the banking sector in the country, the Bank of Mongolia said in a statement.

As part of the six-month campaign starting Tuesday, several related activities will be held across the country by the central bank in cooperation with commercial banks.

"The banking sector is playing a vital role in financing the economic development of any country," Nadmid Bayartsaikhan, president of the Bank of Mongolia, said at the inauguration ceremony of the campaign.

The campaign called "Development of Banking Sector in Mongolia-95" aims to increase public participation and get feedback from customers in order to improve banking operations and overcome challenges in the banking industry, said Bayartsaikhan.

Currently, there are some 1,400 branches of 14 commercial banks operating in Mongolia.