|
ECONOMY
LARGEST CHINA-MONGOLIA LAND PORT RESUMES PASSENGER SERVICES
The land port of Erenhot on China's border with Mongolia saw cross-border passenger traffic on Sunday, three years after the port in north China's Inner Mongolia Autonomous Region suspended services due to COVID-19 epidemic control measures.
About 45 passengers arrived at the Erenhot port on a shuttle bus on Sunday.
Erenhot is the largest land port on the China-Mongolia border and a crucial entry and exit port for one of the China-Europe freight train routes.
With the port resuming full operations without COVID restrictions, many are expecting substantial growth in both cargo and passenger volume.
Source: ecns.cn
See also: Border ports in full swing as COVID restrictions are lifted
Guidelines Issued for Citizens Traveling to China
Newly Renovated Border Checkpoint in Zamiin-Uud Opens
ANNUAL INFLATION STANDS AT 13.2 PCT IN DECEMBER
The annual inflation rate for Mongolia rose by 13.2 percent year on year in December, data by the country's National Statistics Office (NSO) showed on Friday.
The increase was mainly due to the higher prices for imported goods, the NSO said.
However, the index decreased by 1.3 percent from a month earlier, it said.
There are 410 items in the landlocked Asian country's consumer goods and services basket, with more than half of them being imported, according to the statistical agency.
The country has set a goal of reducing its inflation rate back to single-digit levels by the end of 2023.
Source: Xinhua
B.JAVKHLAN: FOREIGN DEBT BALANCE REDUCED TO 56.6 PCT OF GDP
B.Javkhlan, the Minister of Finance gave the following information.
The Law on Budget Savings was approved in May, 2022 which is very effective. MNT 189.1 billion was saved from current budget expenses. Also, MNT 29.5 billion was saved through direct bidding. Therefore, a total of MNT 218.6 billion was saved in 2022.
Foreign debt indicators are positive. In 2022, the final balance of the Chinggis bond, which is USD 136.8 million, was paid directly from the State budget on December 5, 2022, paying-off the loan taken in 2010.
At the end of 2023, the debt balance, which was expected to reach 70% of GDP, was reduced to 56.6%. The government's next strategy is to not increase the debt further.
Source: GoGo News
HIGHER COAL COST EXPECTED AS MONGOLIA WANTS TO DIAL UP EXPORT PRICES
Mongolia's reported move to modify how its coal exports to China are priced may mean higher costs for Chinese users, and Chinese industry experts said that efforts by Mongolia to change the ecosystem of cross-border coal trade may affect the outlook for Mongolian energy export to China.
Chinese coal traders at the China-Mongolia border said they had heard about the intention of the Mongolian side to sell coal at ex-border prices instead of mine-mouth prices starting from February 1, citing an executive of Erdenes Tavan Tolgoi (ETT) JSC. Tavan Tolgoi is a massive coal mine in Mongolia about 200 kilometers from the Chinese border.
Li Xiang, a representative of Mengtong International Logistics Agency in North China's Inner Mongolia Autonomous Region, told the Global Times on Monday that the move may reflect ETT's goal of increasing revenue by changing the pricing.
Source: GlobalTimes.cn
MONGOLIA EXPORTS OVER 16,000 TONS OF MEAT, MEAT PRODUCTS IN 2022
Mongolia exported 16,100 tons of meat and meat products in 2022, the country's Ministry of Food, Agriculture and Light Industry said Wednesday.
The majority of the exports were meats of horse, sheep and goat, it said in a statement.
Mongolia currently exports meat and meat products to 11 countries, including China, Russia, Kazakhstan, Uzbekistan, Qatar and Vietnam.
The Asian country resumed the export of live livestock in October 2022. By the end of last year, the country exported a total of 28,503 heads of live livestock, mainly sheep, according to the ministry.
According to its National Statistics Office, Mongolia, one of the last nomadic countries in the world, had 71.1 million livestock animals at the end of 2022.
Promoting livestock husbandry is one of the most viable solutions to diversify the landlocked country's mining-dependent economy.
Source: Xinhua
See also: 70 million livestock of 200,000 herders counted
INTRODUCING THE CALENDAR OF TOURISM, CULTURE AND SPORTS EVENTS TO BE ORGANIZED IN 2023
The Government of Mongolia announced 2023-2025 as the year of "Welcome to Mongolia".
The government and private sector, tourism, hospitality industry, professional organizations exchanged opinions and developed a calendar of international events to be held in Mongolia in 2023. The calendar includes 22 events aimed to promoting Mongolia abroad, reviving the tourism industry, improving the economy, and increasing investment.
Source: VisitUlaanbaatar.net
MONGOLIA RECEIVED 290,400 FOREIGN VISITORS IN 2022
Mongolia welcomed a total of 290,400 foreign visitors in 2022, earning $350 million from the Covid-hit tourism sector, the Ministry of Environment and Tourism said on Tuesday.
Due to the Covid-19 pandemic, the number of foreign visitor arrivals in Mongolia declined to only 33,000 in 2021, Xinhua news agency quoted the Ministry as saying.
Mongolia has been taking various measures to promote the pandemic-hit tourism sector.
Particularly, the government recently made a decision to exempt citizens of 34 countries from visa requirements for up to 30 days until the end of 2025.
The country has also declared 2023 and 2024 as "Years to Visit Mongolia", and is expected to organise more than 90 events in 2023 to promote the ector.
The country has set a goal of welcoming at least 1 million foreign tourists and earning $1 billion from tourism in 2024.
Source: DaijiWorld.com
EIGHTY PERCENT OF PUBLIC TRANSPORT FLEET TO BE RENOVATED THIS YEAR
Ulaanbaatar Public Transportation will be upgraded with the addition of 384 new buses this year.
The Spokesperson of the Office of the Governor of the Capital City, N. Sugar, said, "224 buses will be purchased initially. Right now 100 of them are at the border checkpoint of Erlian city of China and they will arrive in Ulaanbaatar on January 10, which is going to be in service on January 15. The remaining 124 buses will be brought to Ulaanbaatar in February".
Over MNT 340 billion is planned in this year’s state budget to renovate the public transport fleet. In 2022-2023, over 856 buses and trolleybuses will be out of service. Therefore, the Citizens’ Representative Khural of the capital city is aiming to complete 80 percent of the public transport renovation with the support of the government, and the works are underway.
100 buses were brought last year and 50 of them are in school services.
Source: Montsame
FRC SIGNS MEMORANDUM OF COOPERATION WITH THE MONGOLIAN JOINT ASSOCIATION OF EXCHANGES
The FRC signed a memorandum of cooperation with the the Mongolian Joint Association of Exchanges. The sigining ceremony was attended by: N. Khuderchuluun (Vice Chairman, FRC), T. Jambaajamt (Chief Executive, FRC), B. Dolgorjav (Director, Supervision Department), S. Nyamgerel (CEO, the Mongolian Joint Association of Exchanges), Ch.Ganbaatar (CEO, Complex Digital Ecosystem Ltd), and B. Erdenejargal (CEO, Digital Exchange Mongolia Ltd.
N. Khuderchuluun stated “In connection with the creation of a legal framework for registration and supervision of legal entities providing services in the field of virtual assets in Mongolia, the Financial Regulatory Commission has registered virtual asset service providers. In this regard, I would like to thank the Association for its contributions to professional advice and its recommendations in drafting the Law on Virtual Asset Service Providers (and eight regulations concerning more than 10 related relationships).
Source: FRC
TOURISM EVENTS TO BE HELD IN BAYAN-ULGII AIMAG IN 2023
We’re highlighting the most well-known activities and festivals in westernmost Bayan-Ulgii aimag, where Mongolian ethnic minorities such as Kazakh, Tuva, Dörbet, Oirat, and Uriankhai reside.
1. Golden Eagle Festival
2. Ice Festival
3. Nowruz
4. Uriankhai archery on ice
5. “Altai Eagle” and “Nowruz Eagle” festival
6. “Hansonar Eagle” festival
Source: Montsame
AIRFARE OF WINTER SCHEDULE FOR TOURISTS TO BE 50 PCT OFF - INTERVIEW
On January 11, MIAT State Owned Enterprise introduced the "Special Tariff to Support Tourism" and signed a memorandum with the Mongolian Tourism Association with the purpose of improving the cooperation condition between tourism and air transport.
B.Munkhtamir, Executive Director of MIAT Mongolian Airlines, was interviewed related to this.
-Please give us details about the special tariff that is being discussed as the main topic.
-There is a space for tourism development except for peak summer months which are June, July and August. Tourists travel a lot during summer months in Mongolia. During summer, the workload of airline companies is the highest. Related to this, we are making a special tariff for tourism.
In particular, we are preparing a winter time schedule for tourists coming to Mongolia. In the framework of the government's policy, tourists who will participate in the events organized throughout 2023 will have flights with discounted prices.
Source: GoGo News
POLITICS
GOV’T ISSUES USD 650 MILLION BOND
At the Cabinet meeting held yesterday, Minister of Finance B. Javkhlan informed that a new five-year USD bond was successfully issued and traded to refinance the “Gerege” and “Khuraldai” bonds.
“Thanks to the many months of efforts and preparations, we received orders worth USD 4 billion from 138 investors within one day. As a result, we managed to decrease the 11-12 percent interest rates of “Gerege” and “Khuraldai” bonds, which amounted to USD 650 million, to 8 percent.” continued Finance Minister B. Javkhlan.
When the interest rate of the U.S. Federal Reserve was 1 percent, the Gerege and Khuraldai bonds were issued with interest rates of 5.7 percent and 8.75 percent, respectively. Whereas today, the interest rate of the Federal Reserve is 4.3 percent, and we have issued our bond with an interest rate of 8.65%.
Source: Montsame
See also: Fitch Assigns Mongolia's Proposed USD Bonds 'B' Rating
Gov’t: Mongolia becomes the first single-B rated issuer from Asia-Pacific to successfully enter the international debt markets in 2023
THE LARGEST CABINET IN HISTORY SET UP
Last week, Prime Minister L.Oyun-Erdene issued an ordinance on appointing Ch.Khurelbaatar as deputy prime minister and minister of economy and development, lawmaker S.Chinzorig as minister of health, member of Parliament Kh.Bulgantuya as head of the State Committee for Port Revitalization (minister) and parliamentarian Ts.Davaasuren as minister of construction and urban development.
With the new appointments, this is now the largest Cabinet in Mongolia’s history with 22 members. The newly appointed ministers took their oaths in Parliament in accordance with Article 39.4 of the Constitution and Article 23.2 of the Law on the Government of Mongolia.
Prime Minister L.Oyun-Erdene remarked during the parliamentary plenary session, “I deeply believe our newly-appointed members would put painstaking efforts into successful implementation of the New Revival Policy’s goals, aimed to solve constraints on development during the difficult time when the pandemic and geopolitical crises hit the world.”
Source: The UB Post
See also: Prime Minister appoints some new members to the cabinet
Oyun-Erdene Cabinet, Version 01/2023
POLICE RAID ON HOME OF MONGOLIAN RAIL OFFICIAL SAID TO DISCOVER USD 2MN OF CASH IN FOUR CURRENCIES
Mongolian police allegedly discovered more than $2.1mn of cash in four currencies when they raided the home of S. Batdul, deputy head of the Transport Organisation Department of national rail operator Ulaanbaatar Railways (UBTZ).
Batdul remains in police custody following the January 5 raid. On January 9, a court ordered his detention for a month.
The rail official responded to the court decision on detaining him by saying that it was spurred by what the prosecution had said about him on social media.
Batdul said: "There is a process in Mongolia where people are prosecuted online without a court decision. I believe there was no need to detain me in this case. I am involved in a minor crime. There is no need to detain me. It is very irritating and I understand the court was [under pressure to make this detention].”
Source: bne IntelliNews, News.mn
300 PEOPLE INCLUDING THE PRESIDENT AND FORMER PM TO BE CALLED AS WITNESSES AT OPEN HEARING OF DEVELOPMENT BANK
B. Enkhbayar, J.Bat-Erdene, and J.Batsuuri, members of Parliament, have given information about the hearing to call witnesses of the Development Bank.
B.Enkhbayar, the member of Parliament, said:
- By the resolution of the Parliament dated April 15, 2022, a temporary committee was established to review the implementation and results of projects and programs financed by the Development Bank of Mongolia, and the progress of loans and repayments. In the framework, the ad hoc committee organized the hearing of the General Inspection. The Ad Hoc Review Committee set the date and order of the open hearings. The open hearing will be organized with the following three steps.
- On January 16-20, 2023, the issue of loan issuance and repayment related to 77 borrowers with MNT 3.5 billion directly financed by the Development Bank will be heard and witnesses will be questioned. And evidence will be updated.
- …
Source: GoGo News
RESOLUTION TO ESTABLISH CITY IN THE ORKHON VALLEY APPROVED
During the Parliament meeting which was held yesterday, the first discussion of the draft resolution of the Parliament on "Establish a city in the Orkhon valley" submitted by the Government of Mongolia on January 03, 2023 was held.
J.Munkhbat, the Chairman of the Standing Committee and a member of the Parliament, presented opinions about the discussion of the draft resolution at the meeting of the
Source: GoGo News
DIRECT FLIGHTS BETWEEN MONGOLIA AND VIETNAM AGREED TO BE INCREASED
B.Bat-Erdene, Minister of Environment and Tourism, received Zoan Han Dam, the Ambassador of Vietnam to Mongolia. During the meeting, two parties agreed to increase the number of direct flights between Mongolia and Vietnam, activate mutual promotion, and jointly organize cultural days to intensify cooperation in the tourism industry.
During the meeting, an invitation of the Asia-Pacific High Level Meeting on Air Pollution which will be held in Ulaanbaatar on March 2-3, 2023 in cooperation with the UN Economic and Social Commission for Asia and the Pacific, was handed over. This High-Level Meeting will be attended by Representatives of 53 member countries of the United Nations Economic and Social Commission for Asia and the Pacific. The meeting aims to consolidate efforts to reduce air pollution in the region and intensify cooperation in this area.
In addition, Zoan Han Dam was also invited to the "Blue Pearl" ice festival which will be held in Khuvsgul province on March 3-4, 2023.
Source: GoGo News
FINANCING AGREEMENT FOR SMART GOVERNMENT II PROJECT SIGNED
Minister of Finance B. Javkhlan and the World Bank Country Manager Andrei Mikhnev signed the Financing Agreement for the Smart Government II Project today. The project is funded with a USD 40.7 million credit from the World Bank.
The project objectives include strengthening policies and regulations for digital transformation, upgrading the common infrastructure, and enhancing the usability and efficiency of digital public services.
The Smart Government I Project ensured the continuity and security of digital public services while digitalizing 112 services of 12 organizations and helping citizens and businesses save MNT 48.4 billion.
Smart Government I Project: https://www.smart.gov.mn/en/
Source: Montsame
B. ALTANGEREL: MONGOLIA-U.S. RELATIONS SIGNIFY OUR THIRD NEIGHBOR POLICY - INTERVIEW
In 2022, Mongolia and the United States of America celebrated the 35th anniversary of their diplomatic relations. On the occasion of this anniversary, we interviewed the former Ambassador of Mongolia to the USA B. Altangerel.
Since the establishment of diplomatic relations between Mongolia and the USA, now the 8th Mongolian Ambassador has been assigned to the USA. You were the sixth Ambassador who witnessed many achievements and milestones in our two countries’ bilateral relations and cooperation. How do you see our bilateral relations, especially relations in this new era?
- Of course, the relations between Mongolia and USA are not limited only to these 30 years. Rolling back the wheel of history, our relations have a long history spanning at least 130 years which is also proved by the historical and archival documents. I assume that by a new era relation, you mean the bilateral relations after establishing the diplomatic relations between Mongolia and the United States of America in 1987.
Source: Montsame
MONGOLIA’S 2023 OUTLOOK: THE TOP TRENDS TO WATCH - EDITORIAL
Amar Adiya is looking into what to expect in Mongolia in 2023 and examines the country's economic and political relationships with other nations, analyzing trends in domestic politics and the economy, and considering the potential impacts of global events on Mongolia.
What You Need To Know
Mongolia’s macroeconomic conditions have deteriorated amid the country’s ongoing monetary tightening and balance-of-payments crisis.
Foreign reserves shrunk in 2022 to the lowest level in the past five years, and the national currency lost around 20 percent of its value, with inflation at its highest level since 2009. The reserves have risen to US$3.4 billion at the end of 2022 alleviating fears of default.
Dependency on Russian gasoline imports poses a significant economic risk. Mongolia’s first oil refinery, which India is financing, is not expected to come online until 2025.
Source: Mongolia Weekly
IS MONGOLIA READY TO INTRODUCE FOREIGN INVESTMENT BANKS? - EDITORIAL
Economists and researchers say that by opening the doors of investment banks in Mongolia, enterprises will be able to get low-cost and long-term financing from the public without taking high-interest, short-term loans from commercial banks. They believe that the capital market will develop only if investment or foreign banks actively operate in Mongolia. However, it is doubtful whether the bill on investment banking includes regulations that will create many positive consequences.
On December 28, 2016, 18 members of Parliament, including Minister of Finance B.Javkhlan, D.Khayankhyarvaa, B.Batzorig, Z.Narantuya and B.Undarmaa, initiated the bill on investment banking, which is now being discussed by Parliament.
The draft law has five chapters and 21 articles. Chapter 1 of the bill covers the general basis or legal objectives, scope of application of the law and definition of investment bank, while the second chapter stipulates the direction of operation of investment banks.
Source: The UB Post
B.BATTSETSEG: MONGOLIA'S REPUTATION ON GLOBAL ARENA HAS NOTABLY IMPROVED - INTERVIEW
The following is the interview with Minister of Foreign Affairs of Mongolia B. Battsetseg.
This year our country’s foreign relation was very active and full of significant events. On the other hand, international relations and geopolitics have greatly changed and unstable situations have been continuing around the world. How do you see those circumstances?
-The global pandemic and ensuing geopolitical issues have been strengthening the significance of Mongolian peaceful, open, independent, and multi-pillared foreign policy. The essence of our foreign policy strategy resides in pursuing soft balancing. In 2022, we successfully hosted and reciprocated several high and highest-level visits, concluded numerous official documents, and expanded our relations and cooperation. Even though the world economy is slowing down due to worldwide electricity supply interruption, increase in inflation, tight monetary policy, and ensuing geopolitical uncertainty, we have successfully created the prerequisite condition to overcome the challenges of this trying time, as described by the Prime Minister L.Oyun-Erdene as an “unsettling time”, with minimum loss.
Source: Montsame
THE UKRAINIAN CRISIS AS PERCEIVED BY MONGOLIAN SOCIETY - EDITORIAL
The significant changes seen in the Ukrainian crisis in 2022 are being actively discussed all over the world. Mongolia, a small but no less important neighbor of the Russian Federation, is no exception in this regard. The unique features of Mongolia’s historical development, its relations with Russia, its geographical location and the political and social orientations and values unusual for Eastern countries made its perception of the “Ukrainian events” special and worthy of attention in its own way.
As for the Mongolian public perception of the Ukrainian crisis, it is safe to conclude that it is very often perceived by its citizens “through the prism” not only of moral-value assessments or cultural-political sympathies, but also of Mongolia’s key international security dilemma. It is about choosing the main external guarantor of the country’s security between Russia and the “West” in the face of growing Chinese influence. Citizens’ views on this issue very often determine their choice of position in the “intra-Mongolian” debate on the Ukrainian crisis.
Source: New Eastern Outlook
SUPPORTING MONGOLIA’S DEMOCRACY IS KEY TO A FREE AND OPEN ASIA-PACIFIC - EDITORIAL
In recent weeks, Mongolians participated in the second largest peaceful demonstrations since 1991, with hundreds of Mongolians participating in mass protests in Sukhbaatar Square in response to the allegations of billions of dollars stolen in export coal theft transactions to China with the involvement of more than a dozen Mongolian officials.
While most protests in Mongolia are held in the spring to avoid the frigid winter temperatures, the timing and magnitude of the current demonstrations call to mind the countrywide demonstrations in the winter of 1989 and 1990 leading up to Mongolia’s peaceful transition of power, and the emergence of a democratic Mongolian government in the spring of 1990.
This movement continues to characterize Mongolian civil society. Recent public protests are indicative of the problems inherent within the Mongolian political system, particularly corruption among political elite and the lack of enforcement by existing oversight mechanisms, as well as the country’s lack of economic diversification and reliance on mineral exports.
Source: Modern Diplomacy
KATIE SMITH: AUSTRALIA SEES CRITICAL MINERALS AS ONE OF THE KEY ECONOMIC DRIVERS GOING FORWARD - INTERVIEW
Mining Insight’s N.Ariuntuya spoke with Katie Smith, Ambassador Extraordinary and Plenipotentiary of the Commonwealth of Australia to Mongolia. Her Excellency the Ambassador presented her Credentials to the President of Mongolia on June 28. She is the first female Ambassador Extraordinary and Plenipotentiary of the Commonwealth of Australia to Mongolia.
In terms of energy, both Australia and Mongolia have significant coal resources. But at a time when the global phase-out of coal is in full swing, and coal’s potential is limited, how is Australia making its energy transition?
You’ve rightly pointed out that both Australia and Mongolia are on the pathway to an energy transition. Australia, like Mongolia, is very dependent on coal-fired power plants for some time. Roughly 50-60 percent of power comes from coal for some time in Australia and around 25 percent comes from gas. Australia has a new commitment to reduce emissions by 43 percent by 2030.
Source: Mining Insight
BUSINESS
“SUU” JSC ESTABLISHED 12 COOPERATIVES FOR MILK PRODUCTION, PROVIDING MNT 27.8 BILLION TO HERDERS
Mongolians consume three times less milk and dairy products on a daily basis than it is recommended by the World Health Organization. Therefore, increasing the consumption of milk and dairy products and opening up the opportunity for people to get adequate nutrients through their daily food is the primary goal of “SUU” JSC, Mongolia's first dairy factory.
In 2022, “SUU” JSC purchased a total of 21.2 million liters of milk from its suppliers and provided a direct income of MNT 27.8 billion. Compared with the same period of the previous year, the amount has increased by 62.3 percent. Also, 60% of the total milk bonus is given to the producers and suppliers of the company. In addition, this year, 1,380 tons of bran worth more than MNT 800 million were distributed by the company to support herders.
Source: Montsame
MONGOLIAN COMPANIES SUPPLY CASHMERE TO CHANEL AND SCHNEIDERS
The Ministry of Food, Agriculture and Light Industry informed that twelve new cashmere dehairing plants were under construction. Thus, Mongolia will have 43 plants in total once they start operating.
Mongolia produces 48 percent of the total raw cashmere in the world. But only 10% of processed cashmere is dehaired and exported. Even though the capacity to produce 6,017 tons of dehaired cashmere is installed in 40 plants, only 25% is being used.
According to the Government’s adjustment that requires hair content in goat cashmere which is crossed the border for export and import must not exceed 0.3%, only dehaired cashmere is allowed to export. As a result of that, the export volume increased and Mongolian companies started to cooperate with global TOP brands. For instance, 90% of dehaired cashmere is exported to Italy and about 20 Mongolian enterprises launched cooperation with TOP brands, such as "Loro Piana", "Falconeri", "Chanel", and "Schneider".
Source: Montsame
ERDENE ANNOUNCES STRATEGIC ALLIANCE WITH MONGOLIAN MINING CORPORATION
Erdene Resource Development Corporation is pleased to announce the execution of Strategic Alliance and Investment Agreements with Mongolian Mining Corporation (“MMC”) for the development of its Bayan Khundii Gold Project. This Strategic Alliance brings together Mongolia’s pre-eminent precious metals explorer with an exceptional national miner in a partnership to unlock the riches of the Khundii Minerals District (“KMD”). MMC to invest US$40 million in return for a 50% equity interest in Erdene’s Mongolian subsidiary, Erdene Mongol LLC (“EM”), holding the Khundii and Altan Nar mining licenses and the Ulaan exploration license through a three-stage transaction.
Source: MSE, Mining-Technology.com
View the Erdene release
COMPREHENSIVE ASSESSMENT REPORT ON IMPLEMENTATION OF THE CORPORATE GOVERNANCE CODE ISSUED
The Corporate Governance Code was adopted originally by the FRC in 2007, and revised in 2022. In the revision the scope of the Code has been expanded, for its enforcement not only in public listed companies, but also insurers, NBFIs (trust service providers) and investment management companies. Companies are assumed the obligation to comply. Accordingly, 116 in the review and verification of reports on the implementation of the code of regulated entities, as of August of last year, the initial or condition assessment of code implementation was 55.3 percent. In response to the evaluation report, the FRC gave each company recommendations, direction, and time-bound tasks. According to the repeated evaluation last month, the implementation of the Code in the 3 regulated industries increased by 16.4 percent on average.
Assessing the implementation of the code of regulated entities and determining the ranking of the governance of the sector is important for:
Source: FRC
NEW REGULATION ON NON-COMPETITION AGREEMENTS
Our Mongolian lawyers were recently approached with a request to assist a client to confirm the legality of non-compete obligations under an employment contract for a mining services company.
Employer companies often ask whether they can oblige employee not to work in the company engaged in the similar type of activity or working after terminating an employment contract. This is regulated in the Labor Law of Mongolia as non-compete obligation under additional term of employment agreement.
In order to protect industrial and business secrets, an employer is given right to provide for an additional term in an employment contract or conclude a supplementary contract with employee creating non-compete obligations. Such agreements create an obligation for the departing employee not to work for a directly competing organization, or individual for a period of time after the termination of the employment relationship, or the employee himself/herself shall not engage in directly competitive activities.
Source: LehmanLaw Mongolia
TEST OF ONLINE COAL TRADING CONDUCTED SUCCESSFULLY
Pursuant to the approval of the Law on Mining Products Exchange by the Parliament, the Government was assigned to conduct the coal online trading at the Mongolian Stock Exchange (MSE) JSC, and the Financial Regulatory Commission (FRC) of Mongolia to monitor the implementation, until the law enters into force. In order to implement actions stipulated in Paragraph 3.2 of the Government’s Action Plan 2020-2024, the “Regulation on Open Online Trading of Coal Export” was approved by the Resolution No.466 of the Government. Accordingly, within the framework of ensuring the preparation of transparent online trading, the online trading test of coking coal concentrate of “Energy Resource” LLC was successfully conducted through the MSE’s call option of coal spot contract.
A seller placed an order for the sale of 12,800 tons of coal, and the initial price was increased by 12.2% based on the orders offered by the participants in the trading.
Source: FRC, MSE
See also: Preparations Underway to Trade Coal Through Commodity Exchange
ASPIRE MINING PROGRESSES REGULATORY APPROVALS FOR OVOOT COKING COAL PROJECT
Aspire Mining Ltd continues to make progress with regulatory approvals for the world-class, wholly-owned Ovoot Coking Coal Project (OCCP) in northwest Mongolia.
During December 2022 the company received final, written approvals for some significant milestones on the permitting path, setting the stage for further progress during 2023.
Development of the OCCP requires the completion and regulatory approval of numerous assessments and studies to obtain licences and permissions necessary to facilitate construction of the planned mining, processing and transport infrastructure.
Progress in December
Permitting progress in December 2022 included:
- Approval from the Professional Committee of the Ministry of Nature, Environmental and Tourism for the Detailed Environmental Impact Assessment (DEIA) prepared in relation to the planned Ovoot coking coal mine.
- Approval from the Minerals Resource Council (MRC) of the Mineral Resources and Petroleum Authority of Mongolia (MRPAM) for the feasibility study prepared on construction and operation of a Coal Handling and Preparation Plant (CHPP), which was based upon the previously completed Front End Engineering Design (FEED) study developed by Sedgman Pty Ltd.
Source: Proactive Investors
“MON BEEF” JSC TO CHANGE FORM TO LLC
By Board resolution, No. 07, dated December 23, 2022, an extraordinary shareholders' meeting has been announced.
Meeting venue: February 6, 2023, at 14:00 a.m., by online
Record date: January 13, 2023
Agenda of the meeting:
1. Change the form of "Mon Beef" JSC into a limited liability company
Members of the organizing committee:
Chairman of the conference organizing committee:
- Sainbilegt.S contact: 99017266, This email address is being protected from spambots. You need JavaScript enabled to view it.
Other members:
- Nominchuluu.M contact: 94010065, This email address is being protected from spambots. You need JavaScript enabled to view it.
- Tuvsanaa.G contact: 99022251, This email address is being protected from spambots. You need JavaScript enabled to view it.
- Dashbaatar.N contact: 99445989, This email address is being protected from spambots. You need JavaScript enabled to view it.
Click here for more information
Source: MSE
MONGOLIA TO HOST CONTINENTAL CS:GO TOURNAMENT
The Asia RMR will be organized in Ulaanbaatar by Mongolian Esports Association (MESA). Throughout 2022, MESA successfully hosted domestic CS:GO competitions in addition to PUBG Mobile.
The top eight Asian teams will participate in the Asia RMR in April. Four out of the eight teams will be able to clinch their spot in the tournament from open qualifiers which will be held in February, while the other four teams will receive direct invites to the main tournament based on their rankings.
The regional qualifiers will be organized based on the following four regions: Central Asia, China, Oceania, and the remaining Asian regions (SEA, South Asia, and East Asia). It is estimated that more than 1500 players of 500 teams from 48 Asian countries will compete.
The top two teams of the tournament will receive their invitation to compete in the Paris Major on May 8-21 in Paris, France.
Source: Montsame
SILVER ELEPHANT DELIVERS ADDITIONAL 6,600 TONNES OF COAL TO CHINA FROM ITS ULAAN OVOO MINE IN MONGOLIA
Silver Elephant Mining Corp. announces that, further to its news release dated December 28, 2022, and November 21, 2022, an additional 6,600 tonnes of coal in two separate rail shipments have arrived in Tianjin seaport in China from its Ulaan Ovoo mine in Mongolia. In total, 9,766 tonnes (three rail shipments) of coal have been exported to China since the cross-border sales started on December 9, 2022. Tianjin is a major Chinese seaport and exposes Ulaan Ovoo coal to international seaborne coal pricing.
"Bringing Ulaan Ovoo coal to Tianjin is a monumental achievement for the Company. This means potentially broader market reach; and the indexing of Ulaan Ovoo coal sales price to international seaborne pricing with transparency.
We are onto a good start in 2023 to reach our sales target of 200,000 to 500,000 tonnes. The Company has received additional coal purchase interests from several international buyers…
Source: Yahoo
ION ENERGY TO PRESENT AT FUTURE MINERALS FORUM IN SAUDI ARABIA
Highlights:
- ION Energy will meet with investors and government officials at the Future Minerals Forum in Riyadh, Saudi Arabia, January 10-13, 2023;
- Focus on sharing ION Energy's compelling value proposition as Mongolia's first lithium brine explorer, strategically located next to the world's leading battery manufacturer; and
- ION executives will be at Stand FMF 27, where industry leaders across the mining value chain can learn about the Company's ongoing exploration work, including finding the highest-grade lithium brine known to have been collected in Mongolia, assayed at 918 mg/L lithium.
ION Energy Limited Mongolia's first lithium brine explorer and developer, is very pleased to be participating in the Future Minerals Forum being held from January 10-13, 2023 in Riyadh, Saudi Arabia. ION Energy will be exhibiting at Stand FMF 27. Ali Haji, CEO & Director of ION Energy, and Aneel Waraich, Director of ION Energy, will both be present, with a focus on sharing ION's story. Source: Junior Mining Network
STEPPE GOLD PRODUCTION REMAINS STEADY AS COMPANY RELEASES Q4 OPERATIONS UPDATE - VIDEO
Steppe Gold Executive Vice President Aneel Waraich joined Steve Darling from Proactive to share news about the company’s operational update in the 4th quarter. Waraich telling Proactive gold production was 5,600 oz in the fourth quarter for a total of 33,500 oz for 2022. The company Mined 958,288 tonnes and 922,051 tonnes crushed and stacked. Waraich also said the company is expected to start construction on its Phase 2 Expansion in Q2 2023,
Source: Proactive Investors
View the Steppe Gold release
See also: Steppe Gold sees 180% year-over-year increase in gold production at ATO project in Mongolia
GLOBAL AND REGIONAL NEWS
CHINA RESUMING COAL TRADE WITH AUSTRALIA AFTER THREE-YEAR HALT
China is resuming coal trade with Australia after a three-year halt following strained relations between the two countries over wider issues. WHAT HAPPENED BETWEEN CHINA AND AUSTRALIA? China and Australia's relations had been strained since 2018 when Canberra banned Huawei Technologies from its 5G broadband network. The relationship deteriorated further in 2020 after Canberra's call for an international inquiry into the origins of COVID-19, triggering a raft of trade reprisals by Beijing on Australian exports. WHICH PRODUCTS WERE AFFECTED? Aside from coal, exports of barley, beef, cotton, wine, lobsters and grapes were all hit with restrictions of varying degrees during 2020. China has however continued buying large volumes of iron ore, wheat and liquefied natural gas. WHAT DID THE REPRISALS INVOLVE? China issued verbal instructions to buyers to avoid Australian goods such as coal and cotton, and imposed anti-dumping tariffs on barley and wine. Source: Reuters
INDIA TOPS JAPAN TO BECOME WORLD'S NO. 3 AUTO MARKET
India eclipsed Japan in auto sales last year, according to the latest industry data, making it the third-largest auto market for the first time.
India's sales of new vehicles totaled at least 4.25 million units, based on preliminary results, topping the 4.2 million sold in Japan.
New vehicles delivered in India totaled 4.13 million between January and November 2022, according to the Society of Indian Automobile Manufacturers. Adding December's sales volume reported Sunday by Maruti Suzuki, India's largest carmaker, brings the total to roughly 4.25 million units.
India's sales volume is expected to rise further with the inclusion of pending fourth-quarter sales figures for commercial vehicles, along with year-end results yet to be released by Tata Motors and other automakers.
In 2021, China continued to lead the global auto market, with 26.27 million vehicles sold. The U.S. remained second at 15.4 million vehicles, followed by Japan at 4.44 million units.
Source: Nikkei Asia
GLOBAL FOREIGN RESERVES DWINDLE AS COUNTRIES COUNTER DOLLAR'S RISE
Foreign currency reserves worldwide shrank 10% in the first nine months of last year as countries like Japan scrambled to defend their currencies against a rapidly strengthening dollar.
The global total dropped to $11.6 trillion at the end of September, falling below $12 trillion for the first time since March 2020, according to the International Monetary Fund.
"It likely reflects countries selling reserves, mainly dollars, to prop up their own currencies," said Yoshimasa Maruyama at SMBC Nikko Securities.
Japan's reserves fell 13% on the year to $1.23 trillion at the end of 2022, the first drop in six years and the steepest in comparable data going back to 2001, according to government statistics released Wednesday. As the yen weakened sharply in September and October, at one point sinking beyond 151 to the dollar, Tokyo sold dollar-denominated assets for yen to try to stem its fall.
Source: Nikkei Asia
SURGING MOLYBDENUM PRICE ADDS WEIGHT TO NEW YEAR RALLY FOR COPPER PRODUCERS
Copper prices started the new year with a bang – touching fresh six-month highs on Tuesday. Copper for delivery in March touched $4.0795 per pound or just shy of $9,000 a tonne, bringing gains for the first week of 2023 to over 8%.
Measured from last year’s summer lows the bellwether metal is up nearly 30% on optimism over a post-covid recovery in China, which consumes more than half the world’s copper, and long-term demand growth spurred by the energy transition.
In a new note, BMO Capital Markets points out molybdenum has been one of the strongest base metal performers in the recent past with the latest spot assessments at ~$32 per pound or $70,500 per tonne – more than 50% higher than November-end levels.
Molybdenum is often produced as a byproduct of porphyry copper mines with global production worldwide of 300,000 tonnes primarily destined for the steel industry.
Source: Mining.com
GOLD HOVERS NEAR USD 1,900/OZ AFTER U.S. INFLATION DATA CEMENTS FED SLOWDOWN BETS
Gold prices rose over 1%, hovering near the $1,900 per ounce pivot on Thursday after data showing signs of cooling inflation in the United States boosted bets for slower rate hikes from the Federal Reserve.
U.S. consumer prices grew 6.5% on an annual basis in December, in line with expectations, after a 7.1% rise last month. Core inflation was in line with expectations as well.
Spot gold jumped 1.1% to $1,896.30 per ounce by 2:40 p.m. ET (1940 GMT). It earlier hit $1,901.4, its highest since May.
U.S. gold futures settled up 1.1% at $1,898.8.
"Real yields easing and the dollar softening have buoyed gold, as the two key headwinds for gold through 2022 are showing signs of subsiding," said Standard Chartered analyst Suki Cooper, adding the Fed could hike by 25 bps in February before pausing and then cutting in the second half of 2023.
Source: Reuters
WORLD BANK MAKES BIG CUT TO ITS 2023 GROWTH OUTLOOK, SAYS GLOBE IS ‘PERILOUSLY CLOSE’ TO RECESSION
The World Bank slashed its global growth forecasts from projections it made in mid-2022 on the back of what it sees as broadly worsening economic conditions. The international development institution downgraded almost all of its forecasts for advanced economies in the world, cutting its growth outlook for the global economy to 1.7% for 2023, it said in its latest report, Global Economic Prospects. The organization earlier projected the world economy to expand by 3% in 2023. The adjustment was led by a significant downgrade to its prospects for the U.S. economy — it now forecasts 0.5% growth from an earlier projection of 2.4%. The World Bank cut its growth outlook for China for 2023 from 5.2% to 4.3%, Japan from 1.3% to 1% , and Europe and Central Asia from 1.5% to 0.1%. “Global growth has slowed to the extent that the global economy is perilously close to falling into recession,” the World Bank said. Source: CNBC
MINING INVESTMENTS ON THE RISE IN PERU
The Peruvian Ministry of Energy and Mines (Minem) issued its latest Mining Statistical Bulletin which shows that accumulated mining investments rose by 3.2% through November 2022 to $4.6 billion compared to the $4.4 billion accrued the year before.
November was, in fact, the best-performing month last year, adding up to $467 million, a 7.8% increase from the $434 million reported in the previous month.
According to the Bulletin, Anglo American (LON: AAL) was the top investor in 2022 with $964 million. The London-based company’s share in all mining investments was 20.9%.
Next to Anglo was Minera Antamina, which is co-owned by Glencore, BHP Group, Teck Resources and Mitsubishi Corp. The joint venture invested $394 million last year and was is followed by Newmont’s (NYSE: NEM) Minera Yanacocha whose investments reached $332 million and Southern Peru, which invested $238 million.
Source: Mining.com
U.S. NATGAS OUTPUT TO HIT RECORD HIGH IN 2023, DEMAND TO FALL
U.S. natural gas production will rise to a record high in 2023, while demand will fall, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday.
EIA projected dry gas production will rise to 100.34 billion cubic feet per day (bcfd) in 2023 and 102.29 bcfd in 2024 from a record 98.02 bcfd in 2022.
The agency also projected gas consumption would fall to 86.74 bcfd in 2023 and 85.79 bcfd in 2024 from a record 88.72 bcfd in 2022.
If correct, 2024 would be the first time output rises for four years in a row since 2015. It would also be the first time demand declines for two years in a row since 2006.
EIA's latest projections for 2023 were lower than its December forecast of 100.38 bcfd for supply but higher than its December forecast of 85.40 bcfd for demand.
Source: Reuters
UK WATCHDOG BLOCKS LME PLAN TO RESTART ASIAN HOURS NICKEL TRADE-SOURCES
Britain's financial watchdog is blocking the restart of London Metal Exchange nickel trade in Asian hours due to doubts about the LME's ability to run an orderly market in that time zone, three sources with knowledge of the matter said. The world's largest metals trading exchange was forced to suspend all nickel activity for eight days in March 2022, after prices spiked more than 50% during Asian trading hours to hit a record above $100,000 a tonne. The suspension left consumers and producers without key benchmark prices and damaged the exchange's reputation. Volumes and liquidity on the LME have collapsed since then, partly due to the continued suspension of nickel trade in the Asian time zone. The suspension means volumes will remain under pressure and hamper attempts to re-build market confidence because traders in Asia cannot easily exploit price differences between LME nickel futures and the Shanghai Futures Exchange (ShFE) contract. Source: Reuters
See also: LME to decide nickel reforms by end of first quarter
TRINIDAD RECEIVES 16 BIDS FOR OIL, GAS ONSHORE BLOCKS
Trinidad and Tobago received a total of 16 bids for exploring and developing oil and natural gas at eight onshore blocks in its most recent bidding round, the country's Energy Ministry said on Monday.
Trinidad in recent years has redoubled efforts to lure foreign investors to its energy industry, especially to boost exports of everything from liquefied natural gas (LNG) to petrochemical products. But the results of recent offshore bidding rounds have fallen short of expectations.
The Caribbean nation's government also is increasing pressure over producers to boost natural gas output in the coming years to restart an idled liquefaction train and feed other facilities.
Out of 11 onshore and near-shore areas offered in this round, which was Trinidad's first auction of onshore areas in a decade, the St. Mary's block received the most bids, the Energy Ministry said.
Source: Reuters
BCM QUARTERLY REPORT FOR Q3'22
The Business Council of Mongolia delivers you its Quarterly Report for Q3 of 2022. The first edition covers all events organised by the BCM through the months of September-October. The fuller version of the articles can be found in the highlighted "details" part on the report.
BCM SUBMITS POLICY PAPER
The Business Council of Mongolia (BCM) Secretariat has submitted a Policy Paper to the Government of Mongolia on 13 October 2022.
BCM Secretariat has submitted summary of issues and proposed solutions on newly adopted Corporate Income Tax law drafted by the Chair and Vice-Chairs of the Tax & Regulatory Working group (lead by Ms. Kh.Amarjargal, Country Director Mongolia-Rio Tinto, Mr.B.Battushig - Founding Partner of DB>S LLP and Mr.R.Khishignemekh -Senior Partner of Ernest and Young TMZ).
The 42 pages of findings and recommendations was submitted to the Cabinet Secretariat of the Government of Mongolia, to the Minister of Finance, to the Minister of Mining and Heavy Industry; to Secretariat of the State Great Khural (Parliament); Standing Committee on the Economic Affairs; Ministry of Justice and Internal Affairs; Standing Committee on the Budget; Economy and Development Ministry. In collaboration with Mongolian National Chamber of Commerce and Industry, American Chamber of Commerce in Mongolia, Ulaanbaatar Chamber of Commerce and Mongolian National Association.
BCM would like to thank Mongolian National Chamber of Commerce and Industry, American Chamber of Commerce in Mongolia, Ulaanbaatar Chamber of Commerce and Mongolian National Mining Association and BCM Regulatory & Tax Working Group for their efforts to protect legal interests and rights of business entities in Mongolia.
Source: BCM
THE BCM APPOINTS RAPHAËL GOUÉ AS OFFICIAL BCM REPRESENTATIVE IN EUROPE
The Business Council of Mongolia is pleased to announce Mr. Raphaël Goué as an official BCM Representative in Europe.
Raphaël Goué is an expert in energy and banking, having spent more than 12 years in Asia as well as being involved in Europe-Asia cross-border projects since the mid-90s, with a focus on financial services, energy and telecommunications.
Mr. Goué has a wealth of experience in supporting global financial institutions and energy companies in their strategies in Asia, as well their development and M&A. He has previously held various positions in organizations such as Société Générale, Vivendi Universal, Booz & Co and Capital One in Europe, Africa and Asia. As a senior advisor of the global retail banking association EFMA, Raphaël has been supporting the development of banking’s leading association in selected Asian markets, and supporting EFMA in the fintech sector in Europe.
He holds an engineering degree from the École Nationale Supérieure de Géologie in Nancy, France, a master in material science from École de Mines de Nancy, and a MBA from HEC (Paris) he finalized at the Columbia Business School (New York).
The BCM is looking forward to expanding its reach to Europe with Mr. Goué’s leadership and assistance.
SDG INVESTOR MAPPING PROJECT SURVEY - IDENTIFYING BUSINESS CASES FOR INVESTMENT OPPORTUNITIES
The objective of this template is to collect data on businesses aligned with SDGs, and if selected, your provided data will be compiled into SDG Investor Map datasheet which will be eventually uploaded onto Global SDG Investor Platform managed by UNDP SDG Impact. The outcomes of the data will be aggregated to gather insights that will be presented in the form of a report along with other secondary research that we have conducted. Thus, we would like to seek your permission to use your data for business research and documentation purposes. For any individual information from your business, due permission will be sought before the publishing of the report. If you have any questions or concerns, please contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. and This email address is being protected from spambots. You need JavaScript enabled to view it..
UNICEF: GUIDANCE FOR EMPLOYERS ON FLEXIBLE WORK ARRANGEMENTS AND OTHER GOOD WORKPLACE PRACTICES IN THE CONTEXT OF COVID-19
A family friendly workplace or employer is one whose policies and practices make it possible for employees and/or workers to more easily achieving work-life balance, and to fulfil both their work and family obligations. These policies may include, but are not limited to, childcare, breastfeeding rooms, flexible work arrangements, paid leave, safe transport, parenting education and so on. In Mongolia and various other countries, authorities have enforced kindergarten- and school closure policies as part of the preparedness and response to contain the COVID-19 epidemic. In addition to the impacts on children’s education, there are concerns about children’s protection and well-being as children are left alone or without adequate care as many parents still need to go to work. COVID-19 may also have negative effects on mental health and wellbeing of patients (if any), caregivers, children and adolescents and the public, such as experiencing fear of the consequences of infection with a new virus, and triggering stigma. Those placed in quarantine (or self-isolated) may experience boredom, loneliness, and anger. By promoting flexible working arrangements such as adjusted working hours, working from home and/or support childcare, your employees will be in better position to address any childcare challenges and not be distracted by concerns about their children’s safety and wellbeing at home. Click here to view in English. Click here to view in Mongolian.
UNICEF: CALL FOR ACTIONS OF THE PRIVATE SECTOR TO REDUCE CHILDREN’S EXPOSURE TO AIR POLLUTION IN UB
Too many children are at risk of dying in UB due to air pollution each year. In addition to longer-term measures to reduce overall levels of air pollution in Ulaanbaatar, UNICEF recommends that companies address some of their CSR activities in the following ways:
- Provision of air purifiers to kindergartens, schools and clinics. Children spend a considerable amount of their time in school. Air purification systems are demonstrated to be effective in reducing air pollution levels within a home or classroom. Recent innovations have made these more affordable, durable and effective. Every classroom should have an air purifier.
- Provision of electric heaters to kindergartens, schools and clinics. Electric heaters can help to reduce ambient air pollution. Reducing financial barriers to access can also help improve use of electric heaters.
- Improved construction and insulation in kindergartens, schools and clinics. This can help reduce the amount of air pollution that enters facilities where children spend most of their time. It also saves considerably on heating costs. Studies show some improvements can decrease air exchange by up to 40%.
- Provision of air pollution monitoring devices in kindergartens, schools and clinics. Monitoring devices are often a first, major step to understanding one’s own risk to air pollution. It can not only inform improved practices to reduce exposure, but it is also an effective mechanism for communities to better understand what is causing air pollution, and when it is particularly harmful.
- Improved awareness and behaviour-change campaigns. Low awareness amongst communities about the impacts of air pollution on child health and how to respond is a key barrier to addressing the air pollution crisis. There is a need to influence policymakers, relevant government institutions, businesses, CSOs, development partners, and the general public (including families and children) about the risks that air pollution poses to their health, as well as provide guidance and recommendations on various ways to address some of the most immediate threats.
These actions will reduce children’s exposure to air pollution, safeguarding them from the worst impacts at the same time as building momentum and creating an enabling environment for longer plans that reduce air pollution. UNICEF will provide guidance on these recommendations where possible. UNICEF can also help facilitate connections between actors, agencies and institutions, including schools/ clinics where children are particularly affected. However, in order to maximize efficiency, these projects should be planned, developed, implemented and monitored by the private sector company involved. Nor will any funding go through UNICEF. This helps enhance accountability, and allows private sector donors to be more actively involved in the solution of directly supporting children in UB to breathe cleaner, healthier air.
For more information and guidance, please contact UNICEF for (Amy Wickham, This email address is being protected from spambots. You need JavaScript enabled to view it.; and Sunjidmaa Jamba, This email address is being protected from spambots. You need JavaScript enabled to view it.)
BCM GUIDELINE FOR COMPANIES TO COMBAT AIR POLLUTION
Purpose: This Guideline document is to help CEOs and business leaders quickly identify possible actions they can implement in their organizations against air pollution.
Resources for information on Air Pollution
Specific ACTIONS that companies can take NOW:
Educate employees about air pollution; invite guest speakers; encourage employees to share information with friends and family; discuss possible solutions with employees
- Possible topics: damages and causes of air pollution, protection measures, energy consumption & efficiency; indoor air quality (smoking indoors); breastfeeding & healthy diet; vehicle idling; vehicle maintenance;
Work environment:
- Improve energy efficiency in building/office to reduce energy consumption;
- Plant & maintain trees; install air cleansing plants in the office;
- Install HEPA air filter and air purifiers to tackle indoor air pollution (For an affordable solution, visit http://smartairfilters.com/mn/en/;
- Install monitoring devices;
- Smart Air Mongolia masks
Work activities:
- Ensure company vehicles are well maintained to reduce pollution emissions;
- Drivers/employees instructed to not idle & to turn off vehicle engine when not moving;
- Implement carpooling activities;
- In polluted air, ensure employees wear pollution masks;
Social responsibility:
- Focus CSR (corporate social responsibility) initiatives to tackle air pollution
- Tackle air pollution in UB: UNICEF recommends focusing on areas where children are especially affected, and where urgent interventions need to be put in place to protect them as soon as possible. These include the provision of air filtration systems and electric heaters in kindergartens and schools in some of the worst-affected regions. For more information and guidance, please contact UNICEF for (Nicholas Rees, This email address is being protected from spambots. You need JavaScript enabled to view it.; and Sunjidmaa, This email address is being protected from spambots. You need JavaScript enabled to view it.);
- Run marketing/PR campaigns & contests that raise awareness about air pollution.
List of distributors for pollution masks:
- BRB – 70119967, 99658555
- BOX shop – 99062387, 75557007, 90878111 – Facebook: RZ утааны маск
- CATD LLC – 11327308, 99114346
- Mmarket – 75758001 – Facebook: Утааны Маск
- MONOS Pharmacy – 99190858
- Seven summits – 11317923
- 3M Mongolia Premier Service - 9400-3088, 9910-3335
- Utaanii Mask – 99906643 – Facebook: Утааны маск + Агаар шүүгч
- Cycling World Mongolia LLC authorized distributor of RESPRO pollution masks- 77110444
MEMBER-TO-MEMBER SPECIAL OFFERS & BENEFITS:
- Orchuulga 24 is providing a 15% discount on written translation services to BCM Members - Ombol LLC is offering free Hepatitis C medication to employees of BCM member organizations, provided that the individual pays into state health insurance. ECONOMIC INDICATORS
HISTORIC ANNUAL INFLATION
Year 2009 *4.2% [source: NSOM]
Year 2010 *13.0% [source: NSOM]
Year 2011 *10.2% [source: NSOM]
Year 2012 *14.0% [source: NSOM]
Year 2013 *12.5% [source: NSOM]
Year 2014 *11.0% [source: NSOM]
Year 2015 *1.9% [source: NSOM]
Year 2016 *1.1% [source: NSOM]
Year 2017 *6.4% [source: NSOM]
Year 2018 *8.1% [source: NSOM]
Year 2019 *5.2% [source: NSOM]
Year 2020 *2.3% [source: NSOM]
Year 2019 *13.4% [source: NSOM]
*Year-over-year (y-o-y), nationwide
CENTRAL BANK POLICY LOAN RATE
December 31, 2008 - 9.75% [source: IMF]
March 11, 2009 - 14.00% [source: IMF]
May 12, 2009 - 12.75% [source: IMF]
June 12, 2009 - 11.50% [source: IMF]
September 30, 2009 - 10.00% [source: IMF]
May 12, 2010 - 11.00% [source: IMF]
April 28, 2011 - 11.50% [source: IMF]
August 25, 2011 - 11.75% [source: IMF]
October 25, 2011 - 12.25% [source: IMF]
March 19, 2012 - 12.75% [source: Mongol Bank]
April 18, 2012 - 13.25% [source: Mongol Bank]
January 25, 2013 - 12.50% [source: Mongol Bank]
April 8, 2013 - 11.50% [source: Mongol Bank]
June 25, 2013 - 10.50% [source: Mongol Bank]
July 30, 2014 - 12.00% [source: Mongol Bank]
January 14, 2015 - 13.00% [source: Mongol Bank]
January 14, 2016 - 12.00% [source: Mongol Bank]
May 6, 2016 - 10.50% [source: Mongol Bank]
August 18, 2016 - 15.00% [source: Mongol Bank]
December 19, 2016 - 14.00% [source: Mongol Bank]
June 15, 2017 - 12.00% [source: Mongol Bank]
December 22, 2017 - 11.00% [source: Mongol Bank]
March 23, 2018 - 10.00% [source: Mongol Bank]
November 27, 2018 - 11.00% [source: Mongol Bank]
March 11, 2019 - 10.00% [source: Mongol Bank]
April 13, 2020 - 9.00% [source: Mongol Bank]
September 14, 2020 - 8.00% [source: Mongol Bank]
November 11, 2020 - 6.00% [source: Mongol Bank]
January 1, 2022 - 6.50% [source: Mongol Bank]
SOVEREIGN CREDIT RATING
| Moody’s |
Fitch |
S&P |
B3 – stable – 16 Mar 2021
B3 – negative – 8 May 2020
B3 – stable – 18 Jan 2018
Caa1 – stable – 30 Mar 2017
Caa1 – neg. watch – 15 Feb 2017
Caa1 – stable – 18 Nov 2016 |
B – stable – 9 Jul 2018
B- – positive – 17 Nov 2017
B- – stable – 22 Nov 2016
B – stable – 24 Nov 2015
B+ – negative – 13 Dec 2013 |
B – stable – 10 Nov 2018
B- – stable – 19 Aug 2016
B – stable – 03 Nov 2015
B+ – neg. – 29 Apr 2015 |
CURRENCY RATES – 12 January 2023
| Currency |
|
|
Rate |
| U.S. dollar |
USD |
|
3,459.76 |
| Euro |
EUR |
|
3,724.09 |
| Japanese yen |
JPY |
|
26.29 |
| British pound |
GBP |
|
4,203.09 |
| Hong Kong Dollar |
HKD |
|
442.84 |
| Russian ruble |
RUB |
|
51.02 |
| Chinese yuan |
CNY |
|
511.93 |
| South Korean won |
KRW |
|
2.78 |
|
