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ECONOMY
FOUR GOVERNMENT BONDS FULLY PAID OFF
The Government of Mongolia has issued nine bonds on the international stock market so far, namely “Chinggis-18,” “Chinggis-22,” “Dim Sam,” “Mazaalai,” “Khuraldai,” “Gerege,” “Nomad,” “Century-1,” “Century-2”.
According to the Bank of Mongolia, four of the government’s bonds have been completely paid off, and the remaining bonds have been partially paid.
Mongolia has managed to arrange a considerable amount of debt repayment that is due in 2023 at the beginning of this year. Specifically, the Government of Mongolia and the State Bank have issued a “Сentury-2” bond and successfully raised USD 650 million from investors. It allowed the government to refinance “Gerege,” which had to be repaid this year, and “Khuraldai,” which is due next year.
Moreover, the Government of Mongolia fully paid off the remaining payment of USD 132.6 million “Mazaalai” bond on April 6, 2021, and the outstanding USD 60 million payment of USD 250 million received from Credit Suisse Bank on March 15, 2021.
Source: Montsame
M2 MONEY SUPPLY INCREASES BY 6.4 PCT IN 2022
The National Statistics Office (NSO) gave a briefing on the social and economic statistics of Mongolia in 2022.
The money supply (M2) reached MNT 29.7 trillion at the end of December 2022, which increased by MNT 1.8 (6.4%) trillion compared to the same period of previous year. The main reasons for this increase were MNT 2.6 (2.1 times more) trillion increase in the current account in foreign currency and MNT 936.9 (23.6%) billion increase in time deposits in foreign currency.
At the end of December 2022, the money supply (M1) amounted to MNT 7.2 trillion, increased by MNT 1.3 (21.6%) trillion from the previous month and increased by MNT 691.9 (10.6%) billion from same period of the previous year. In money supply (M1), MNT 6.4 (88.5%) trillion was demand deposits and MNT 831.1 (11.5%) billion was the currency outside depository corporations.
Source: Montsame
PROGRAM TO STABILIZE ECONOMY AND SUPPORT EXPORTS TO BE DEVELOPED
On January 24, Speaker of Parliament G. Zandanshatar met with the leadership of the Bank of Mongolia (BoM).
He reminded that the main objective of the BoM should be to ensure the stability of the national currency and gave a direction to develop a program to stabilize the economy and support exports and present it at the spring session of parliament. In addition, he mentioned that it is possible to increase foreign exchange reserves, stabilize the exchange rate and further reduce inflation by supporting export and pointed out that BoM’s policies and programs of this year should focus on increasing export.
There are some promising changes in the world economic outlook. China announced sweeping changes to its restriction policy. With regard to this, BoM urgently needs to enhance its main economic forecasts for this year, and the Speaker emphasized that there is a need to limit the increase in prices.
Source: Montsame
NUMBER OF FOREIGN TOURISTS INCREASED BY 3.1 TIMES
The number of passengers crossing Mongolia's border reached 2016.2 thousand (double counting) in 2022. Compared to the previous year, the number of passengers increased by 1372.8 (3.1 times).
This increase was mainly due to the opening of the border crossing after the Covid-19 pandemic. The number of inbound passengers increased by 700.1 (1.5 times) compared to the 2020, but decreased by 4080.2 (66.9%) thousand from 2019. In 2022, 988.6 thousand passengers entered Mongolia. In terms of border points for all inbound passengers, 31.8% were crossed through Chinggis khaan, 20.1% were crossed through Altanbulag, 15.4% were crossed through Gashuun sukhait, 5.4% were crossed Zamiin-Uud, 3.7% were crossed Shiveekhuren, 3.5% were crossed through Bulgan, 20.1% were crossed through other border points. Out of the inbound passengers, 688.1 (69.6%) thousand were Mongolian citizens and 300.5 (30.4%) thousand were foreigners. In 2022, 300.5 thousand foreign passengers have entered, respectively increased by 261.3 (7.7 times) thousand.
Source: Montsame
MONGOLIA'S DEMOGRAPHIC SHIFT: NAVIGATING THE CONSEQUENCES OF SLOWING POPULATION GROWTH
In recent years, Mongolia's population growth has slowed significantly, with an average annual growth rate dropping from 2.2% between 2010 and 2020 to just 1.5% since 2020. This slowdown can largely be attributed to the COVID-19 pandemic and economic difficulties faced by the country.
While population growth is often seen as a positive indicator of a country's economic and social development, it's important to consider the potential negative consequences of rapid population growth.
Slower population growth can help to alleviate the strain on a country's resources and lead to environmental benefits, but it can also have implications for the labor force and economy.
One potential consequence of slower population growth is the need for a country to rely more on immigration to sustain its workforce and support economic growth. However, immigration can be a controversial issue, particularly if a country has a history of tension with its neighbors or a strong cultural identity that it wishes to preserve.
Source: Mongolia Weekly
MONGOLIA SPENT MNT 7.2 TRILLION FOR CHILD ALLOWANCE IN 2005-2023
The Ministry of Finance reported that Mongolia has been providing child benefits for 18 years from 2005 to 2023. The child allowance was first provided in 2005 at the rate of MNT 3,000 per month, and a total of MNT 7.2 trillion was spent during the 18 years from 2005 to 2023.
Percentage of children aged 0-18 who are covered by allowance:
- 34% in 2005
- 70% in 2006
- 100% 2007- June, 2016
- 60% from July, 2016
- 100% in 2017
- 60% until March, 2018
- 80% from April, 2018
- 80% in 2019
- 100% in 2020-2022
- 91% in 2023
Amount of child allowance:
- MNT 3,000 per month from 2005 until half of 2007
- MNT 25000 per quarter from July, 2007 to September, 2012
- MNT 20,000 every month from October, 2012 to the end of 2019
- MNT 100,000 every month in 2020-2022
- MNT 100,000 will be spent on child allowances every month in 2023.
Source: GoGo News
MONGOLIAN SHEEP SHEARERS SHARE IN EXPERIENCE - EDITORIAL
A gang of Mongolian sheep farmers 12,000 kilometres from home are on a Kiwi exchange that has the potential to radically change their lives.
Budee, Baasca, Ama and Ahanda are from a long line of nomadic farmers that tend to their flock in one of the coldest regions on earth in winter - as they had done for thousands of years - shearing their sheep with a pair of scissors.
A chance meeting with a New Zealand bank manager on holiday in Mongolia had led to the quartet travelling to New Zealand on a shearing sojourn, arriving three weeks ago to work a summer, staying in Piopio.
By the time they go home in April, instead of getting through 30 sheep a day they’ll be crutching close to that amount in an hour.
Source: The New Zealand Herald
AN APP FILLS THIS PUBLIC TRANSPORT GAP - EDITORIAL
Lkhamjav Tsagaan’s cane is an extension of himself — having grappled with reduced mobility since childhood, he has learned to treat it so. One of the most difficult days in Lkhamjav’s life was when, while alighting from a public bus, his cane snapped. “Walking home that day with a broken cane from the bus stop was the hardest and longest road I have ever walked in my life,” he says. “I have never gotten on the bus since then.”
There are 94,800 people of working age with disabilities in Mongolia, according to a 2017 survey conducted by the National Statistics Office of Mongolia. Just over a quarter — 27.8% — were employed at the time. Many find it difficult to work outside their homes because they say Mongolia’s infrastructure — in particular, public transport and buildings — does not typically cater to people with physical disabilities or allow them to go about their lives with dignity.
Source: Global Press Journal
MINING INSIGHT: EXPLORING FOR THE FUTURE - EDITORIAL
In recent years, geologists and miners, as well as business and political groups, have been hoping for only one thing from the ministers assigned to the mining sector: a solution to remove the shackles that have been holding the sector in one place for over a decade and to put it on the path of development.
Every new minister was brought in with the hope that an experienced politician would be able to find a reason when he became a minister. Mining ministers are greeted with piles of “kitchen” tasks that take up their time and energy, starting with issues such as gasoline supply and pricing, problems that cannot be put off until tomorrow, customs issues that delay exports, and port congestion. It seems that it requires many skills and sensibility beyond that of a mere politician to grasp the problem of pushing the development of the industry forward, find a solution, and implement it without getting stuck in the swamp of daily tasks.
Source: Mining Insight
POLITICS
PWC: WITH THIS TAX AND LEGAL ALERT, WE PRESENT YOU SOME OF THE MAIN AMENDMENTS AND CHANGES MADE TO THE TAX LEGAL ENVIRONMENTS APPROVED BY THE PARLIAMENT OF MONGOLIA EFFECTIVE 2023
The purpose and main outcomes of these amendments and changes in the tax legal environment can be summarised as follows:
- Provide tax policy supports on movement of factories and warehouses from Ulaanbaatar to rural areas, creation of new assets in rural areas, and hiring new employees in rural areas;
- Provide tax policy supports for investment funds, start-up companies producing innovative products, works, and services, heat and electricity generation projects, and initial public offerings of shares on foreign and domestic stock exchanges;
- Introduction of progressive Personal Income Tax rates for the employment income;
- Enhance information exchange system of tax authorities, expansion of information collected in the integrated database of tax registration and information; and
- Establishment of legal framework for asset valuation for tax purposes.
Amendments:
- Amendments and changes to the Corporate Income Tax (CIT) Law
- Changes and amendments made to the Personal Income Tax Law (PIT) effective 2023, employment income taxes will be taxed at progressive rate:
- …
Source: PwC
View the Tax and Legal Alert in English or in Mongolian
MONGOLIA CALLS ON RIO TINTO TO KEEP BUDGET FOR GIANT COPPER MINE IN CHECK
Mongolia has asked Rio Tinto, its partner in the huge Oyu Tolgoi copper and gold mine in the Gobi desert, not to further increase its estimated $7.06 billion budget for the project's expansion, its mining minister told Reuters.
The two partners have only just ended a long-running tussle over the underground expansion of the mine, which is behind schedule and over budget, with Rio last year agreeing to waive $2.4 billion in debt owed to it by the government and commit to a structure that did not require additional loan financing.
Costs to expand the facility have ballooned from an original estimate of $5.3 billion in 2016, raising friction over funding.
"The government has asked Rio Tinto to not increase the budget," J. Ganbaatar, the minister for mining and heavy industries, told Reuters on Jan. 16 in a video interview. Rio Tinto declined to comment.
Source: Reuters
AMBASSADOR BUANGAN ADDRESSES AMCHAM MONGOLIA ON PROMOTING THIRD NEIGHBOR POLICY
U.S. Ambassador Richard Buangan addressed the January Monthly Meeting of AmCham Mongolia today to discuss Mongolia’s third neighbor policy and investment climate, alongside Member of Parliament D. Tsogtbaatar and Chairperson of the Board of AmCham Mongolia, Gary Biondo. Ambassador Buangan reflected on U.S. engagements in Mongolia in 2022, bluntly noting concern for non-transparent legislative processes and that Mongolia’s investment climate remains “unattractive for investors and challenging for importers and exporters.” However, he also encouraged attendees to make 2023 the year of the U.S.-Mongolia relationship and, with regards to the third neighbor policy, Ambassador Buangan expressed understanding about Mongolia’s geopolitical challenges.
“When faced with decisions to deal with its neighbors, we want to ensure that Mongolia can make choices from a position of strength,” said Ambassador Buangan. “That is the underlying purpose of our interest in strengthening Mongolia’s democratic institutions, enhancing its national sovereignty, and diversifying the Mongolian economy.”
Complete text of his remarks as prepared follows here.
Source: U.S. Embassy in Mongolia
DEPUTY PRIME MINISTER MET WITH HIS BRITISH COUNTERPART
On the occasion of the 60th anniversary of the establishment of diplomatic relations between Mongolia and the United Kingdom, Deputy Prime Minister S. Amarsaikhan, who is paying a working visit to the UK, met with Deputy Prime Minister and Secretary of State for Justice of the UK Dominic Raab and discussed bilateral relations and cooperation on January 26.
During the meeting, Deputy PM S. Amarsaikhan said that Mongolia attaches great importance to relations and cooperation with the UK as part of its Third Neighbor Policy and expressed readiness to support any initiative of the UK to intensify trade and economic relations. In addition, he expressed gratitude for the UK government’s decision to launch a new Developing Countries Trading Scheme (DCTS) and include Mongolia in its Extended Program.
The Deputy PM requested to cooperate in implementing the long-term social and economic development policy of Mongolia, especially the “New Recovery Policy” approved by the government, and to receive funding from the UK for the implementation of the “Smart City” project in this context.
Source: Montsame
See also: Photo exhibition and stamp opening held commemorating anniversary of diplomatic relations between Mongolia and Great Britain
Concert to Celebrate The 60th Anniversary of Diplomatic Relations Between Mongolia and The United Kingdom Held in London
STRENGTHENING U.S. OPEN SKIES CIVIL AVIATION PARTNERSHIPS
On January 24 in Washington, D.C., Deputy Assistant Secretary of the U.S. Department of State’s Bureau of Economic and Business Affairs Richard T. Yoneoka and Mongolian State Secretary of the Ministry of Road and Transport Development Batbold Sandagdorj signed a Memorandum of Consultations (MOC) finalizing an Air Transport Agreement between the Government of the United States and the Government of Mongolia – the first bilateral air transport agreement negotiated by the two countries. The MOC acknowledges that the aeronautical authorities of the countries intend to apply the agreement on the basis of comity and reciprocity pending its entry into force.
The Agreement establishes a modern civil aviation relationship with Mongolia consistent with U.S. Open Skies international aviation policy. It includes unrestricted capacity and frequency of services, open route rights, a liberal charter regime, and open code-sharing opportunities. After both countries complete their internal procedures, the Agreement will be signed and brought into force.
Source: U.S. Embassy in Mongolia
CUSTOMS DUTY ON AI-92 GASOLINE REMOVED UNTIL END OF YEAR, ANTI-CORRUPTION WORKING GROUP FORMED
At its regular meeting on January 25, the Cabinet made the following decisions:
• The new structure of the National Committee for preparation for the Olympics was approved
• A working group was established to develop proposals and conclusions for the implementation of anti-corruption work
• The Cabinet decided to set the rate of customs duty on imported 92 octane gasoline at 0 percent from January 30, 2023, to January 1, 2024
• Conclusions and recommendations for a bill to amend the Law on budget, initiated and drafted by the member of State Great Khural G. Temuulen were discussed at the Cabinet meeting and the Cabinet decided to convey some of them to the bill initiator.
• After discussing and supporting the draft agreement between the Government of Mongolia and the Government of the Republic of Maldives on the mutual exemption from visa requirements for holders of diplomatic, official, and ordinary passports
Source: Montsame
HEARING RELATED TO DEVELOPMENT BANK CONTINUES FOR FIFTH DAY
The hearing of the ad hoc committee to review the progress and status of projects and programs financed by the Development Bank of Mongolia continues for the fifth day at the Parliament House. /20.01.2023/
In today's hearing, 77 witnesses have been called in relevance with 12 loans financed by the Development Bank. The information of the companies invited to the hearing will be analyzed in the following order. It includes:
- Selenge Hereford LLC
- Eznis Airways LLC
- Pyramid Ord LLC
- Sod Mongolian Group LLC
- Songould LLC
- Tugeemel Tumen Khishigten LLC
- Central Geological Laboratory SOE
- Mongol micron cashmere LLC
- Komplant Ltd
- Max Road LLC
- Monpolymet LLC
- Petroleum Production LLC
The hearing is held within the theme “Status of loans financed by the Development Bank, taking witness statements from loan granting officers, borrowers and related parties, hearing the opinions and information of auditors and experts on the status of loan utilization and spending”.
Source: GoGo News
RUSSIANS ESCAPING PUTIN’S WAR FACE TOUGH SANCTUARY IN MONGOLIA - EDITORIAL
When Vladimir Putin on December 22 announced his plan to expand the size of the Russian Army by around a third, Mongolia braced for the next wave of Russians fleeing conscription and the prospect of fighting in Ukraine.
Putin’s war has driven large numbers of Russians, particularly those of military age, to flee to the handful of countries where Russians do not need visas. Those countries include Mongolia. Once there, however, those who have sought sanctuary find that it is not only the predictable issues of language and culture that pose difficulties. For a start, they find that their Russian bank cards do not work. Then there’s the not so small matter of earning a living. Most of the Russians are unable to find jobs in Mongolia, a small, developing nation, with an average salary of around $400 per month.
Source: bne IntelliNews
COUNTERING CCP HEGEMONY: XI’S BELT AND ROAD GAMBIT AND MONGOLIA’S FIGHT TO BE FREE–COMMITTEE ON THE PRESENT DANGER: CHINA - VIDEO
The Chinese Communist Party plans dominate the world with its colonial infrastructure build-out program: Belt-and-Road Initiative (BRI). To date, over 140 nations have yielded to the seductive debt-trap financing, bribes, or coercive inducements Beijing employs, including Mongolia.
In the forum at 1:00 p.m. on Jan. 26, held by the Captive Nations Coalition of the Committee on the Present Danger: China, former President of Mongolia Tsakhiagiin Elbegdorj (2009-2017) and Enes Kanter Freedom, former NBA star and human rights champion, Dr. Bradley Thayer, Director for China Policy, Center for Security Policy, and Se Hoon Kim, Director of the Captive Nations Coalition of the Committee on the Present Danger: China will talk about Mongolian people and how to counter CCP hegemony.
Frank Gaffney: Vice Chairman of Committee on the Present Danger: China; Executive Chairman, Center for Security Policy, will host the forum.
The Epoch Times will livestream the event.
Source: The Epoch Times (soft-walled)
MONGOLIAN GOVERNMENT UNDER PRESSURE AS FOREIGN POLICY OPTIONS SQUEEZED BY RUSSIA’S INVASION OF UKRAINE – ANALYSIS
Mongolia’s domestic party politics, international relations and economy faced challenges in 2022. The Mongolian People’s Party (MPP) wrestled with how to govern despite having a supermajority in Mongolia’s parliament, the State Great Khural, and how to position itself vis-a-vis Moscow following Russia’s invasion of Ukraine. The government staked its fiscal fortunes on reviving coal exports to China but faced protests on corruption allegations linked to a state-owned coal mining company.
The difficulties of governing with a supermajority in Mongolia appear to be an open question. The electoral triumph of the MPP in Mongolia’s parliamentary and presidential elections in 2020 and 2021 respectively, raised concerns about the potential for democratic backsliding.
There were questions about whether the MPP would revert to its former single-party ruling status and threaten Mongolia’s democracy. Yet developments in 2022 suggest that the party is unexpectedly struggling with how to make a supermajority work.
Source: Eurasia Review, The Asia Times
CODE OF ETHICS FOR MEDICAL PROFESSIONALS OMITS ACCOUNTABILITY PROVISIONS - EDITORIAL
Only a few years ago, doctors openly said, “Go to this pharmacy to get this medicine. You can buy it by simply saying my name.” Some used to write the phone number and address of the pharmacy on a piece of paper, and say, “Take it and get medicine from this pharmacy only.”
In fact, although this situation has disappeared, their “tricks” have narrowed. When visiting a private hospital for a consultation, they put informational materials in front of customers to “promote” newly introduced drugs and medicines. They humbly advertise, “The price of this drug is a bit high, but this is more effective. Only this organization imports it.” People believe that doctors are good and tell the truth, so they only think about taking the medicine or injection recommended by doctors. Therefore, it is no secret that the business of medicine is flourishing and eventually became a pyramid scheme.
Source: The UB Post
PARLIAMENT APPROVES LAW IN A FEW DAYS AND UNDERMINES FREEDOM OF SPEECH! - EDITORIAL
On January 20, Parliament adopted a new Law on Protection of Human Rights on Social Media, which will come into force on February 1.
What concerns everyone except for the Mongolian People’s Party members and supporters is that this whole new law was not in the knowledge of the public until January 17, yet it’s already adopted and will become effective shortly.
The opposition, the Democratic Party (DP), left the parliamentary plenary session and decided not to be a part of illegitimate lawmaking. The leader of DP caucus in Parliament requested Speaker of Parliament G.Zandanshatar for an adjournment for five days, however, the speaker allowed the adjournment only until noon on the same day.
Minister of Digital Development and Communications N.Uchral posted on his Facebook page on January 16, “I believe that it is right to have a law to protect human rights on social media.”
Source: The UB Post
See also: Law on Protecting Human Rights on Social Media approved immediately
Mongolian government accused of rushing through veiled law that dismantles freedom of speech
New Mongolian law on social media threatens free speech
MONGOLIA VOWS TO CLEAN UP COAL TRADE AFTER FURY OVER CHINA DEALS - EDITORIAL
Last month, protestors stormed the Mongolian capital to denounce corruption in the country’s coal trade. Now the government says it has a solution to put a stop to years of shady business deals.
Starting next month, Erdenes-Tavantolgoi JSC — the country’s largest state-owned coal miner — will cease signing direct sales contracts with buyers in neighbouring China, which last year purchased 84 percent of Mongolia’s total exports. Instead, the company’s coal will be auctioned on the Mongolian Stock Exchange.
The move to sell coal contracts through the exchange comes in response to large-scale protests against corruption in Ulaanbaatar in December, triggered by allegations of widespread fraud in the coal industry.
Erdenes-Tavantolgoi JSC was at the centre of the allegations — its chief executive Gankhuyag Battulga and several associates as well as family members have been arrested and await trial, accused of embezzling billions of dollars in coal revenue. Authorities say the auctions will improve transparency and ultimately net higher returns for the state.
Source: Al Jazeera
See also: Opportunities for Chinese Companies in Coal Trade Discussed
First Delivery of the Online Traded Coal Conducted
BUSINESS
JOINT BUSINESS FORUMS WITH QATAR AND KUWAIT TO BE HELD
The leadership of the Mongolian National Chamber of Commerce and Industry had an online meeting with Ambassador of Mongolia to Kuwait P. Sergelen. They exchanged views on organizing joint business forums in Qatar and Kuwait.
Qatar and Kuwait have strong economies based on their rich oil reserves. It is highly possible to export meat, wool, cashmere, and pine nuts from Mongolia and to develop tourism between Mongolia, Qatar, and Kuwait.
The business forum with Qatar is scheduled on March 6, and with Kuwait on March 9 in advance. The sides intend to organize a joint business forum on a broader scale, involving meat, wool, cashmere, and tourism enterprises of Mongolia, Qatar, and Kuwait. With regard to this, the Embassies and the Chambers of Commerce and Industry of these three countries will cooperate.
This year marks the 25th anniversary of the establishment of Mongolia-Qatar diplomatic relations.
Source: Montsame
MSE RENEWS TOP 20 INDEX COMPOSITION
In accordance with the “Regulation on Securities Price Index Calculation” of the Mongolian Stock Exchange, the composition of the TOP-20 index has been renewed as the following for the year 2023 based on the performance of the stocks in 2022.
15 stocks have remained as component security, while "LendMN NBFI" JSC, "Makhimpex" JSC, "B D Sec" JSC, "Darkhan nekhii" JSC and "Talkh-Chikher" JSC has been removed from the index. The new constituent to the index composition includes "State Bank" JSC, "Central Express CVS" JSC, "Bogd bank" JSC, "Golomt Bank" JSC and "Sendly NBFI" JSC.
Source: MSE
BELL CEREMONY WAS ORGANIZED FOR THE PRIMARY MARKET OF “SENDLY BOND”
The ringing of the bell ceremony organized and started the primary market for the “Sendly Bond,” offered publicly by the “Sendly NBFI” JSC.
The primary market for the “Sendly Bond” issued by “Sendly NBFI” JSC began on January 25, and the ringing of the bell ceremony for this issuance has been organized at Mongolian Stock Exchange.
According to the securities prospectus, 85,000 bonds with a nominal value of 100,000 MNT each, an 18-month term, and a 19.2% annual interest rate will be offered to the public, and 8.5 billion MNT will be collected.
Khash-Erdene, Chief of the Business Development Department of the Mongolian Stock Exchange, opened and said, “We are going to open the 6892nd trading session of the Mongolian Stock Exchange. The trading of this bond offered to the primary market by “Sendly NBFI” JSC will be accepted through the IPO system of the Mongolian Stock Exchange starting today and ending on January 31 between 10:00 and 17:00.
Source: Montsame, MSE
MIAT TO START REGULAR FLIGHTS TO BEIJING
MIAT SEC will start regular flights to Beijing, China from January 30.
The flight will be made every Monday and Friday, and the ticket price starts from MNT 1,208,000 for round trip.
Source: GoGo News
KT CORP. TO IMPORT RARE EARTH MATERIALS FROM MONGOLIA
KT will expand business cooperation with the Mongolian government to secure mineral resources including rare earth elements to be imported to Korea, according to the company, Thursday.
The company signed a strategic partnership with the Mongolian government to help realize the country's digitalization. The government, which announced its New Growth Policy for the country's economic development in 2021, is pushing for digitalization of all industries.
First, KT and the Mongolian government signed a memorandum of understanding to supply mineral resources in Korea. Mongolia produces more than 80 kinds of mineral resources including copper, fluorite, gold, iron, zinc and rare earths, accounting for 16 percent of the world's reserves.
The company expects this strategic partnership will contribute not only to Mongolia's industrial development, but also to the growth of the future value industry here.
Specific measures on supplying the resources will be provided after the discussion.
Source: The Korea Times, The Korea Herald
LEXUS OPENS ITS FIRST DEALERSHIP IN MONGOLIA
The opening ceremony of the Lexus brand, which is the luxury vehicle division of the Japanese automaker Toyota, in Mongolia was held successfully on January 19 at the Zaisan Hill Complex.
The Lexus brand is sold in more than 100 countries worldwide. Thus, the company expanded its scope and selected Mongolia as the next dealership country. From now on, Mongolian customers can buy cars and spare parts, and get maintenance services through Lexus official dealer.
During the opening ceremony, noting their commitment to making every customer's moment with the Lexus brand valuable and memorable, Executive Director of “Toyota Sales Mongolia” LLC Yasuo Ouchi expressed his excitement about the opportunity to make Lexus even closer to Mongolians.
Mitsuhiro Amo, East Asia & Oceania Div. (General Manager) of Toyota Motor Corporation, Hiroo Togashi, the general manager of Lexus Global Brand Management, Kikuma Shigeru, Deputy Ambassador Extraordinary and Plenipotentiary of Japan to Mongolia took part in the opening ceremony.
Source: Montsame
THE HIGHEST PRICE FOR ADULT CATTLE WAS MNT 1.8 MILLION IN ULAANBAATAR
According to the report on the average market price of livestock in December 2022, the average price of the castrated camel was MNT 1.4 million, which increased by MNT 37.7 thousand, and the average price of cattle was MNT 1.4 million, which increased by MNT 21.9 thousand compared to the same period of the previous year.
The average price of gelding was MNT 1.1 million, which decreased by MNT 10.5 thousand, the average price of wether sheep was MNT 192.0 thousand, which decreased by MNT 15.9 thousand and the average price of wether goat was MNT 135.9 thousand, which decreased by MNT 14.7 thousand compared to the same period of the previous year.
The highest average cattle price was in Ulaanbaatar at MNT 1.8 million in December 2022, whereas the lowest was in Bayan-Ulgii aimag at MNT 810.0 thousand.
Source: Montsame
FIRST 2023 MEETING OF THE FRC HELD
The regular meeting of the Financial Regulation Commission (FRC), was held on 13 January 2023. By amendments to the Law on Combating Money Laundering and Terrorism Financing (approved by Parliament) defined -virtual asset service providers and moneylenders as reporting entities. In connection, the revised draft of "On-Site Inspection Procedures" was approved at the meeting in order to compliance of remote and on-site inspection procedures with relevant legislation, improve the implementation and effectiveness of regulations, to clarify the requirements of reports, improve the responsibilities of reporting entities.
Within the framework of issuing licenses for activities in regulated sectors:
Source: FRC
KINCORA COPPER STARTS DRILLING PROGRAM AT BRONZE FOX PROJECT IN MONGOLIA - VIDEO
Kincora Copper President and CEO Sam Spring skyped into Proactive Investors Vancouver to bring news the company is drilling on their project in Mongolia. Spring saying it is an aggressive program with multiple rigs going 18,000 metres.
Spring talks about the targets for their drills and the scope of the project.
Source: Proactive Investors
M.GANMURUN: BUSINESSES CAN ACHIEVE DRAMATIC GROWTH THROUGH “AGGRESSIVE” DIGITAL TRANSFORMATION - INTERVIEW
Mongolian Economy spoke with Munkhbaatar Ganmurun, a Manager in the Business Strategy Consulting Unit at NTT Data Institute of Management Consulting, Inc, about what are the key steps of digital transformation, what is important in developing your business strategy and what is it like to work in Japan.
-Could you briefly introduce yourself to our readers?
-Hello, my name is M.Ganmurun. I came to Japan in 2007 and I got my bachelor’s degree from Tohoku University. From 2014 to 2017, I worked as a business strategy analyst for Accenture Japan Ltd.,
At the moment, I am working as a manager in the Business Strategy Consulting Unit at NTT Data Institute of Management Consulting, Inc, which is a Japanese consulting firm. Here, I have been involved in strategy and business consulting projects such as Business Strategy Planning, New Business Development, Company-Wide Digital Transformation and Value Chain Optimization across multiple industries including telecommunications, automotive and retail.
Source: Mongolian Economy
THE VIEW FROM MONGOLIA: HELPING TO TRAIN A NATION’S TEACHERS - EDITORIAL
The head of the British School of Ulaanbaatar explains how his staff have been working with local teachers in the state education system to improve standards in the teaching of English
In Mongolia, where we at the British School of Ulaanbaatar (BSU) are privileged to be based, there is widespread concern about the standards of teaching and learning English in national schools.
Specifically, officials in Mongolia are worried that commonly used methods of teaching are didactic and outdated.
For example, within Ulaanbaatar, the capital city, the average level of competence among teachers of English is A2-B1 level, with a drop in more remote locations. There is also a difference in the quality of provision between fee-paying and national schools.
As a result, children are not learning the English skills that they themselves, their teachers and the government hope to see, and, given the direct link between high-quality English and job opportunities both at home and aboard, the problem is viewed as a national crisis.
Source: tes.com
GLOBAL AND REGIONAL NEWS
DAVOS 2023: 5 TAKEAWAYS FROM AN ASIAN PERSPECTIVE
The annual meeting of the World Economic Forum that concluded on Friday was notable in the growing presence of Asian players.
The five-day session was held in-person in its traditional January slot for the first time in three years, bringing thousands of public and private-sector leaders to this small Swiss town.
In this typically Eurocentric gathering that touched on a wide-ranging topics from the war in Ukraine, supply chains to gender inequality, Asian business leaders offered deep insights into various issues.
Nikkei Asia has selected five key takeaways from an Asian perspective.
Source: Nikkei Asia
U.S. GDP ROSE 2.9 PCT IN Q4, MORE THAN EXPECTED EVEN AS RECESSION FEARS LOOM
The U.S. economy finished 2022 in solid shape even as questions persist over whether growth will turn negative in the year ahead. Fourth-quarter gross domestic product, the sum of all goods and services produced for the October-to-December period, rose at a 2.9% annualized pace, the Commerce Department reported Thursday. Economists surveyed by Dow Jones had expected a reading of 2.8%. The growth rate was slightly slower than the 3.2% pace in the third quarter. Stocks turned mixed following the report while Treasury yields were mostly higher. Consumer spending, which accounts for about 68% of GDP, increased 2.1% for the period, down slightly from 2.3% in the previous period but still positive. Inflation readings moved considerably lower to end the year after hitting 41-year highs in the summer. The personal consumption expenditures price index increased 3.2%, in line with expectations but down sharply from 4.8% in the third quarter. Source: CNBC
HERE'S WHY CHINA'S POPULATION DROPPED FOR THE FIRST TIME IN DECADES
China has recorded its first population decline in decades in what some experts have called a "sea change" for a country intent on growing its economy and increasing its birth rate.
According to data published Tuesday by the National Bureau of Statistics of China, the population of mainland China was 1.411 billion people at the end of 2022, a decrease of 850,000 over the previous year.
Stuart Gietel-Basten, a professor of social science at Hong Kong University of Science and Technology and Khalifa University in Abu Dhabi, told NPR's Morning Edition that the shrinkage could complicate China's plans for continued economic expansion.
"The era of rapid growth, double-digit growth, of cheap labor, of a younger labor force – that era is now really at a close," Gietel-Basten said.
Long the world's most populous country, China could soon see its population surpassed by fast-growing India. In 2022, according to U.N. data, India had a population of 1.4066 billion, just trailing China's 1.4485 billion
Source: NPR
AUSTRALIA'S BUMPER WHEAT CROP CUTS PRICES FOR HUNGRY ASIAN MARKETS
What looks to be a record-breaking year for wheat production in Australia has brought down international prices driven up by poor weather and the war in Ukraine, drawing attention from China and other Asian buyers.
The U.S. Department of Agriculture expects Australia to produce 36.6 million tonnes of wheat in its 2022-23 marketing year, an all-time high. After a smooth planting season, growing areas have received plentiful rain. Concerns that heavy rainfall during the harvest season might affect quality did not change the USDA's forecast.
High wheat prices were a driver of last year's soaring inflation in many countries, prompting warnings of a global food crisis. Now, market pressures are easing.
Much of Australia's wheat goes to Asia, which accounts for one-quarter of global wheat imports, and particularly China, the region's top consumer of the grain.
Source: Nikkei Asia
GLOBAL REFINED COPPER MARKET SWINGS TO 89,000 DEFICIT IN NOV - ICSG
The world’s refined copper market saw a 89,000 tonne deficit in November, compared with a surplus of 68,000 tonnes in October, the International Copper Study Group (ICSG) said in its latest monthly bulletin.
World refined copper output in November was 2.2 million tonnes, while consumption was 2.3 million tonnes.
For the first eleven months of 2022, the market was in a 384,000 tonne deficit compared with a 381,000 tonne deficit in the same period a year earlier, the ICSG said on Friday.
Source: Reuters
OVER CAD 13 BILLION SPENT ON MINERAL PRODUCTION IN 2022 IN BRITISH COLUMBIA, SAYS PREMIER
British Columbia had record spending on mineral exploration in 2022 and there are eight new mines or mine expansions in the queue, Premier David Eby said Monday at the opening of the Association of Mineral Exploration (AME) Roundup conference in Vancouver.
Eby said there was C$740 million spent in mineral exploration in B.C. in 2022 – a record – and mineral production in B.C. is also expected to be a record: C$18.2 billion ($13.6bn).
That’s a C$4.3 billion increase over 2021. That increase in value over 2021 was largely due to high metallurgical coal prices, said Gordon Clarke of the BC Geological Survey’s development office. Steelmaking coal prices hit a high of $670 per tonne last year, and remains relatively high at close to $300 per tonne.
B.C. has seven operating metallurgical coal mines.
Eby said there was an 84% increase in copper exploration in 2022, much of that concentrated in northwest B.C. in the so-called Golden Triangle.
Source: Mining.com
JAPAN TO REMOVE LIMIT ON OVERSEAS INVESTMENT BY STARTUP FUNDS
Japan intends to scrap a key restriction on overseas investments by domestic venture funds dedicated to backing startups, a move intended to attract more foreign investors into the sector.
Domestic startup funds currently must limit investment in foreign companies to less than 50% of their portfolio holdings. Ending this restriction would allow more flexibility in choosing investment targets, encouraging overseas money to flow into such Japanese funds.
The planned deregulation applies to startup funds that take the form of limited partnerships, a common method tapped by venture capital to curb risk exposure. Investors participating as limited partners are not required to take on risk beyond their investment. The arrangement not only provides an easy way for investors to supply money, but also is suited for collecting small amounts from a wide range of investors.
The requirement for limited partnerships in Japan to invest at least 50% domestically hampers foreign investors that see Asia as a whole as a target.
Source: Nikkei Asia
INDONESIA TO SET COAL POWER PLANTS EMISSION QUOTAS THIS MONTH
Indonesia aims to issue emission quotas for some coal-fired power plants within this month as a first step towards creating a mechanism for domestic carbon trading, energy officials said on Tuesday.
Among the world's biggest green house gas emitters, Indonesia last year set a more ambitious target for reducing carbon emission by 31.89% on its own or 43.2% with international support, by 2030.
That compared to its 2015 Paris Agreement pledge to cut emissions by 29% or 41% with international help.
"The quota will be set the latest by January 31. After obtaining the quota, business players are required to carry out carbon trading," said energy ministry official Mohamad Priharto Dwinugroho.
The first phase of carbon trade will cover coal power plants with minimum 100 megawatt capacity that are directly connected to power grids owned by state utility Perusahaan Listrik Negara (PLN), according to Dadan Kusdiana, a senior ministry official.
Source: Reuters
See also: Indonesia's geothermal plants billow with foreign investments
OPEC DEVELOPMENT FUND RAISES USD 1 BILLION WITH FIRST BOND
The OPEC Fund for International Development, a development institution established by the Organization of the Petroleum Exporting Countries' member governments nearly 50 years ago, has raised $1 billion by selling its first ever bond.
With the money earmarked for food security, healthcare, infrastructure, education, employment and renewable energy projects, the three-year bond which will pay investors an interest rate of 4.5%, will also be classed as a 'sustainable development' bond.
It is a label that has a growing appeal for investors increasingly looking to use their resources in more environmentally and socially-beneficial ways.
The OPEC Fund's Head of Funding, Martine Mills Jansen, said said that central banks from the Middle East, Europe and Asia and other types of "official" institutions, including from the United States, accounted for 62% of the bond's buyers.
Commercial banks made up another 19%, asset managers and insurance and pension funds accounted for almost all the rest.
Source: Reuters
SOUTH KOREA, JAPAN, CHINA GRIPPED BY COLDEST SNAP OF SEASON
Northeast Asia is in the grip of an unusually cold snap, with the mercury plummeting in the two Koreas, Japan and China to the lowest levels in around a decade.
South Korea's Meteorological Administration issued a special cold wave warning on Tuesday morning, alerting people to the potential danger of the freeze. Temperatures dropped as low as minus 16 C in Seoul and minus 25 C in Cheorwon County, near the North Korean border.
Jeju Island, a popular holiday resort, was hit by strong winds and a blizzard. Flights were canceled, stranding about 30,000 people visiting over the Lunar New Year break.
Prime Minister Han Duck-soo on Sunday requested government agencies to take measures to prevent accidents and provide weather information.
In North Korea, temperatures in northern inland regions are expected to fall to about minus 30 C. Forecasts have described the weather as the "severest cold since 2001," and state TV has been urging people to take precautions since Saturday.
Source: Nikkei Asia
CHINA TROUNCES U.S. IN AI RESEARCH OUTPUT AND QUALITY - EDITORIAL
China is the undisputed champion in artificial intelligence research papers, a Nikkei study shows, far surpassing the U.S. in both quantity and quality.
Tencent Holdings, Alibaba Group Holding and Huawei Technologies are among the top 10 companies producing AI research, according to the study. The Chinese contingent is steadily gaining representation in an area dominated by U.S. players.
AI research often leads to real-world applications, and both American and Chinese companies have gone all in on AI research and development. In light of the stark disparities between the two sides, the AI space is gearing up to become a fiercely fought battleground.
Nikkei worked with Dutch scientific publisher Elsevier to review academic and conference papers on AI, using 800 or so AI-associated keywords to narrow down the papers.
Looking at quantity, the number of AI papers exploded from about 25,000 in 2012 to roughly 135,000 in 2021. This mirrors the AI boom that began around 2012, when deep learning came to the fore.
Source: Nikkei Asia
See also: China steps up approvals for foreign financial companies
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 – 26 January 2023
| Currency |
|
|
Rate |
| U.S. dollar |
USD |
|
3,483.50 |
| Euro |
EUR |
|
3,803.98 |
| Japanese yen |
JPY |
|
26.91 |
| British pound |
GBP |
|
4,322.68 |
| Hong Kong Dollar |
HKD |
|
444.76 |
| Russian ruble |
RUB |
|
50.26 |
| Chinese yuan |
CNY |
|
513.45 |
| South Korean won |
KRW |
|
2.83 |
|
