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BCM HIGHLIGHT
ANNUAL INVESTMENT MEETING 2023 (AIM), 8-10 MAY 2023 AT ADNEC IN ABU DHABI, UNITED ARAB EMIRATES
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ECONOMY
INFLATION SLOWS TO 12.3 PCT IN JANUARY
Mongolia's annual inflation rate fell to 12.3 percent in January from 13.2 percent in December 2022, the country's National Statistics Office said on Wednesday.
The inflation rate in Mongolia peaked at 16.1 percent last June due to higher prices for imports. The figure has been gradually decreasing ever since.
There are 410 items in the landlocked country's consumer goods and services basket. More than half of them are imported, according to the statistical agency.
The Asian country has aimed at reducing its inflation rate to a single digit by the end of this year.
Source: Xinhua
FOREIGN TRADE TURNOVER UP 61 PCT IN JANUARY Y/Y
Mongolia's foreign trade turnover increased by 61.1 percent year on year to over 1.76 billion U.S. dollars in January, official data released by the Mongolian Customs General Administration showed Tuesday.
The Asian country registered a surplus in foreign trade balance as exports exceeded imports by around 389.7 million dollars, said the administration.
Mining products accounted for 81.2 percent of the mineral-rich country's total exports in January, it added.
Source: Xinhua, Montsame
MONGOLIA PLANS TO PUT NEW BORDER RAILWAYS INTO OPERATION IN JUL 2023
Mongolia targets to put the 15-20 km railways between Shiveehuren-Ceke and Bichigt- Zhuengadabuqi ports into operation in July 2023 and is expected to deliver 250,000-300,000 tonnes of cargoes through the new lines by the end of the year, Mongolian media reported.
Mongolian government has assigned the task of negotiating with the Chinese side to make a detailed agreement on the technical conditions and construction of the cross-border railway to Mongolian Railway.
The rail company is preparing for negotiations in February, media reported.
The construction work continues to intensifying. Chinese side needs to build 800 meters of railway to Shiveehuren port and 3 kilometers to Bichigt, while Mongolia has to construct 7 km to Bichigt and 13 km to Shiveehuren, P. Gankhyu, Executive Director of Mongolian Railway said in a press release.
Source: sxcoal.com
CHINA'S MANDULA BORDER PORT IMPORTS 1ST BATCH OF RAIL-TO-ROAD MONGOLIAN COAL
China's Mandula border crossing cleared customs of 609.6 tonnes of coal imported from Mongolia's Tavan Tolgoi coal mine through the railway-road combined shipments on February 6, marking the first batch of shipment through Zuunbayan-Khangi line after it was completed on November 25 last year, state-media CCTV reported.
Located in the north of Damao Banner in Inner Mongolia, Mandula border port connects Hangji port in East Gobi province in Mongolia. In November 2015, with the approval of the State Council, the border port was officially expanded to a bilateral year-round passenger and cargo transport port.
To expand the customs clearance capacity through Mandula port, Damao Banner has been actively promoting the construction of railway networks including Mandula-Baotou railway and the cross-border lines.
The 262.69-km Mandula-Baotou railway was officially completed in April 2022, upgrading the outward transportation mode at Mandula from the original road-based delivery to the railway-road combined way.
Source: sxcoal.com
See also: China-Mongolia border port sees cargo volume rise in Jan.
North China's Ganqmod Port fully resumes functions
Erenhot port cargo volumes nearly double
IS THE GRADUATED INCOME TAX FAIR?
During the last year's World Economic Forum, the Global Association of Billionaires and Millionaires, which has a membership of more than 500 people, called for an increase in taxes on ultra-high earners. The world's tendencies suggest expanding the economy by increasing the social influence of high-income earners.
From these tendencies, our authorities decided to commence this worldwide reform, amending the Law on Personal Income Tax starting from January 01 of this year. The government began to impose a graduated rate income tax on the salary income of citizens.
Specifically, the graduated or progressive tax imposes a 10% tax rate on citizens with MNT 0-10 million-salary income, a 15% tax on MNT 10-15 million-salary income, and a 20% tax on MNT 15-20 million- salary income on monthly basis. The law enforcement officers informed that 99.9 percent of citizens, or 817 thousand individuals, would not need to be concerned about this graduated rate income tax.
Source: UK Department for International Trade
CARRIED FREIGHT BY AIR TRANSPORT DOUBLED
The 12.9 thousand tonnes of freight carried by air transportation at the end of 2022, and increased by 6.5 (2.0 times) thousand tonnes compared to the previous year.
According to the National Statistics Office, the total carried domestic freight by air transport reached 24.1 tonnes and increased by 9.0 (59.6%) tonnes compared to the same period of the previous year at the end of 2022. The international freight reached 12 868.8 tonnes and increased by 6 454.7 (2.0 times) thousand tonnes compared to the previous year. In December 2022, carried freight of air transport reached 1216.1 tonnes, which decreased by 181.7 (13.0%) tonnes compared to the previous month. This decrease was due to 180.1 (12.9%) tonnes of decrease in international freight.
In 2022, 952.7 thousand passengers (double counting) were carried by air transport. The number of carried passengers increased by 754.1 (4.8 times) thousand compared to the same period of the previous year.
Source: Montsame
GOV’T TO ISSUE MNT 500 BILLION IN SOFT LOANS CASHMERE PRODUCERS
In 2023, loans worth MNT 500 Billion shall be issued for cashmere production
In recent years, the Government of Mongolia has been issuing soft loans to increase the competitiveness of national cashmere producers in the raw material market and assist them with current assets.
To that extent, the Cabinet has decided to issue soft loans worth up to MNT 500 billion (five hundred billion) sourced by international organizations such as International Finance Corporation and the European Bank for Reconstruction and Development, and commercial banks, to cashmere producers.
Brief News
· The procedure for open recruitment for vacancies in state-owned legal entities has been approved. The purpose of this procedure is to implement a policy to recruit professional and skilled people in state-owned legal entities and to increase productivity by improving operational efficiency and governance.
Source: Montsame
IRIM: CREATING MULTIPLE HOUSEHOLD LIVELIHOODS AND INCREASING SHOCK-RESPONSIVENESS
Nearly 14 percent of Mongolia's population is just above the poverty line. This shows that these people are ready to fall into poverty if they are hit by a small shock. The poverty in Ulaanbaatar capital city has not decreased at all in recent years and currently, 42 percent of the total poor population of Mongolia is in the capital. Although many economic and social factors affect poverty, numerous research works agree that increasing the effectiveness of targeted social welfare programs has a particular contribution to poverty reduction.
The Graduation Approach is a very effective tool to reduce poverty with cash assistance in combination with other instruments. It assumes that multidimensional poverty (health, education, living conditions, and income) cannot be fully addressed by only one type of means (increasing education levels, training, and social welfare). The Asian Development Bank (ADB) and the Government of Mongolia (GoM) have launched the "Second Shock-Responsive Social Protection Project" …
Source: IRIM
REVISED DRAFT OF THE SANDBOX REGULATORY ENVIRONMENT REGULATION DISCUSSED
At a regular meeting of the FRC - on 8 February 2023 -the revised draft of the Sandbox Regulatory Environment Regulation was discussed. The revised version make it possible to receive requests to enter the sandbox with no time limit. It also provides for the testing of new products and services within the sandbox environment without delay. Also, communication of the requirements and activities of the participants will be clearer. According to the revised draft of the regulation, it is stipulated the Sandbox unit is implemented by the FRC. The revised draft of the regulation will be jointly approved by the Chairman of the FRC, the Minister of Finance, and the Governor of the Bank of Mongolia.
Most of the work to be done within the framework of the Program on Anti-Money Laundering and Combating the Financing of Terrorism (approved by the government) will be carried out by the FRC alone, or jointly with other organizations.
Source: FRC, Montsame
WORLD CANCER DAY: CANCER NOW SECOND LEADING CAUSE OF MORTALITY IN MONGOLIA
Cancer is a condition where cells in a specific part of the body grow and reproduce uncontrollably. The cancerous cells can invade and destroy surrounding healthy tissue, including organs. Cancer sometimes begins in one part of the body before spreading to other areas. This process is known as metastasis.
When cancer cells break away from a tumor, they can travel to other areas through either the bloodstream or the lymph system.
Millions of people suffering from cancer in developing countries still lack access to effective prevention, screening, early diagnosis and treatment. Mongolia has a high burden from non-communicable diseases, with cancer now the second leading cause of mortality.
According to the National Registry Data, the most cancer incidents were registered for the age group of 40 and over. Rates are highest for liver cancer, at about four times the world average.
Source: Montsame
BUILDING ON 60 YEARS OF CONTRIBUTION: UNICEF’S CONTINUED EFFORTS TO IMPROVE THE LIVES OF MONGOLIAN CHILDREN IN THE COMING YEARS - INTERVIEW
UNICEF has been in Mongolia already for more than 60 years. They have planned to do a lot of big and effective work this year. We had interesting interview with UNICEF Representative to Mongolia, Mr.Evariste Kouassi-Komlan about their goals and plans.
- UNICEF executive board has approved the Mongolian new Country Programme, 2023-2027 in September last year. Can you explain the main shifts?
- Well, we are very pleased that our new Country Programme 2023-2027 went through a very smooth consultative process with involvement of all the constituencies of the Mongolian’s society. Thanks to the Ministry of the Foreign Affairs for leading the process and later endorsing the UNICEF country programme, which was presented to the UNICEF board on September 7, 2022.
Our ambition is to reach every child in all settings and situations. We have been in Mongolia already for more than 60 years, meaning our relation with the…
Source: GoGo News
COULD CASINOS BE A JACKPOT FOR MONGOLIA’S STRUGGLING ECONOMY? - EDITORIAL
Mongolia has rolled the dice before on establishing casinos but without much luck. A renewed attempt to open the country’s first casino in more than two decades is now underway as Mongolia looks for new avenues of economic growth.
A bill to legalise casinos, betting, lotteries and horse racing was submitted to Parliament in December and is making its way through various Parliamentary committees, according to the State Great Khural website.
The hope is that foreign visitors can be encouraged to make bets on slot machines and at poker tables after visits to the open steppes of the Mongolian countryside. Largely dependent on mining, Mongolia is looking for ways to diversify its economy and boost growth as it faces headwinds. Its currency has lost 22% of its value over the past 12 months and GDP has fallen to 2.5% after being in double digits a decade ago.
Source: bne IntelliNews
B.CHINZORIG: THE MORE ENGINEERS WE HAVE, THE MORE SUCCESSFULLY WE CAN IMPLEMENT LARGЕ-SCALE PROJECTS - INTERVIEW
President of the Mongolian Mineral Processing Association and Professor of the Mongolian University of Science and Technology B.Chinzorig talked about the metallurgy-chemical plant complex in the following interview.
On May 5, 2021, Cabinet decided to establish a metallurgy-chemical plant complex in Bayan-Undur soum of Orkhon Province, and gave the operation permit for the industrial and technology park to Erdenet Mining Corporation. Erdenet Mining Corporation will build a plant for smelting and processing copper concentrate, processing oxidized ore, and manufacturing sulfuric acid and emulsion explosion, as well as make repairs and mechanical processes with financing of 1.8 trillion MNT. The project is expected to generate 46 trillion MNT in revenue in the first 20 years of production and 1.4 trillion MNT in taxes. By implementing the project, it is also projected to fully utilize Erdenetiin Ovoo strategic deposit and put into economic circulation, develop a competitive factory as a cluster based on advanced technology…
Source: The UB Post
MONGOLIA NEEDS TO BE RECONNECTED TO THE OUTSIDE WORLD - EDITORIAL
Marissa J. Smith is a cultural anthropologist and an affiliate of the Central Asia Working Group of the University of California, Berkeley's Institute for East Asian Studies. She previously served as a consultant to the U.S. Agency for International Development on democracy, governance and human rights in Mongolia.
Isolation is nothing new for Mongolia, but the Ukraine war and the COVID-19 pandemic have left the Central Asian nation ever more dependent on its powerful encircling neighbors, China and Russia.
Without substantive reengagement from other states, and international, corporate and financial institutions, there is a real danger that Mongolia could slip away from the global community, risking a reprise of the long period of the 20th century when it was effectively tucked behind a corner of the Soviet Union's Iron Curtain.
Source: Nikkei Asia
POLITICS
PRIME MINISTER TO VISIT THE REPUBLIC OF KOREA
L.Oyun-Erdene, the Prime Minister of Mongolia, will pay an official visit to the Republic of Korea next week, January 13-17.
An expansion of cooperation between the two countries and the issue of visa concessions will be discussed during the meeting.
On January 31, the Prime Minister of Mongolia received Kim Jong-gu, the Ambassador of the Republic of Korea to Mongolia, and exchanged views on bilateral relations and cooperation.
During the meeting, L.Oyun-Erdene expressed his interest in introducing advanced technologies and attracting investments in the fields of environment, health, and infrastructure in relation to establishing a new city within the framework of the "Vision-2050" long-term development policy and the "New Revival Policy" implemented by the government.
Source: GoGo News
BUDGET DEFICIT DOWN 66 PCT IN 2022
According to the preliminary results by the National Statistics Office of Mongolia in 2022, the total revenue of the general government budget was MNT 18.6 trillion, which increased by MNT 4.3 (30.0%) trillion compared to the previous year. The equilibrated revenue of the general government budget was MNT 17.2 trillion, which increased by MNT 4.5 (35.3%) trillion compared to the previous year.
The total expenditure and net lending were MNT 18.2 trillion in 2022, resulting in a deficit of MNT 979.3 billion, and decreased by MNT 1.9 (66.5%) trillion compared to the previous year. In December 2022, the total equilibrated revenue and grants of the general government budget were MNT 2.8 trillion, and increased by MNT 1.3 (91.9%) trillion compared to the previous month. The total expenditure and net lending were MNT 2.6 trillion, which increased by MNT 1.0 (65.8%) trillion compared to the previous months.
Source: Montsame
MONGOLIAN SEARCH AND RESCUE TEAM HEADS TO TURKEY
Buyant-Ukhaa International Airport, February 7, 04:34 AM - Deputy chief of National Emergency Management Agency, Brigadier-General B. Uuganbayar, his rescue team of 35 search and rescue specialists and two search dogs headed to Turkey.
Today, plane carrying 1.500 woolen blankets, ten tonnes of meat, two tonnes of candles and other aids leaves Mongolia to Turkey and Syria.
S. Amarsaikhan, Mongolian Deputy Prime Minister, and Head of the State Emergency Commission met with the team and reminded the team that the Turkish government sent help to our Mongolian herders during the harsh winters in 2010 and 2016, also said, “Wishing you nothing but the best on your mission. Please come home safe.”
The Ambassador extraordinary and Plenipotentiary of Turkey, Zafer Ateş extends his warmest appreciation to the Government of Mongolia for its valuable support and solidarity.
Source: Montsame
See also: Mongolian President Sends Condolence Message to His Syrian Counterpart
Mongolian Search and Rescue Team Saved Three Survivors
Government of Mongolia to Provide Humanitarian Aid to Turkey and Syria
NEGOTIATIONS CONTINUE TO LAUNCH DIRECT FLIGHTS TO 6 COUNTRIES
On February 6, S. Byambatsogt, Minister of Road and Transport Development held meeting with representatives of tourism sector in connection with the national campaign “Years to Visit Mongolia”. According to Minister, it is expected that 1.5 million passengers in this year and 2 million in 2024 would be carried by air transportation.
He noted that Mongolia had executed bilateral air service agreements with 39 countries. As a result, Mongolia, which was once assigned to 47 destinations in 13 countries, is now able to transport passengers and freight to 100 destinations in 23 countries.
As of today, the airline companies “MIAT”, “Aero Mongolia”, “Hunnu Air”, “Ezinis Airways” and “Mongolian Airways” have been conducting domestic and international flights. “Now, it is possible to conduct direct flight to USA in the framework of the air transport liberalism. In addition, negotiations are continuing to launch direct flights to Hungary, UK, Azerbaijan, Greece, Spain, and Qatar in 2023” he continued.
Source: Montsame
NEW OIL REFINERY PLANT TO CREATE 1000 JOBS
The project of the New Oil Refinery plant included in the “Action Plan 2016–2020” of the Mongolian Government, has started with the soft loan of the Indian Government in Altanshiree soum, Dornogobi aimag.
Upon the commencement of this new refinery plant, it will address 75% of the Mongolian energy supply, stop Mongolian dependence on Russia for fuel and Mongolia’s GDP is estimated to grow by over 10 percent.
The Ambassador Extraordinary and Plenipotentiary of India, M.P. Singh informs that: “Before putting this refinery plant operation, we believe that the Mongolian government will complete the 530 km long oil pipeline from Dornod to Dornogovi aimag. The completion of the first stage has reached 80%, even though it started during the pandemic. An Indian major infrastructure company Megha Engineering & Infrastructures Limited (MEIL), which has implemented projects worth USD 40 billion in 16 countries, is the constructor of the second stage.
Source: Montsame
DIRECTOR OF DEVELOPMENT BANK’S SUBSIDIARY COMPANY INTERROGATED FOR BANK’S CASE
Last September, D.Enkhbayar, director of Darkhan Leather Complex LLC, was detained and investigated on the grounds that he may have misappropriated the loan from the Development Bank of Mongolia (DBM) and laundered the money. As connected with the case, Director of DBM Asset Management securities company, its subsidiary company, D.Bolormaa was found guilty during investigation by the Independent Authority Against Corruption (IAAC) and will be indicted. Last week, the IAAC transferred 12 of 798 criminal cases that were investigated to the prosecutor’s office for indictment, including the case of the director of DBM Asset Management securities company. In 2019, Asset management company took a loan of 15 billion MNT from the Development Bank.
The Darkhan Leather Complex Park project was decided to be implemented in 2017, and the Darkhan Industrial Park local-owned LLC was established. As the director of the project unit the director of the Investment Department of the Development Bank at that time D.Enkhbayar was employed.
Source: The UB Post
EXPANSION OF FURTHER COOPERATION DISCUSSED WITH THE ASIA FOUNDATION
First Deputy Governor of the Capital City in charge of Economy and Infrastructure J.Sandagsuren met the Asia Foundation’s Country Representative in Ulaanbaatar Mark Koenig and exchanged views on expanding further cooperation.
At the beginning of the meeting, First Deputy Governor J.Sandagsuren said, "The Governor’s Office of the capital city works closely with the Asia Foundation and has successfully implemented the Urban Governance Project from 2015 to 2022 within the framework of the goals of creating a comfortable environment for citizens, decentralization, quick delivery of government services to citizens, and strengthening the capacity of public servants."
Moreover, he expressed his gratitude for the Asia Foundation’s financial and human resources support in organizing the Northeast Asian Mayors’ Forum every two years starting from 2014, in order to improve the position of Ulaanbaatar in the Northeast Asia and strengthen friendly relations and cooperation between cities in the region. Additionally, he mentioned that it is very important for Ulaanbaatar to expand the further activities of this forum.
Source: The UB Post
FRC: CALL FOR PREVENTION OF CONTINGENT RISKS
Non-profit organizations are used in 11% of all terrorist financing crimes worldwide. Mongolia has a number of international obligations to take and implement relevant measures in order to prevent exposure to terrorist financing. One of them is Recommendation 8; of the 40 Technical Implementation Recommendations of the Financial Action Task Force (FATF). This recommendation is to meet requirements related to non-profit organizations, improve their assessment, and create and implement a supervisory system for risk protection. As part of the Recommendation’s implementation, Mongolia is taking measures to prevent and protect non-profit organizations from risks. At the same time, it is important for non-profit organizations to practice preventive measures against exposure to this type of risk. All non-profit organizations are called to ensure transparency in making payments, transferring bank and financial services through a licensed entity, and avoiding cash payments in Mongolia.
Click the following links for related materials on the risks of money laundering and terrorist financing for non-profit organizations: (in source)
Source: FRC
UNDER SECRETARY ZEYA HIGHLIGHTS U.S.-MONGOLIAN EFFORTS TO SUPPORT SHARED VALUES, FUNDAMENTAL FREEDOMS, RULE OF LAW
Under Secretary of State for Civilian Security, Democracy, and Human Rights Uzra Zeya visited Mongolia February 5-8 and met with Parliament Speaker G. Zandanshatar, Minister of Foreign Affairs B. Battsetseg, Independent Authority Against Corruption Chief Commissioner Z. Dashdavaa, Minister of Justice and Home Affairs Kh. Nyambaatar, and National Security Council Secretary J. Enkhbayar. She also met with a range of civil society and religious leaders.
Under Secretary Zeya affirmed the United States’ commitment to deepening U.S.-Mongolia ties, anchored in our shared values, including the commitment to democracy. She also highlighted the need for continued progress in promoting good governance, rule of law, and human rights. The Under Secretary underscored U.S. appreciation of Mongolia’s role as a democratic leader in the region.
Robust U.S.-Mongolia partnership includes efforts to fight child trafficking, strengthen law enforcement and civil society, combat corruption, and protect human rights such as freedom of religion or belief and freedom of expression.
Source: U.S. Embassy in Mongolia
See also: Under Secretary Zeya Visits to Mongolia
GOV’T HAS ISSUED A DECISION TO TRADE MINING PRODUCTS ACCORDING TO THE “LAW ON MINING PRODUCTS EXCHANGE” THROUGH THE MSE
In accordance with the "Law on the Mining Products Exchange " approved by the resolution of the Parliament of Mongolia on December 23, 2022, at the regular meeting of the Government on February 8, 2023, it was decided to conduct the trading of mining products through the Mongolian Stock Exchange. In connection with this decision, the rules of the Mongolian Stock Exchange have been revised, and the Mongolian Stock Exchange has been instructed to provide preparatory work in the fields of technical, infrastructure, management, organization, and human resource criteria and requirements specified in the Law on Mining Products Exchange, and to develop and implement relevant procedures.
Source: MSE
MONGOLIAN COURT EXTENDS EX HEAD OF ERDENES-TAVAN TOLGOI JAIL TIME BY A MONTH
Chingiltei District Court has granted a request to extend imprisonment of B.Gankuyag, ex-chief executive of Erdenes-Tavantolgoi JSC, for a month.
On 8 December, B.Gankhuyag and several associates as well as family members have been arrested and await trial, accused of embezzling billions of dollars in coal revenue. The anti-corruption department and the General Police Department conducted a joint enforcement operation and arrested several people. The arrests came after December protest over corruption in the country’s coal trade.
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.
Source: News.mn
G.CHULUUNBAATAR: THE TALK OF CREATING AND APPROVING A “NEW” CONSTITUTION BY WAY OF THE DELIBERATIVE POLLING IS FALSE - INTERVIEW
There has been suspicion amongst the public that a new Constitution is going to be approved through the "Deliberate and Resolve" Deliberative Polling. Academician G.Chuluunbaatar, Chair of the Deliberative Council that will manage and organize the Polling, made clarifications on this matter.
- Certain politicians have revealed to the public that they had drafted a "new" Constitution. There is confusion amongst the public that the Deliberative Polling is being conducted to approve this Draft of the Constitution. What is your position on this matter?
We must remember the Resolution No.80 of the State Great Hural on “The Arrangement of Deliberative Polling” was ratified on December 22, 2022. According to the Resolution, the purpose of the Polling is to determine social and economic issues with the help of the public, to put them into order according to priority, to deliberate its solutions and answers with the citizens, and then ensure social consensus.
Source: Parliament.mn
See also: Stage 1 Data Collection of the “To Deliberate and Resolve” Deliberative Polling has been successfully completed
L.OYUN-ERDENE RESHUFFLED HIS CABINET AND PROMOTES HIS REFORM POLICY - EDITORIAL
These are days when the public and the authorities continue searching for “coal thieves”, when the demonstrations declined, when the government appointed new ministers, when the opposition elected a new leader, and when the Parliament closed its autumn session after passing a law that encroached on the freedom of speech of citizens.
Prime Minister L. Oyun-Erdene, who, thanks to constitutional amendments, has the right to change cabinet members “at his discretion,” appointed four ministers and five deputy ministers (5 January). Deputy Prime Minister and Minister of Economic Development Ch. Khurelbaatar, Minister of Revival of Border Checkpoints Kh. Bulgantuya, Minister of Construction and Urban Development C. Davaasuren and Health Minister S. Chinzorig were nominated and appointed with the “speed of light” at a meeting of the MPP Steering Committee.
Of these four ministers, Kh. Bulgantuya, head of the MPP group and the new minister in charge of port revitalization, has perhaps the more innovative approach and energy of a young person.
Source: Mongolian Mining Journal
EMPTY DREAM OF BUILDING A CITY - EDITORIAL
Since 2009, if the initiatives of the leaders of our country had been implemented exactly, Mongolia would have had two eco-historical cities, Maidar and Kharkhorum. Ts.Elbegdorj, the former president, said “If Kharkhorum develops, Mongolia will develop” multiple times. Since he worked as the head of the government in 2004, he talked about the need to initiate a project to develop Kharkhorum into a historical city and tourist center and conducted research and planning, and urged the work to start without delay. Even after he became the president, he gathered researchers and historians for this purpose and did a lot of paperwork under the name of research and planning. If what he had planned was implemented, the 800th anniversary of the establishment of the capital of Great Mongolia, Kharkhorum, in 2020, would have laid the foundations of Mongolia’s second city in today’s Kharkhorin soum.
Source: The UB Post
WILL AUTHORITY PROTECT ITS MPS INVOLVED IN CASES? - EDITORIAL
At a time when major social issues such as constitutional amendments and public consultative ballot are being discussed, the cases of members of Parliament are still being revealed. However, it is not clear whether Parliament will strip their of parliamentary immunity.
Minister of Labor and Social Protection and member of Parliament T.Ayursaikhan was charged in connection with the coal theft allegations. On February 7, he requested to resign from the position of member of Parliament and minister of labor and social protection. He wrote on his social media account, “It has been some time since a well-known member of Parliament made a report linking me to the coal case. An organized activity aimed at lowering my reputation was carried out on social media. There is also great doubt and suspicion among the public…
Source: The UB Post
BUSINESS
GAZAR SHIM TO CONDUCT IPO
A regular meeting of the Financial Regulatory Commission was held on 25 January 2023. At the meeting, it was decided to register the ordinary shares of Gazar Shim Factory LLC; offered to the public in the securities register. The company was founded in 1999 and is a major national manufacturer with 100% domestic investment. Its activities started with the establishment of its first pickled vegetables factory.
Other decisions made in the meeting included:
- approve documents of one investment fund, and revise the documents of two private investment funds.
- approved engagement of one company in brokerage activities, in the sale and purchase of securities in foreign securities market.
- granting a special license to engage in asset-backed securities issuance to one company;
- authorize one company to engage as as a legal entity to provide legal advice to securities market participants.
Source: FRC
WOMEN ENTREPRENEUR GROWTH FUND PROGRAM LAUNCHED IN MONGOLIA
At the initiative of Minister of Foreign Affairs of Mongolia B. Battsetseg, “Funding Program for Digital Solutions to Enhance Women Enterprise Recovery and Growth”, supported by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) and Women Enterprise Recovery Fund, is going to be implemented in Mongolia for the first time.
In connection with this funding program, the International Women's Federation of Commerce and Industry (IWFCI) in Mongolia held a press conference on February 3, 2023. Under the program, 3-4 successful applicants or teams will receive MNT 200 million. In other words, the best project proposals with innovative digital solutions submitted by the applicants or companies will be selected and entitled to receive up to USD 10 thousand in co-funding. However, the funding will vary depending on the type of solution, scope, and amount of the required investment.
Source: Montsame
MOODY'S AFFIRMS STATE BANK'S B3 RATINGS; OUTLOOK REMAINS STABLE
Moody's Investors Service has affirmed State Bank LLC's B3 local- and foreign-currency long-term deposit ratings with stable outlooks.
The ratings affirmation reflects Moody's expectation that State Bank's credit profile will remain stable over the next 12 to 18 months, supported by moderate improvement in asset quality on good economic growth prospects. Profitability will be supported by high loan growth and wider net interest margin (NIM). This will lead to good capitalization which improved following the initial public offering (IPO) in October 2022 that increased its Tier 1 capital ratio by around 50 basis points. The bank's good retail franchise allows it to maintain stable funding profile, although liquidity may weaken from high growth target.
State Bank's B3 bank deposit ratings are based on the bank's b3 Baseline Credit Assessment (BCA). Moody's assesses the level of government support for State Bank to be high because of its importance to the domestic economy…
Source: Moody's
TENDER OFFER MADE BY THE CONTROLLING SHAREHOLDER OF ‘MON BEEF’ JSC
According to Article No 3.1 of "Rules to purchase and make an offer to purchase shares of listed companies" by the FRC, "Tavan Bogd Trade" LLC, a controlling shareholder of "Mon Beef" JSC, has made a tender offer to purchase 44,200,000 common shares at the price of MNT 47 per share from other shareholders. Offering price: MNT 47 Number of shares to purchase: 44,200,000 The commencement date of the offer to purchase shares: February 03, 2023. The expiration date of the offer to purchase shares: March 15, 2023. Payment date: March 17, 2023. Address: 10th floor of "Khaan bank tower" office, 15th khoroo, Khan-Uul district, Ulaanbaatar Telephone: 72727282 E-mail: cr@tavanbogdcapital.comSource: MSE
ELIXIR ENERGY REACHES NEW PRODUCTION MILESTONE AT MONGOLIAN CBM PILOT PROJECT; SHARES UP
Elixir Energy Ltd has opened higher after its Mongolian pilot production project reached a new milestone, establishing a flow rate of 100,000 cubic feet of gas per day.
The energy stock’s two-well Nomgon coal bed methane (CBM) program was commissioned back in November and has been in operation for 83 days.
Last week, the combined gas production from the Nomgon-8 and 9 wells reached 100,000 standard cubic feet per day (using a relatively low 180 barrels of water per day) and continues to improve steadily.
What’s more, the Mongolian petroleum regulator has approved Elixir’s budget and work program for 2023, meaning there’s further exploration and development on the horizon.
EXR shares have opened strongly, rising as much as 19.24% higher in the first half hour of ASX trading to A$0.155.
Source: Proactive Investors, Oil and Gas Journal
XANADU MINES: ACB (AUSTRALIAN CHINESE BUSINESS) NEWS PRESENTATION
Please find attached for release to the market, Xanadu Mines Ltd’s Presentation to the ACB News Lunch with investors, being held in Sydney this week.
Source: Xanadu Mines (PDF)
ERDENES TAVAN TOLGOI JSC’S FIRST COAL TRADE ORGANIZED SUCCESSFULLY
Within the framework of the Regulation on Open Electronic Trading of Coal Export approved by the Resolution No. 466 of the Government of Mongolia dated December 14, 2022, the first trading of export coal of 'Erdenes Tavantolgoi' JSC has been successfully organized by the MSE. During the trading, 5 lots or a total of 32,000 tons of hard coking coal have been traded and the price has increased by 0.28 percent by an auction. The next trading of the "Erdenes Tavantolgoi" JSC's export coal will be held tomorrow at 10:00 and a total of 64,000 tons of hard coking coal will be traded. Click here for more details. Source: MSE
MSE: THE LAST HOPE OF MAKING SOES PROFITABLE - EDITORIAL
The government has repeatedly stated that it will not compete with the private sector, however, it is quite opposite in reality. State-owned and partly state-owned companies in the mining, transportation, construction, banking, and manufacturing sectors are still increasing in numbers and are slowly dominating the market. In the last eight years, companies with state accounts have expanded their ranks, while the room for private companies in the market has shrunk even more. Many privately owned businesses have collapsed in the last two years of the pandemic. This is visible in the 2020 and 2021 reports of the General Department of Taxation. For instance, over 27,100 private entities dissolved in 2020 alone and there is not a single state-owned or state-involved company, entity, or manufacturer.
State-owned and partly state-owned companies, on the other hand, have become reliable tenants in the capital city’s high-rise offices in class A properties. However, they remain profitless with heavy losses and debts.
Source: Mining Insight
GLOBAL AND REGIONAL NEWS
CHINA ECONOMIC RECOVERY FACES 'HIGH DEGREE OF UNCERTAINTY': IMF
China's economic recovery is subject to a "high degree of uncertainty" and it must tackle a property market crisis, but rebounding consumer confidence will boost the hard-hit regional tourism market, the IMF said Friday.
The assessment, laid out in the Washington-based organization's annual country report, comes after the IMF lifted its forecast for the world's No. 2 economy to 5.2% this year, up from an earlier 4.4% as consumption recovers following Beijing's move to abandon growth-sapping COVID curbs in December. China's economy expanded 3% in 2022, among its weakest growth rates in decades.
"China's economy is set to rebound this year as mobility and activity pick up after the lifting of pandemic restrictions, providing a boost to the global economy," the IMF said. "Even so, China still faces significant economic challenges. The contraction in real estate remains a major headwind, and there is still some uncertainty around the evolution of the virus. Longer-term, headwinds to growth include a shrinking population and slowing productivity growth."
Source: Nikkei Asia
2022 WAS RECORD YEAR FOR CENTRAL BANK GOLD BUYING, WGC CONFIRMS
Two years on from dropping to its lowest level in a decade, central bank demand for gold has rebounded strongly, with net purchases rising by 1,136 tonnes valued at some $70 billion in 2022, the World Gold Council (WGC) said on Tuesday.
Correcting some of the historic data from its annual Gold Demand Trends report, the WGC confirmed that this level of purchase was indeed the most in any year dating back to 1950, and the 13th consecutive year of net inflows.
As disclosed earlier, central bank purchases in the fourth quarter were 417 tonnes, which almost matched the entire 2021 totals (450 tonnes). Like the third quarter, the final quarter of the year was a combination of reported purchases and a substantial estimate for unreported buying.
As a result, total gold buying in the second half of 2022 totalled 862 tonnes.
Source: Mining.com
See also: Gold prices higher as dollar cedes ground after Fed chief Powell’s comments
FED SEEN HIKING POLICY RATE ABOVE 5 PCT AS JOB GAINS SURGE
The U.S. Federal Reserve is likely to need to lift the benchmark rate above 5% and keep it there to squeeze too-high inflation out of an economy where the labor market remains strong even after nearly a year of the most aggressive round of Fed rate hikes in 40 years.
That was the betting in financial markets on Friday after the U.S. Labor Department reported employers added more than half a million jobs last month, far more than expected, and the unemployment rate fell to 3.4%, the lowest in more than 50 years.
That was also how San Francisco Fed President Mary Daly saw it.
In December Fed policymakers thought they would likely need to lift rates to at least 5.1% this year to tame inflation, and that projection is still a "good indicator" for where policy is going, Daly told Fox Business Network.
Source: Reuters
COLUMN: COKING COAL PRICE SURGE BACKED BY DEMAND AS SUPPLY WOES ADD FROTH
The price of coking coal has surged to a seven-month high, but the question is whether the rally in the fuel used to make steel is down to an improving economic outlook, or whether supply issues in top exporter Australia are to blame.
The price of Singapore-traded contracts linked to the spot price of Australian coking coal ended at $345.67 a tonne on Monday, just below the $348.00 reached on Feb. 3, which was the most since July 1 last year.
The price has jumped 70.3% since the 2022 low of $203.00 a tonne, reached on Aug. 1 amid concern that the global economy was heading into a recession in the wake of the surge in energy costs sparked by Russia's invasion of Ukraine on Feb. 24.
Since that low, some optimism has crept back into the market that the global economy will avoid a deep recession, and that China will roar back to life in 2023 after ending its strict zero-COVID policy.
Source: Reuters
FIVE KEY ECONOMIC POINTS IN BIDEN’S 2023 STATE OF THE UNION ADDRESS TO CONGRESS
President Joe Biden delivered his second State of the Union address to Congress on Tuesday night, marking the halfway point of his tenure. It was an opportunity for him to highlight his administration’s achievements to date, as well as set the tone for how he hopes the next two, possibly more, years go.
Biden has been upbeat on his economic policies after recent reports showed near-record low unemployment and strong job growth, but his speech exhibited his broader ambitions to reshape the economy into one that grows “from the bottom up and the middle out, not from the top down.”
Here is the economic news you missed:
Source: CNBC
CONGO’S PRESIDENT WANTS NEW EXPLORATION FOR GREEN ENERGY METALS
Democratic Republic of Congo wants to position itself as a key source of metals in the green energy transition, and that will mean new exploration for nickel and chrome, according to President Felix Tshisekedi.
Exploration for the two minerals will begin “in the next few days” in Congo’s southern, diamond-rich Kasai region, Tshisekedi said Tuesday at the Investing in African Mining Indaba conference in Cape Town, South Africa. The country is also looking for partners to invest in cobalt, tantalum, tin and lithium processing.
The transition to clean-energy technologies is a huge driving force for metals used in batteries, solar components, wind turbines and EVs. Meanwhile, mine output has been limited, helping to send prices for the commodities higher. Copper on the London Metal Exchange is up more than 40% since the end of 2019, while nickel surged more than 90%.
Source: Mining.com
INDONESIA’S 2022 GDP GROWTH RACES TO A 9-YEAR HIGH ON RESOURCE BOOM
Indonesia’s economic growth climbed to its strongest in nine years last year fueled by revived spending from the lifting of pandemic restrictions and as a global commodity boom sent exports to a record high.
Southeast Asia’s largest economy gained from high global commodities prices in the aftermath of the Russia-Ukraine war that aided the rupiah and improved the country’s current account. But growth momentum slowed in the final quarter as prices moderated and weaker global demand, high inflation and a rise in interest rates could pose a drag on activity this year.
The economy expanded 5.31% in 2022, Statistics Indonesia data showed on Monday, its best annual growth rate since 2013, and faster than the 5.29% expected in a Reuters poll.
In the fourth quarter, gross domestic product expanded 5.01% on an annual basis, compared with 4.84% growth predicted by the poll and 5.72% in the previous three months.
Source: CNBC, Reuters
DISRUPTIONS RAISE THE CHANCE OF COPPER SUPPLY TIGHTNESS
Production disruptions in major copper producing regions Latin America and Africa have raised the stakes for a tighter market this year, but analysts say it is too soon to downgrade forecasts for global supplies.
Interruptions to supplies in Latin America combined with the easing of COVID measures in top consumer China fuelled a rally in copper prices last month, taking them to a seven-month high of $9,550.50 a tonne.
Peru, the world's second-largest copper producer, has seen social unrest escalate since early December, with key mines such as MMG's Las Bambas and Glencore's Antapaccay hit by road blockades and attacks by protesters.
The Andean nation accounts for about 10% of global mined copper supplies at 22 million tonnes last year, according to U.S. Geological Survey.
In Panama, First Quantum Mine is in a dispute with the government over taxes, while in Democratic Republic of Congo China's CMOC is in a stand-off with state-miner Gecaminess about royalties from their Tenke Fungurume project.
Source: Reuters
EV BATTERY MATERIAL SUPPLIERS BRACE FOR GLUTS AS COMPETITION HEATS UP
The competition to produce raw materials for electric vehicle batteries is taking a potentially dangerous turn as suppliers pursue expensive expansion efforts amid softening markets for critical commodities such as lithium and nickel.
Lithium and nickel miners are taking on additional costs to produce more refined products. Tsingshan Holding Group, the Chinese metals giant, has reportedly begun talks with several copper plants to shift their focus to making refined nickel. And new lithium supplies are coming from countries including Australia, Argentina and Brazil.
The race to obtain battery raw materials has been intensified by efforts by western countries to secure supplies from non-Chinese sources, with the most notable example being the U.S. Inflation Reduction Act (IRA).
"The market dynamics have changed," a representative at a Japanese trading house who oversees battery raw materials told Nikkei Asia. "When we talk to our potential project partner, they say they are already talking with automakers and battery manufacturers."
Source: Nikkei Asia
TURKEY EARTHQUAKE PROMPTS OUTPOURING OF AID FROM ASIA-PACIFIC
Governments across the Asia-Pacific region are offering aid after an earthquake on Monday devastated a vast area of southeastern Turkey and northern Syria.
The total death toll from the magnitude-7.8 quake surpassed 5,000, according to media reports. Thousands more are reportedly injured, with rescuers still searching the rubble for survivors.
From Japan, an advance team of 18 rescuers departed on Monday night. Prime Minister Fumio Kishida announced the decision to send relief and expressed his condolences to the victims. Japan plans to dispatch a total of 75 rescuers to Turkey.
Many other governments have shared such sentiments and stepped up to lend a hand, joining countries worldwide.
Chinese President Xi Jinping on Monday sent condolences to Turkish President Recep Tayyip Erdogan and Syrian President Bashar al-Assad. On Tuesday, Beijing said it would offer 40 million yuan ($6 million) worth of humanitarian aid, including rescue and medical teams.
Source: Nikkei Asia
US-CHINA TRADE HITS RECORD HIGH DESPITE RISING TENSIONS
Trade between the US and China hit a record high last year even as their diplomatic relations deteriorated. Imports and exports between the two countries totalled $690.6bn (£572.6bn) in 2022, official figures show. Relations between the countries have hit new lows in recent days after a Chinese balloon travelled across the US. Beijing denies US claims it was used for spying. The world's two biggest economies have also been in a trade war since 2018. The new figures show that US imports from China increased to $536.8bn last year as American shoppers spent more on Chinese-made goods, including toys and mobile phones. In the same period, US exports to China increased to $153.8bn. While some of the increase in trade between the two countries is a result of the rising cost of living, the figures also point to how reliant the US and China still are on each other even after years of trade conflict between them. Source: BBC
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 – 9 February 2023
| Currency |
|
|
Rate |
| U.S. dollar |
USD |
|
3,504.00 |
| Euro |
EUR |
|
3,761.19 |
| Japanese yen |
JPY |
|
26.72 |
| British pound |
GBP |
|
4,238.09 |
| Hong Kong Dollar |
HKD |
|
446.38 |
| Russian ruble |
RUB |
|
48.06 |
| Chinese yuan |
CNY |
|
516.43 |
| South Korean won |
KRW |
|
2.78 |
|
