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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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BCM NEWSWIRE SURVEY
Dear valued members,
The Business Council of Mongolia sincerely appreciates its members and always tries to progressively improve the services it provides. With that being said, we would appreciate it dearly if you could kindly take 2-3 minutes of your day to fill out the following survey on our Weekly Friday Newswire. We would like to receive your feedback to ameliorate the content of our newswire.
Please find the questionnaire here.
Thank you in advance for your kind participation. Your contribution is highly valuable to us.
ECONOMY
GDP OF MONGOLIA INCREASED BY 4.8 PERCENT
In 2022, by preliminary estimation of production approach, Gross Domestic Product (GDP) at current prices was MNT 52.9 trillion, which is increased by MNT 9.3 trillion (21.4%) compared to the previous year. GDP at 2015 constant prices was MNT 28.4 trillion, which is increased by MNT 1.3 trillion (4.8%) compared to the previous year.
According to the National Statistics Office of Mongolia, GDP at 2015 constant prices decreased by 4.6% in 2020 but increased by 1.6%, 4.8 in 2021, and 2022. In the fourth quarter of 2022, seasonally adjusted GDP at 2015 constant prices increased by 3.2% compared to the previous quarter.
To 4.8% increase in GDP at 2015 constant prices in 2022,
- agriculture sector contributed 1.7 percentage points,
- mining and quarrying sector contributed -1.6 percentage points,
- industry and construction sectors contributed 0.8 percentage points,
- service sector contributed 2.6 percentage points and
- net taxes on products contributed 1.4 percentage points.
Source: Montsame
MONGOLIA’S JAN COAL OUTPUT UP ALMOST 200 PCT Y/Y, BUT DOWN 10.6 PCT M/M
Coal production of Mongolia came in at 5.97 million tonnes in January, surging 194.57% year on year but falling 10.61% month on month, showed data from the National Statistical Office of Mongolia.
In 2022, the inland country produced a total 36.96 million tonnes of coal, up 22.74% from 2021.
In January, the country's coal production snapped an eight-month rising streak but still was at a relatively high range.
Mongolia's iron ore production was 338,800 tonnes in January, down 15.13% on the year but up 36.94% on the month.
Iron sand output was 229,000 tonnes in January, down 15.9% year on year but up 43.93% from December, while iron concentrate production was 109,800 tonnes, falling 13.48% from a year ago but rising 24.35% month on month.
Production of iron ore in Mongolia totaled 9.2 million tonnes in 2022, slumping 28.77% year on year.
Source: sxcoal.com
See also: Mongolia's rail coal shipment up for 6th mth in Jan; iron ore also rises
MONTHLY AVERAGE HOUSEHOLD INCOME INCREASES BY 12.4 PCT
According to the National Statistics Office of Mongolia, in January 2023, the consumer price index at the national level increased by 1.2% from the previous month and by 12.3% from the same period of the last year. It includes:
- Food and non-alcoholic beverages group - 14.0% increase in prices
- Alcoholic beverages - 8.7% increase in prices
- Clothing, cloth, and footwear group - 15.6% increase in prices.
Ten products that mainly caused the increase in consumer prices is explaining the 25.9 percent of the total inflation. It includes the price increase of bread, flour, and rice by 32.4 percent and gasoline by 15.5 percent.
Household Income and Expenditure
According to the Household Socio-Economic Survey result in the fourth quarter of 2022, the monthly average household income was MNT 1.8 million, which increased by MNT 204.1 (12.4%) thousand compared to the same period of the previous year.
Source: Montsame
INTERNATIONAL TRANSPORT FORUM MEETING IN MONGOLIA, 20-23 MARCH 2023
TF Secretary-General Young Tae Kim leads a delegation of ITF experts to Mongolia for a dissemination event in on 22 March 2023 to conclude the project “Decarbonising Pathways for Urban Passenger Transport in Ulaanbaatar”. This event is ITF Secretary-General Young Tae Kim's first visit to Mongolia since Mongolia joined the ITF in May 2020.
The event will be kicked off by high-level keynote speakers, including the Minister of Transport of Mongolia and the ITF Secretary-General. Representatives from the Ministry, local government, the city of Ulaanbaatar, public agencies and international organisations will come together to exchange on various topics related to the current state and future development of urban passenger mobility in Ulaanbaatar. The main findings of the ITF project will set the scene and guide political and technical dialogues. In addition, several panel discussions and informal breaks are added to the agenda to promote diverse interaction between the project partners and local stakeholders.
Source: International Transport Forum
ADB: THREE WAYS TO IMPROVE AIR QUALITY AND BUILD CLIMATE RESILIENCE IN MONGOLIA
To tackle the persistent air pollution in Ulaanbaatar, several key issues must be addressed: affordability, more innovative urban planning, and transitioning to renewable energy sources. In the immediate term, however, the severity of the public health situation necessitates faster measures to bring down air pollution to more acceptable levels, even if this initially relies heavily on electricity from non-renewable energy sources.
The most effective way to significantly reduce air pollution in Ulaanbaatar is to transition from traditional coal burning in ger areas to electrification of heating. Two major constraints are slowing down this process. First, coal is typically the easiest and cheapest energy source in Mongolia. The poorest in Ulaanbaatar do not have much of a choice—either they burn coal or risk freezing to death. Hence, subsidies targeting the poor for upfront costs of conversion to electric heat and for increased ongoing electricity costs can help address this problem.
Source: ADB Blog
“WORLD EXPORT DEVELOPMENT FORUM 2023 MONGOLIA” LAUNCHED IN GENEVA
International Trade Center’s (ITC) flagship annual event, the World Export Development Forum (WEDF) is underway to be organized in Ulaanbaatar on June 27-28, 2023, under the auspices of the President of Mongolia H.E. Mr. Khurelsukh Ukhnaa under the theme of “Diversifying Green Trade: Organic, Digital, Sustainable”. The launch event of WEDF 2023 was held on February 15th, 2023, on the premises of ITC headquarters in Geneva.
Mr. Tuvdendorj Gantumur, Vice Minister of Economic Development, Ms. Gerelmaa Davaasuren, Ambassador, Permanent Representative of Mongolia to the United Nations Office at Geneva delivered opening remarks. Representing the UN and the ITC, Ms. Pamela Coke-Hamilton, Executive Director of ITC, and Mr. Vinod Ahuja, interim UNRC in Mongolia delivered opening remarks.
Parties interested in the 20th World Export Development Forum, which will be held in Mongolia on June 27-28, under the theme “Diversification of Green Trade: Organic, Digital, and Sustainable” can register with the following link: https://indico.un.org/event/1004191/
Source: Montsame
GERES: IN ULAANBAATAR, OUR ACTIONS TO FIGHT AGAINST AIR POLLUTION ARE EXTENDED UNTIL 2026
Ulaanbaatar is the most polluted city in winter. Since 2018, Geres and its partners have been working to reduce the city’s air pollution by tackling housing insulation and promoting the reduction of coal consumption for heating. Four years later, the results are very conclusive. Now it’s time for 2026 to extend the actions to other provinces.
Here is an overview and outlook.
Context. The 8-month long heating season, temperatures hitting for several months -20 to -40°C and the absence of central heating systems for more than half of the urban population force them to rely on cheap and low-quality coal for satisfying household heating and cooking needs. On the other hand, in recent years the population has also started to exploit a coal that generates less smoke but a lot of pollution.
Building on Geres’ 20 years of experience in Asia’s cold climate, the project « Switch off Air pollution » was implemented between 2018 and 2022 in the Mongolian capital.
Source: Geres
MONEY SUPPLY INCREASES BY 10.9 PERCENT Y/Y
The money supply (M2) reached MNT 29.7 trillion at the end of January 2023, which increased by MNT 2.9 (10.9%) trillion compared with the same period of the previous year, as reported by the preliminary results. The main reasons for this increase were MNT 2.7 (2.2 times more) trillion increase in the current account in foreign currency and MNT 1.4 (35.7%) trillion increase in time deposits in foreign currency.
Based on the preliminary results, at the end of January 2023, the money supply (M1) amounted to MNT 6.6 trillion, decreased by MNT 568.1 (7.9%) billion from the previous month while increasing by MNT 792.7 (13.6%) billion from the same period of the previous year. In money supply (M1), MNT 5.9 (88.3%) trillion was demand deposits and MNT 775.7 (11.7%) billion was the currency outside depository corporations.
Source: Montsame
THE STATE OF STREET HOMELESSNESS IN ULAANBAATAR
According to research conducted by the Capital City Social Welfare Department and recently issued Asian Development Bank’s report, there were 1,375 street homeless people living in Ulaanbaatar city as of December 2020.
Of these individuals, 79 percent were male, and more than half were aged between 18-45 years old, with around 40 percent being aged between 46-59.
Approximately half of the street homeless had been homeless for 1-5 years, with 24 percent for 6-9 years and 2 percent for more than 10 years. Nearly 80 percent of the street homeless had residential address registration in one of the Ulaanbaatar districts.
In a world where globalization has made it easier to move from one place to another, the story of the homeless population in Ulaanbaatar is a reminder that mobility does not always equal progress.
The city has almost doubled in size over the last decade and is now home to roughly half of Mongolia's total population.
Source: Mongolia Weekly
ASIAN PHYSICS OLYMPIAD TO BE HELD IN ULAANBAATAR WITH EXPENSE OF MNT 3.2 BILLION
At today's cabinet meeting /2023.02.20/, a decision to organize the 23rd Asian Physics Olympiad in Ulaanbaatar was made.
The Asian Physics Olympiad will be held on May 22-30, and 140 students and 54 professors from 18 countries will participate.
The working group for organizing this event will be led by L.Enkh-Amgalan, the Minister of Education and Science, and the Minister of Finance was obliged to solve the financing of MNT 3.2 billion which is the expense of organizing the Olympiad.
This olympiad has a high importance of evaluating the quality of physics education, encouraging talented and promising children and young people in physics, providing opportunities for advancement at the professional level, getting to know the cultural diversity, promoting Mongolian heritage, and strengthening its position in the international community.
Source: GoGo News
CLIMATE CHANGE THREATENS FRAGILE ECONOMY AND VULNERABLE ECOLOGY - EDITORIAL
Mongolia is facing multiple risks outlined in the recent World Economic Forum's Global Risks Report 2023. The country's fragile economy, heavily dependent on mining and agriculture, is particularly vulnerable to the risks of a cost-of-living crisis, energy insecurity, and geopolitical fragmentation.
Climate change poses a significant threat to Mongolia, as the country's economy is heavily dependent on agriculture and livestock, both of which are vulnerable to the impacts of extreme weather events, such as droughts and floods. Additionally, the country's vast grassland and rich biodiversity are at risk of collapse due to climate change. The country's weak infrastructure also makes it difficult to mitigate these effects, with limited access to electricity and clean water, exacerbating the country's economic vulnerability.
One such extreme weather event unique to Mongolia is "dzud," which occurs when heavy snowfalls in winter follow a severe drought in summer, causing animals to perish due to…
Source: Mongolia Weekly
POLITICS
THE KOREA HERALD: MONGOLIAN PM WANTS TO USE BUSAN AS OUTLET FOR TRADE CORRIDOR
Mongolia wants South Korea's largest port city, Busan, to become an integral part of a trade corridor for the landlocked country, its Prime Minister Luvsannamsrai Oyun-Erdene told The Korea Herald in an interview Friday.
Mongolia currently relies on the sea ports of Russia and China to import foreign goods and sell products to other countries. This means international sanctions imposed on Moscow and Beijing, as well as port lockdowns due to internal policies like zero-COVID, often led to freight bottlenecks for Mongolia as well.
This has spurred Mongolia to look for other options. Busan is one of the most likely candidates, given its strong ties to both Tianjin and Vladivostok, which are connected with its trading cities, like Altanbulag and Sukhbaatar bordering Russia, and Zamiin-Uud on the border with China.
If shipping through China's Tianjin port became less viable, Busan, for example, could be used as a logistics hub.
Source: The Korea Herald
See also: MOTIE to host public hearing for EPAs with Mongolia & Georgia
MONGOLIAN ECONOMIC FORUM TO BE ORGANIZED IN JULY
The Cabinet held an irregular meeting on February 20 and discussed the following issues.
Mongolian Economic Forum to be organized in july
The Cabinet decided to organize the Mongolian Economic Forum-2023 in June as the government announced 2023-2025 as the years to Visit Mongolia, identifying the tourism industry as a priority.
Minister of Economy and Development Ch. Khurelbaatar will be the chairperson of the Working Group for organizing the Mongolian Economic Forum and Ch. Nomin, the Minister of Culture, will be the vice-chairperson.
Ch. Khurelbaatar: The economic growth of our country will be higher this year than last year
The Cabinet discussed the outcomes of the official visit of Mongolian Prime Minister L. Oyun-Erden to the Republic of Korea, obliging the Minister of Foreign Affairs to present it to the National Security Council.
Source: Government of Mongolia
PRESIDENT HOLDS A TELEPHONE CONVERSATION WITH UKRAINIAN PRESIDENT VOLODYMYR ZELENSKY
The President of Mongolia Ukhnaagiin Khurelsukh spoke with the President of Ukraine, Volodymyr Zelensky by telephone at his request on February 21, 2023.
Conveying his wishes for the Tsagaan Sar to the people of Mongolia, the President of Ukraine Mr. Volodymyr Zelensky expressed his gratitude to Mongolia for sending humanitarian aid to Ukraine, highlighted his satisfaction with the cooperation between our two countries, and recalled his childhood in Mongolia.
In response, President Mr.Ukhnaagiin Khurelsukh expressed his gratitude to him for sparing time and conveying wishes for the Tsagaan Sar to the people of Mongolia.
Expressing his deep concern over the current situation in Ukraine, he emphasized that intensifying the international community efforts and diplomatic actions, especially peace negotiations would be the best solution to the conflict.
Moreover, President U. Khurelsukh highlighted the Mongolian commitment to maintaining balanced relations with our two neighbors and third neighbors and its peace-loving, open, independent, and multi-pillar foreign policy.
Source: Montsame
PRESIDENT OF MONGOLIA VISITS THE ZAMIIN UUD BORDER PORT
The President of Mongolia, U.Khurelsukh, visited the Zamiin-Uud border port, which is one of the main logistics centers in Dornogovi region. The Zamiin-Uud border port ensures the passage of about 70% of cargo and 30% of passengers across the state border and generates 15% of customs revenues.
Since 2019, construction works have begun to upgrade the infrastructure of the Zamiin-Uud Port in cooperation with China. Within the framework of the "New Revival Policy", developed by the Government of Mongolia, the project "Construction and Infrastructure of Zamiin-Uud port" is being currently implemented. As part of this project, the following works are planned:
- Construction of 30 buildings and facilities in the passenger-transport section;
- Construction of 28 buildings and structures in the cargo section;
- Heavy-duty road construction;
- Installation work of common utilities and communication lines;
- The construction of the external power supply line and the completion of the project is about 91%.
Source: Montsame
CZECH REPUBLIC RATIFIES PENDING SSA WITH MONGOLIA — ORBITAX TAX NEWS & ALERTS
According to recent reports, Czech President Miloš Zeman signed the law for the ratification of the pending social security agreement with Mongolia on 8 December 2022. The agreement, signed 20 May 2019, is the first of its kind between the two countries and will enter into force on the first day of the month after the ratification instruments are exchanged.
Source: Orbitax.com
LUNAR NEW YEAR GREETINGS OF AMBASSADORS
Ambassadors in Mongolia shared their thoughts about the Lunar New Year and sent greetings with GoGo.mn
Source: GoGo News
See also: Lunar New Year greetings from UN Country Team Mongolia
DISCUSSIONS HELD ON VISA EXEMPTION AGREEMENT BETWEEN MALDIVES, MONGOLIA
Discussions have been held on the signing of a visa exemption agreement between Maldives and Mongolia.
This was done during a courtesy call Ambassador of Mongolia to the Maldives Ganbold Dambajav paid on Minister of Foreign Affairs Abdulla Shahid on Sunday.
Dambajav presented his Letter of Credence to President Ibrahim Mohamed Solih as the newly appointed Ambassador of Mongolia to Maldives on Sunday.
Following the credentials ceremony, the new Mongolian Ambassador paid a courtesy call on FM Shahid where he expressed commitment to work to continue working closely in the multilateral arena.
The Mongolian Ambassador also called on Minister of State for Foreign Affairs Ahmed Khaleel following the credentials ceremony, where discussions were held on ways to further strengthen existing friendly ties.
Views on further strengthening the existing bilateral relations between Maldives and Mongolia, were also exchanged.
Under these efforts come the signing of a visa exemption agreement between the two countries.
Source: Raajje.mv
RESCUE TEAM RETURNS HOME FROM TURKEY
Mongolian rescue team, led by the deputy head of NEMA, Brigadier General B.Uuganbayar, returned home on February 17, after serving in Turkey on February 8 to 16.
The rescue team worked in three groups: Search Team, Rescue Team, and Medical Team, and two search dogs named Balu and Marta who played important roles in the rescue team. The rescue team rescued 8 people (including 2 children) from under the rubble of the building and took them to the health care facility, and the bodies of 19 people (including 6 children) were handed over to the relevant authorities. Furthermore, five tons of meat, one ton of candles, 1000 blankets, and 20 complete Mongolian gers were sent to Turkey by the decision of the government and the gers were built and handed over to humanitarian aid. On the other hand, the medical group, based on the local hospital, fully expanded the secondary field hospital and provided medical care to 649 people.
Source: The UB Post, GoGo News
See also: Turkish Ambassador thanks to Mongolia
MONGOLIA'S CHALLENGES AND OPPORTUNITIES - A NEW REPORT
In this talk, hosted by Professor Kerry Brown, of King’s College, London, the Deputy Prime Minster of Mongolia, His Excellency Amarsaikhan Sainbuyan, the Minister for Border Ports of Mongolia, Her Excellency Khürelbaataryn Bulgantuya, the British Trade Envoy for Mongolia, Daniel Kawczynski MP, and Dr Elizabeth Fox from the Mongolia and Inner Asia Research Studies Unit (MIASU), Cambridge University highlight the prospects for Mongolia as well the challenges to its development and growth.
Speaking of the Government’s new current policy, Vision 2050, His Excellency discussed their ambition to tackle the country’s significant economic constraints in relation to trade, digitalisation, energy, economic growth, and efficient governance with the aim of making Mongolia one of the leading countries in Asia by 2050.
A key aspect of the vision is on improvement to the country’s border ports. Her Excellency, Khürelbaataryn Bulgantuya noted that, “Over 90% of exports are mineral resources, exported through few borders of the country…
Source: King's College London
Click here to view the report
MONGOLIA’S ONLY WINTER TIME TRADITIONAL CELEBRATION IS TSAGAAN SAR - EDITORIAL
Tsagaan Sar, which literally means “White Moon”, is the biggest national and traditional winter holiday in Mongolia celebrated since the 13th century. Tsagaan sar is the Mongolian Lunar New Year Celebration and celebrated actively from the first through third days of the first lunar month indicating the spring beginning in Mongolia. In 1206, when Temuujin established the Great Mongol Empire and proclaimed himself as the Chinggis Khaan, he ordered to celebration Tsagaan Sar in spring aiming to raise peace, kindness, and respect among the people. Mongols used to celebrate the holiday by wearing all white, riding white horses, eating white foods made from dairy products (dairy products in Mongolia are called “white food”), and exchanging white gifts.
From 1950 to the 1960s, Tsagaan Sar was celebrated only in the countryside as a Herder Festival and banned in the city. Later in 1988, this important traditional holiday re-began to be celebrated as the first day of the Lunar New Year nationwide.
Source: The UB Post
MONGOLIA: THE DEMOCRACY BETWEEN RUSSIA AND CHINA - VIDEO
After a peaceful revolution in 1990, Mongolia established a democracy that remains strong today. Freedom House, a nonprofit devoted to promoting democracy globally, rates Mongolia as “free,” with high marks for both political rights and civil liberties.
Tsakhiagiin Elbegdorj is one of the founders of Mongolia’s democracy and served as both President and Prime Minister of his nation. As he continues to advocate for freedom globally, he’s speaking out about the importance of supporting Ukraine’s struggle against Russian aggression.
At the Munich Security Conference, President Elbegdorj sat down with GZERO’s Tony Maciulis to talk about a country sandwiched between Russia and China, what Vladimir Putin is really like, and this vulnerable moment for democracy.
Source: GZEROmedia.com
ELBEGDORJ: WHY UKRAINE MUST WIN - EDITORIAL
As a former president who was democratically elected, I have a firm conviction in the cause of freedom, and in the power of the people, united as one, to defend it when under attack. This cause, and this faith, are now being tested on the blood-stained soil of Ukraine in a way we have not seen in many decades.
As the war in Ukraine grinds into its second year, the world’s democracies must rally with even greater resolve to declare that freedom is non-negotiable, and to give Ukraine the weapons it needs to win.
Freedom is an opportunity for all. By contrast, despots offer solutions and opportunities that only comfort themselves. They claim they bring justice. But their justice is selective. They dictate their chosen way of life to others. Their obsession is their own survival and longevity in power, not the prosperity of their people.
Source: Stanford University
BUSINESS
OYU TOLGOI UNDERGROUND MINE TO BE OPENED ON MARCH 13
The Prime Minister of Mongolia L. Oyun-Erdene reported during his interview with MNB that the opening ceremony of the Oyu Tolgoi underground mine would be held on March 13, 2023.
Noting the investor side's letter to write off Mongolia's USD 2.3 billion debt, for its share (34 percent) of Oyu Tolgoi owned by the Government of Mongolia, the Prime Minister of Mongolia said that further developments had been impossible to accomplish due to this 34 percent debt. This bottleneck has held up for over ten years and become one of the hottest political topics.
The opening ceremony of the OT underground mine will be a milestone in the history of Mongolia and the underground mine. Furthermore, it will also provide an opportunity to increase Mongolia's GDP two times. In other words, our future is on the bright side.
Source: Montsame
MIAT MONGOLIAN AIRLINES PLANS NONSTOP FLIGHTS TO SAN FRANCISCO
Direct flights between the United States of America and Mongolia? Yes. MIAT Mongolian Airlines is acquiring two Boeing 787-9 Dreamliners and reports are suggesting the airline wishes to connect to an airport in California.
The flag carrier of Mongolia has acquired a Boeing 787 and intends to acquire another. The 787-9 variant, with a range of 7,565 NM (14,010 km), is more than sufficient for a nonstop flight to cover the 5,025 NM (9,306 km) distance between Mongolia’s Ulaanbaatar airport (UBN) and San Francisco International (SFO).
The aircraft was air leased back in 2019 from Air Lease Corporation. In a October 3, 2019 statement, Battur Davaakhuu, President and CEO of MIAT Mongolian Airlines, said;
According to Ishrion Aviation, MIAT Mongolian Airlines intends to use codeshares to obtain connections to the United States of America. Already there are codeshare agreements between MIAT Mongolian Airlines and Turkish Airlines.
Source: SimpleFlying.com
FITCH AFFIRMS MONGOLIAN MINING AT 'B'; OUTLOOK NEGATIVE
Fitch Ratings has affirmed coal producer Mongolian Mining Corporation's (MMC) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B'. The Outlook is Negative. Fitch has also affirmed MMC's senior unsecured notes due 2024 at 'B' with a Recovery Rating of 'RR4'. The notes are co-issued by MMC and its wholly owned subsidiary, Energy Resources LLC, and guaranteed by most of MMC's operating subsidiaries.
The Negative Outlook reflects uncertainties related to sustained price realisation following China's rapid recovery due to its reopening and regulatory risks related to effective royalty rates, which could lead to a potential shortfall in repayment of the 2024 notes.
MMC's rating is constrained by its small scale, single-product focus on hard coking coal and limited cost competitiveness outside of northern China, its main market.
Source: Fitch Ratings
PARABELLUM RESOURCES TRADES 80 PCT OF KHOTGOR RARE EARTHS PROJECT TO TEMARISE FOR USD 15 MILLION
Parabellum Resources Ltd has traded 80% Khotgor Rare Earths project in Mongolia to Temarise Limited after the latter exercised its exclusive option to acquire the equity in the project.
On 13 February 2023, the company updated shareholders on the results of the 2022 infill drilling program and presented the project's updated mineral resource estimate.
Temarise now owns 80% of Khotgor
Back in August 2022, Parabellum entered into an agreement to sell the project to Temarise, which has now informed its shareholders that it has exercised the option.
At the time, Parabellum Resources non-executive chairman Mark Hohnen said: “The Board of Parabellum is excited to enter into an agreement with Temarise Limited (UK) that holds the exclusive option to acquire 80% of Khotgor Project, Mongolia.
“Khotgor is one of the world's largest rare earth deposits and has the potential to be a major supplier of NdPr; the vital material needed for magnets and therefore the future of wind power generation.
Source: Proactive Investors
View the Parabellum Resources release
ELIXIR, SB ENERGY PROGRESS GOBI H2 PLAN IN MONGOLIA
Australia-headquartered Elixir Energy and Japanese independent power producer SB Energy are progressing plans to develop a green hydrogen project in the south Gobi region of Mongolia.
The Gobi H2 project is planned to initially focus on a 10MW electrolyser pilot to produce green hydrogen, powered by new wind and solar facilities, Elixir's managing director Neil Young said on 21 February. A pre-feasibility study indicates that the pilot can produce 1,440 t/yr.
Elixir announced the signing of a non-binding agreement with SB Energy on 20 February, with an eye on entering a formal joint development deal and a 50:50 joint venture, after a front-end engineering design (FEED) decision on the pilot later this year.
"The scalability provided by starting with a pilot is a big competitive advantage over e.g. marine transport-based green H2 projects — which will tend to have to be very large from their inception," Young said.
Source: ArgusMedia.com, Proactive Investors
See also: Podcast from Elixir Energy’s Managing Director Neil Young
MONGOLIA TO EXPORT ORGANIC PRODUCTS TO EUROPE
BioFach 2023, the number one exhibition for the organic food industry sector, took place from February 14th to the 17th at the Messe Nuremberg, Germany.
In this exhibition, 12 representatives of the Standing Committee on Environment, Food and Agriculture of the State Great Khural, Ministry of Food, Agriculture and Light Industry, Mongolian Agency for Standardization and Metrology, Mongolian National Authority for Accreditation, Food and Agriculture Department of Dundgovi aimag, and SFCS Certification LLC participated with the support of Export Promotion Project, financed by the World Bank and UNIDO.
“The 34th round of BioFach-2023 attracted 36,000 trade visitors and approximately 51 000 trade visitors from 135 countries this year. This exhibition is regarded as the most important trend-and-order platform for professionals and manufacturers and, therefore, as the best B2B event of the year. “
Source: Montsame
CARREFOUR ENTERS MONGOLIA, OPENS TWO STORES
French retailer Carrefour has entered the Mongolian market, in association with partner Altan Joloo and its subsidiary Sansar.
The retailer has opened two new stores in the country, operating under the Carrefour hypermarket and Carrefour Market banners.
The partnership will also enable all Sansar stores, more than 20 to date, to gain access to Carrefour brand products.
Rebranding of Sansar Stores
Oyundari Enkhbaatar, CEO of Altan Joloo Trade LLC, commented, “We are extremely proud and delighted to partner with Carrefour, one of the world's leading retailers. We plan to rebrand our 20 Sansar stores and create a minimum of 20 new Carrefour supermarkets and hypermarkets in the coming years to strengthen our position in Mongolia."
Enkhbaatar added that the new stores offer a wide range of products at competitive prices, including fresh products, Carrefour private-label items and a selection of French wines.
Source: ESMagazine.com
48.9 BILLION MNT KEPT IN-COUNTRY THROUGH LUNAR NEW YEAR TRADE FAIR
At the initiative of the Governor of the capital city and Mayor of Ulaanbaatar D.Sumiyabazar, the SMES Support Center of Ulaanbaatar organized a complex event of trade fairs and investment cooperation for the Lunar New Year "Amar baina uu 2023". The trade fair lasted for a month and the sales results were presented.
Mongolians buy 1.3 trillion MNT worth of goods during the Lunar New Year. Therefore, the Mayor's initiative, which emphasizes that 940,000 households in the country should not receive handouts from abroad, support the national production, and keep around one trillion MNT in the country, put into practice.
371 national dress makers, 190 souvenir manufacturers, 453 food product manufacturers or more than 1000 SMES providers from nine districts of the capital and 21 provinces participated in the trade fair and sold their products without paying any rent.
Source: Mayor's Office
MSE: “ELECTRONIC TRADING OF EXPORT COAL” AGENDA OF MEETING
Purpose: Within the framework of the "Rules on Electronic Trading of Export Coal " approved by the Resolution No. 466 of the Government of Mongolia, export coal that meet "Coal Classification MNS 6457:2022" will be traded in an open, transparent and fair method. It will establish the prerequisites for fair market price determination as well as delivery of accurate and timely information of the trading to all participants including buyers, sellers and other parties.
The meeting will provide comprehensive information of stock exchange’s current operation and electronic trading-related rules and regulations and instructions on how to participate in auctions. The meeting will be conducted with Chinese and English translations.
Attendees: Representatives of the Ministry of Mining and Heavy Industry, prospective purchasers, trading participants, sellers and the Mongolian Stock Exchange.
Date: February 27, 2023
Venue: Soyombo Hall of Premier Tuushin Hotel
Source: MSE
STEPPE GOLD ANNOUNCES PLANS TO PURSUE DUAL LISTING OF COMMON SHARES IN HONG KONG
Steppe Gold Limited is pleased to announce that it plans to pursue a dual primary listing of its common shares on the Main Board of the Stock Exchange of Hong Kong Limited, the premier listing venue for Asia-based companies, anticipated to occur later in 2023.
The Company believes that a listing of its common shares on the HKEx will assist with historical liquidity and valuation issues and will also serve as a better venue for trading for its Asian based shareholders, as Hong Kong and Mongolia are in the same time zone.
Bataa Tumur-Ochir, President and CEO of Steppe Gold, commented, "With approximately 40% of Steppe Gold's shareholders now based in Asian time zones, the Company has decided to pursue a dual primary listing on the Main Board of the Hong Kong Stock Exchange in 2023….
Source: Yahoo Finance
See also: Steppe Gold announces updated life-of-mine plan for ATO gold mine to 2036, revealing higher revenues and profits
MONGOLIAN-AUSTRIAN BUSINESS FORUM BY WKO IN VIENNA
The Embassy of Mongolia in Austria, the Mongolian National Chamber of Commerce and Industry, and the Austrian Economic Chamber (WKO) will jointly organize Mongolian-Austrian Business Forum on March 16-22 in Vienna at WKO Building.
According to the organizers, the Austrian Economic Chamber functions as the federal parent organization for the State Chambers and trade associations of Austria. The representatives of banking and financial institutions, pharmaceutical, food, and technological companies from the Austrian side, on the Mongolian side, gold mining, wool, cashmere, and food-related enterprises side have registered to participate in this forum.
During the forum, the sides will exchange information on the development of business and economic relations and discuss the opportunities to cooperate in increasing the trade volume between the two countries.
The business forum for the business communities of our two countries has been paused due to the Covid-19 pandemic for the last two years.
Source: Montsame
GLOBAL AND REGIONAL NEWS
EU CARBON PRICE HITS RECORD HIGH NEARING 100 EUROS/TONNE
The benchmark European carbon contract hit a record high approaching 100 euros a tonne on Monday, with cooler weather forecasts and expectations of lower wind power output driving up demand.
The benchmark EU Allowance (EUA) December 2023 contract closed at 98.30 euros a tonne, up 2.1% since Friday's close and having earlier touched a record high of 99.99 euros tonne.
EUAs are the main currency used in the European Union's Emissions Trading System (ETS) which forces manufacturers, power companies and airlines to pay for each tonne of carbon dioxide they emit as part of the bloc's efforts to meet its climate targets.
Traders said cooler temperatures combined with lower wind speeds means there is likely to be more demand for power from Europe’s fossil fuel-powered plants which need to buy carbon permits to cover their emissions.
Source: Reuters
CHINA BOOSTS AUSTRALIAN COAL IMPORTS ON HOPES FOR MORE EASING OF CURBS -TRADERS, DATA
Chinese utilities and traders have stepped up purchases of Australian coal in February, encouraged by signs of further policy relaxation after trade partially resumed last month following a two-year hiatus. In early January, Beijing gave permission to four government-backed firms, comprising steel giant Baowu Group and three state utilities, to ship in Australian coal, the first sign of an easing of the unofficial import ban in place since late 2020. The ban was imposed after relations between Beijing and Canberra turned sour over several political and public health matters. A full resumption in trade between the world's biggest coal consumer and the world's No. 2 exporter could support global prices for the fuel used in power generation and steel production. At least 15 vessels hauling about 1.4 million tonnes of February-loading Australian coal are bound for China, according to shiptracking data from Refinitiv and Kpler. Source: Reuters
OECD SAYS GLOBAL ECONOMIC OUTLOOK ‘SLIGHTLY BETTER’ FOR 2023 BUT INFLATION RISKS LINGER
OECD Secretary-General Mathias Cormann said the global economic outlook is “slightly brighter” this year but inflation challenges remain. “The outlook for the world is slightly brighter at the beginning of 2023 than what we thought it would be just two or three months ago,” he told CNBC’s “Street Signs Asia” on Friday. “Indeed, energy and food prices are substantially lower than what they were at their peaks,” noted the OECD chief, ahead of a G-20 financial leaders meeting this week in Bengaluru, India. Energy prices have fallen significantly because Europe was able to “successfully” diversify its sources of energy, Cormann noted. In addition, a “benign winter” helped to reduce energy demand which kept gas prices low, he said. In November, the OECD said “Russia’s war of aggression against Ukraine has provoked a massive energy price shock not seen since the 1970s.” Source: CNBC
COPPER PRICE RISES DESPITE WEAK CHINESE DEMAND
The copper price rose on Tuesday despite concerns over tepid consumption in China.
Copper for delivery in March rose on the Comex market in New York, touching $4.23 per pound ($9,306 per tonne), up 3.1% compared to Monday’s closing.
The most-traded March copper contract on the Shanghai Futures Exchange rose 1% to 69,740 yuan a tonne.
Hopes for a demand recovery in China post-covid-19 have supported prices, but some market participants now expect the rebound to kick in by March, disappointing those who had hoped for an early recovery in February.
“There was some demand improvement compared with two weeks ago, but it has not yet returned to normal as the market is sensitive to (rising) copper prices,” said He Tianyu, a China copper analyst at CRU Group.
“Most people think (demand recovery will happen) in mid or late March, or early in the second quarter.”
Source: Mining.com
GOVERNMENTS SPENT RECORD USD 1 TRILLION LAST YEAR SUBSIDIZING FOSSIL FUELS
Even as global governments raise their ambitions to cut fossil fuels in the future, they spent a record $1 trillion last year subsidizing energy sources that are the main driver of climate change.
That’s the finding from the International Energy Agency, which estimates that the combined subsidies for oil, natural gas, electricity and coal hit an all-time high in 2022 as soaring energy prices crippled economies. It underlines the challenge for policy makers trying to grapple with the immediate threat of runaway fuel inflation, while still trying to push a shift to low-carbon sources.
The spending by governments in 2022 was more than double total global investment in renewable energy sources, according to figures from BloombergNEF. The splash of state cash on energy last year followed climate talks in November 2021 when world leaders pledged to end such subsidies.
Source: Mining.com
See also: 'No excuse': IEA tells energy firms as methane emissions rise
G-20 FINANCE HEADS TO MEET IN INDIA WITH DEBT, UKRAINE TOP OF MIND
Finance ministers and central bank governors from the Group of 20 nations are set to gather near the southern Indian tech hub of Bengaluru on Friday, with the first anniversary of the Ukraine war looming and the debts of developing countries high on the agenda.
This is the first major conference of India's G-20 presidency, and the world is watching how Prime Minister Narendra Modi's government will guide a global grouping that includes geopolitical archrivals the U.S. and China, as well as Russia.
Deputies were meeting on Wednesday and Thursday before Finance Minister Nirmala Sitharaman and Reserve Bank of India Gov. Shaktikanta Das co-host the main events on Friday and Saturday. A new debt roundtable involving the International Monetary Fund is expected to be launched on the sidelines as a forum for discussing issues faced by struggling countries, such as Sri Lanka.
Source: Nikkei Asia
IRON ORE PRICE SURGES TO 8-MONTH HIGH ON RENEWED OPTIMISM AROUND CHINA’S REOPENING
Iron ore prices rose on Tuesday on renewed optimism around China’s reopening. Benchmark 62% Fe fines imported into Northern China rose 1.55%, to $131.57 per tonne, the highest since June 2022. The most-traded May iron ore on China’s Dalian Commodity Exchange ended daytime trade 3.4% higher at 919 yuan ($133.80) a tonne. It earlier hit 922 yuan, the strongest for the Dalian-traded commodity since July 2021. On Tuesday, BHP Group flagged a brightening demand outlook in China. BHP’s confidence in China’s economy was buoyed by green shoots since the start of the calendar year, including new loans, house prices, and business sentiment surveys, CEO Mike Henry said. “There’s a lot there that is giving us confidence that we will see an acceleration in the Chinese domestic economy,” he told reporters on a conference call. Source: Mining.com
MEXICO'S LOPEZ OBRADOR ORDERS MINISTRY TO STEP UP LITHIUM NATIONALIZATION
Mexican President Andres Manuel Lopez Obrador on Saturday signed a decree handing over responsibility for lithium reserves to the energy ministry, after nationalizing lithium deposits last April.
During an event in Sonora, Lopez Obrador signed the decree that orders the energy ministry "to take the actions necessary to carry out" the nationalization process.
It also declares 234,855 hectares (907 square miles) in Sonora as a mining zone known as Li-MX 1.
"(Let's make) the nation be the owner of this strategic mineral," Lopez Obrador said during the event.
Mexico holds important potential lithium deposits, a highly sought material for the production of electric vehicle batteries.
Studies suggest Mexico may have some 1.7 million tonnes of lithium. While close to a dozen foreign companies have active mining concessions that aim to develop potential lithium deposits, Lopez Obrador has said all of them will be "reviewed," which has cast a cloud over the sector's future prospects.
Source: Reuters
TAIWAN REVISES DOWN 2023 GDP GROWTH FORECAST ON EXPORT SLUMP
Taiwan's trade-dependent economy is likely to grow more slowly this year than previously forecast, hit by a slump in exports on weakening external demand due to global inflation, rate rises and impact of the war in Ukraine, the government said. Taiwan, home to major tech companies including the world's largest contract chip maker TSMC, has seen exports contract for five months in a row as consumers tighten their purse strings around the world, while China, Taiwan's largest export market, has yet to bounce back from COVID-19-related turmoil. Taiwan's gross domestic product (GDP) for 2023 is now expected to be 2.12% higher than last year, the Directorate General of Budget, Accounting and Statistics said on Wednesday, revising down the 2.75% forecast it issued in November. That would mark a slowdown from the 2.45% logged for 2022, which was itself far slower than 2021's 6.53% expansion. Source: Reuters
BANGLADESH PRIVATE POWER PRODUCERS SEEK USD 1 BLN IN FOREIGN CURRENCY FOR FUEL IMPORTS
Bangladesh's private power producers will need $1 billion in foreign currency to import fuel oil and avert an energy crisis this summer, their industry association said in a letter to the central bank seen by Reuters. Analysts expect power cuts in Bangladesh to worsen this year, as a rapid decline in the value of its currency and foreign exchange reserves have limited its ability to import power generation fuels, whose prices have surged following Western sanctions on major energy exporter Russia. Outages have already hampered commercial operations in Bangladesh, hitting lucrative garment industry supplies to clients such as Walmart, Gap Inc, H&M and Inditex's Zara. The Bangladesh Independent Power Producers' Association (BIPPA) flagged a shortage of U.S. dollars to pay for crucial energy imports, and said private generators would need over $250 million a month until June to pay for fuel shipments. Source: Reuters
CHINESE REOPENING RALLY STALLS AS FOREIGN INVESTORS CUT PURCHASES - EDITORIAL
Foreign investors are scaling back their purchases of Chinese stocks as hopes for a reopening rally in the world's second-biggest economy give way to concerns about falling cargo shipments and lackluster sales of homes and cars.
After jumping 18.47% in the three months ending in January, the widely followed CSI 300 equities index has slipped 2.94% in February to 4034.51, with foreign purchases of Chinese stocks via the trading link between Hong Kong and the mainland slowing significantly.
So far in February, foreign investors have bought a net 16.6 billion yuan ($2.41 billion) in mainland stocks using the trading link, down from 89.1 billion yuan in the same period last month and a record 141.2 billion yuan for all of January, according to data provider Wind. There has been an outflow of foreign investment in six of the 13 trading days in February, compared with only one net negative day in January.
Source: Nikkei Asia
AFTER A YEAR OF DEATH AND DESTRUCTION, UKRAINE BRACES ITSELF FOR A MAJOR ESCALATION IN THE WAR - EDITORIAL
As the war enters its second year, military analysts believe that capturing the Donbas region, which includes Donetsk and Luhansk (regions where two self-proclaimed, pro-Russian “republics” are located), remains a key aim for Russia as it launches a new large-scale offensive using several hundred-thousand conscripts drafted by Putin last September. How that offensive proceeds, and how quickly and effectively Ukraine can counter it, will be decisive, defense experts warn. Russia’s “main strategic goal remains to destroy Ukraine, all of it,” Andriy Zagorodnyuk, Ukraine’s former defense minister, told CNBC ahead of the one-year anniversary. “But since they cannot do that, they obviously have some reduced goals and the main one that they’ll be selling internally is the capture of the Donbas, and they’ll sell that a completion of their main objective [if they succeed],” he noted. Source: CNBC
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 – 23 February 2023
| Currency |
|
|
Rate |
| U.S. dollar |
USD |
|
3,516.97 |
| Euro |
EUR |
|
3,763.51 |
| Japanese yen |
JPY |
|
26.24 |
| British pound |
GBP |
|
4,238.83 |
| Hong Kong Dollar |
HKD |
|
448.96 |
| Russian ruble |
RUB |
|
47.61 |
| Chinese yuan |
CNY |
|
512.75 |
| South Korean won |
KRW |
|
2.72 |
|
