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BCM HIGHLIGHT
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
BOM MAINTAINS POLICY RATE, NARROWS BAND TO +/- 1 PERCENTAGE POINT OF POLICY RATE
The Monetary Policy Committee of the Bank of Mongolia (MPC) held its scheduled meetings on March 14th and 15th, 2023. With consideration of the current state of the economy and financial markets as well as the outlook and risks to the domestic and foreign economic environment, the MPC decided to:
1. Keep the policy rate unchanged at 13 percent,
2. Narrowing the policy rate corridor to be set at 1 percentage point above and below the policy rate,
3. Exclude certain liabilities of banks with maturities of 360 days or less that are newly funded on international markets in the form of bonds or loans from the reservable liabilities.
Annual inflation reached 12.2 percent nationwide and 12.1 percent in Ulaanbaatar city as of February 2023. Inflation has been gradually decelerating in recent months consistent with our previous projections. A decline in inflation is mainly attributable to the decrease in transportation costs of imported goods.
Source: Bank of Mongolia
MONTHLY MEDIAN WAGE OF EMPLOYEES REACHED MNT 1.28 MILLION
The average wage is calculated based on the social insurance report of the General Authority for Social Insurance. According to this report, 756.1 thousand employees working in 49.0 thousand enterprises in the fourth quarter of 2022.
The number of enterprises increased by 2.7 thousand (5.8%) and 347 (0.7%) compared to the same period of the previous year and the previous quarter, respectively. The number of employees increased by 36.8 thousand (5.1%) and 629 thousand (0.1%) from the same period of the previous year and the previous quarter, respectively.
In the fourth quarter of 2022, the median wage was MNT 1285.3 thousand among 756.1 thousand persons who have paid social insurance, which increased by MNT 127.9 thousand or 11.1 percent from the previous quarter.
The monthly average wage was MNT 1.7 million, which increased by MNT 312.0 thousand or 21.7 percent from the same period of the previous year and increased by MNT 177.1 thousand or 11.3 percent compared to the previous quarter.
Source: National Statistics Office
EXPORT INCREASED BY 8.2 PERCENT COMPARED TO THE PREVIOUS MONTH
In the first 2 months of 2023, Mongolia traded with 118 countries from all over the world, and the total trade turnover reached USD 3.4 billion, of which exports were USD 2.2 billion and imports were USD 1.2 billion. The total foreign trade turnover increased by USD 1.2 billion (55.2%), where exports increased by USD 1.1 billion (90.1%) and imports increased by USD 160.5 million (15.5%) compared to the same period of the previous year. In February 2023, exports increased by USD 88.1 million (8.2%) and imports decreased by USD 177.8 million (25.8%) compared to the previous month
The foreign trade balance was in surplus of USD 1.0 billion in the first 2 months of 2023 and increased by USD 902.8 billion (7.3 times more) compared to the same period of the previous year. In February 2023, Trade balance was in surplus of USD 655.6 million, increased by USD 265.9 million (68.2%) from previous month.
Source: National Statistics Office
See also: Mongolia's foreign trade turnover up by over 55 pct
NPLS INCREASE 10.9 PCT IN FEBRUARY M/M
The standard loans reached MNT 19.0 trillion at the end of February 2023, decreased by MNT 325.1 (1.7%) billion from the previous month while increased by MNT 910.3 (5.0%) billion from the same period of the previous year. The performing loans made up 84.0% of total loans.
The principals in arrears amounted to MNT 1.4 trillion at the end of February 2023, increased by MNT 244.6 (21.5%) billion from the previous month and by MNT 337.3 (32.3%) billion from the same period of the previous year. The principals in arrears made up 6.1% of the total loans.
As of the end of February 2023, the non-performing loans in the banking system amounted to MNT 2.2 trillion, increased by MNT 221.5 (10.9%) billion from the previous month and by MNT 89.7 (4.2%) billion from the same period of the previous year. The non-performing loans in the banking system correspond to 9.9% of the total loans.
Source: National Statistics Office
MONGOLIA IRON ORE EXPORTS TO CHINA JUMP 168 PCT ON YR
Mongolia exported 828,500 tonnes of iron ore in January-February, jumping 168.27% or 519,700 tonnes from a year ago, showed latest data from the Mongolian Customs General Administration (MCGA).
The total export value soared 154.35% on the year to $65.04 million during the first two months, data showed.
China was the only destination of Mongolian iron ore during the period.
MCGA didn't release the specific figure for last month, yet Sxcoal calculated the exports at 467,900 tonnes based on the overall exports published by the customs authority, up 75.38% year on year and 29.76% on the month.
The iron ore exports amounted to $39.13 million in February, with average price at $83.62/t, down $1.14/t from a year ago but up $11.74/t from a month earlier, data showed.
Source: sxcoal.com
GROSS EXTERNAL DEBT OF MONGOLIA REACHED 33.6 BILLION USD, DOWN 0.6 PCT Y/Y
In 2022, the gross external debt of Mongolia reached USD 33.6 billion, which decreased by USD 219.6 (0.6%) million compared to the previous year, while increasing by USD 1.1 (3.5%) billion compared to the previous quarter.
The gross external debt consists of USD 12.1 (36.2%) billion of direct investment (intercompany lending), USD 9.7 (28.9%) billion of other sectors’ external debt, USD 8.0 (23.8%) billion of the general government external debt, USD 2.2 (6.5%) billion as central bank’s external debt, and USD 1.6 (4.6%) billion of deposit-taking corporations’ external debt (the Bank of Mongolia excluded).
In 2022, the gross external debt of the country decreased from the previous year due to a decrease of 444.8 (5.3%) million USD in the external debt of the government and 431.8 (16.5%) million USD of the Central bank, 131.6 (1.1%) million USD of the direct investment and intercompany loans, 66.4 (4.1%) million USD of Deposit-taking corporations except for the Bank of Mongolia.
Source: National Statistics Office
“GDP PER PERSON EMPLOYED” INCREASES BY 2.1 PCT IN 2022
In the fourth quarter of 2022, GDP per person employed (at 2015 constant prices) was MNT 6.6 million. In 2022, the GDP per person employed was MNT 23.2 million, which increased by MNT 473.4 thousand (2.1%) compared to the previous year.
Regarding the main four sectors, productivity increased in agriculture, industry, and construction and service sector, but mining and quarrying decreased compared to the previous year.
According to the National Statistics Office of Mongolia, the value added per person employed in the agriculture sector was MNT 14.6 million, the industry and construction sector was MNT 20.5 million, the service sectors were MNT 19.4 million, mining and quarrying sector was MNT 51.9 million.
Source: Montsame
BOM PURCHASES 701.2 KG OF PRECIOUS METALS IN FEBRUARY
In February 2023, the Bank of Mongolia (BoM) purchased 701.2 kg of precious metals.
BoM branches in Darkhan-Uul and Bayankhongor aimags bought 78.8 kg and 139.8 kg of precious metals, respectively.
The Bank of Mongolia sets the purchase price of precious metals based on the global market price. As of February, the average purchase price was MNT 209,784.
Source: Montsame
EDUCATION LOANS AND GRANTS ACCOUNT FOR 10-15 PERCENT OF MONGOLIA’S TOTAL DEBT
Local Education Group (LEG) High Level Consultation Meeting was held on March 14 in Ulaanbaatar.
At the meeting, the Government’s policy and short-term goals on the education and science sector were presented to the attendees and discussions were evolved around the topics such as cooperation opportunities and roles of the stakeholders. The meeting is significant in terms of establishing cooperation and partnership mechanism between the member countries. This mechanism will allow the realization of international projects and programs in line with the policy of education and science. Moreover, by establishing this mechanism, member organizations of the group will be able to hold meetings quarterly to identify the challenges and discuss solutions and possible technical assistance to solve these challenges.
Over 100 representatives from donors, international development organizations, and civil society organizations attended the consultation meeting.
During the meeting, Minister of Education and Science Mr. Enkh-Amgalan provided clarifications on the following issues.
Source: Montsame
WORK ON BRIDGE BETWEEN YARMAG AND FIRST MICRO-DISTRICT STARTS
On March 14, G. Bayarsaikhan, Head of the Ulaanbaatar Road Development Department, announced that “The work on the double Zaisan bridge, the bridge structure from Naadamchid Road to Enkhtaivan Avenue (connecting Yarmag road to the First micro-district), and the bridge structure from Shar Khad to Gachuurt started on March 1.”
In addition, the following issue of the National Sports Stadium was discussed during the emergency meeting of the City’s management staff. 51 percent of National Sports Stadium was privatized in 1993, and the surrounding areas have been shrinking year by year, and multi-story apartments have been built. The Stadium organizes concerts and earns income, but the capital, which owns 49 percent, does not receive any money. Just last year, the capital spent a lot of money on the improvement of the Stadium. Therefore, Capital City Governor D.Sumiyabazar said, “We do repairs and services. However, no money comes into the capital, it cannot be like this…”
Source: The UB Post
GOALS OF GROWTH: Q&A WITH MONGOLIA CENTRAL BANK GOVERNOR BYADRAN LKHAGVASUREN - INTERVIEW
Byadran Lkhagvasuren, governor of the central bank of Mongolia, gave an interview to Global Finance about the bank’s future and potential stagflation.
Global Finance: Is stagflation likely to take hold in Mongolia?
Byadran Lkhagvasuren: Mongolia is sandwiched between Russia and China. Therefore, inflationary pressures arising from pandemic-related supply chain shocks are magnified significantly. According to our estimates, more than 60% of inflation dynamics are explained by an increase in the prices of imported goods and the recent sharp increases in oil prices.
We are seeing a gradual recovery in economic activity. In the first half of 2022, the economy grew by 1.9%, and we expect growth to reach 3% for the full year. Although growth in the mining, transportation and construction sectors is still weak, we are seeing a recovery in the services, trade and manufacturing sectors. We expect the mining and transportation sectors to recover once logistical issues are fully resolved in early 2023.
Source: Bank of Mongolia
POLITICS
STATE GREAT KHURAL OPENS ITS SPRING SESSION
The State Great Khural of Mongolia (Parliament) has opened its regular spring session of 2023 today.
In his opening speech, Speaker of the State Great Khural G.Zandanshatar stressed that the spring session will focus on legal reform against corruption, the detrimental phenomenon that hampers development of the country and wellbeing of people and undermines the rule of law and governance. He mentioned that package of laws to combat corruption will be discussed during the spring session, including Law on Civil Servants' Ethics and Discipline, Law on the Legal Status of Whistleblowers, Law on the Regulation of Public and Private Interests and Prevention of Conflict of Interest in Public Service, the National Program for Combating Corruption. The Speaker noted that the recommendations of the Deliberative Council, which were based on the results of the “Deliberate and Resolve” National Deliberative Polling will be realized.
Source: Montsame
MONGOLIA TO DECIDE ON GAS PIPELINE ROUTE AFTER RUSSIA-CHINA COST AGREEMENT
Mongolia will take a decision on which part of its territory will be used to construct the Russia-China gas pipeline once its neighbours reach an agreement on costs, the country's prime minister said.
Russian energy company Gazprom is planning to build the 2,600 km Power-of-Siberia 2 gas pipeline to supply 50 billion cubic metres of gas per year to China by 2030.
Mongolian PM Luvsannamsrain Oyun-Erdene told Reuters on Tuesday that talks between its two big neighbours had been put on the back burner due to the Ukraine war, but there was a likelihood of them coming back to the negotiating table.
After Russia and China decide on the pricing, Mongolia will decide on how they can use its territory to transport the gas, Oyun-Erdene said.
Nearly 80% of Mongolia's total exports go to China, but the mineral-rich country is working to expand trade and mining relationships beyond China and Russia and hopes to become a bridge between Europe and Asia.
Source: Reuters
CONTROVERSIAL SOCIAL MEDIA LAW OF MONGOLIA TO BE DISCUSSED BY PARLIAMENT
"Law on protecting human rights on social media", the law identified as “dangerous“ by the Reporters without borders, comes back to Mongolia’s Parliament this week after facing strong opposition from local citizens, civil society and international media and human rights organizations.
The law, which avows to protect human rights violation on social media, lacks regulations that would serve its designated purpose, but includes many other that gives state the ultimate power to regulate and even shut down internet and communication channels based on a very broad and subjective decision making process.
More importantly, the law was passed within 48 hours after it was first seen by public without allowing a reasonable time to review and provide consultations on the draft, which is a violation of already existing legal regulations in Mongolia as well.
Source: Mongolia Media Watch
See also: RSF urges legislators not to override presidential veto of dangerous social media bill
INTERVIEW: MONGOLIAN MINISTERS HAVE A REVIVAL PLAN
Businesspeople and policymakers in Ulaanbaatar dream of a speedy end to the Russian-Ukrainian war, which significantly disrupted Mongolia’s imports of necessities.
The mineral-rich nation suffered a debt crisis after the Russian invasion of Ukraine last year, forcing authorities to undertake fiscal and monetary measures to avoid a default amid depleted foreign reserves.
Now, Mongolia urgently needs to boost coal and copper exports to China to replenish the national coffers and repay its sovereign debts in 2023 and 2024. It has started building more logistic facilities to meet the recovering demand from China.
“We are a landlocked country,” one that buys “60 to 70% of our consumption” from two giant neighbors – Russia and China – and other foreign countries, Mongolia’s Finance Minister Boldyn Javkhlan told Asia Times in an exclusive interview. “Because of the war and China’s border restrictions, it’s difficult for us.”
Source: Asia Times
TOTAL REVENUE OF GENERAL GOVERNMENT BUDGET INCREASED BY 16.4 PCT IN JAN-FEB Y/Y
According to the preliminary results in the first 2 months of 2023, the total revenue of the general government budget was MNT 3.0 trillion, which increased by MNT 422.9 (16.4%) billion compared to the same period of the previous year. The equilibrated revenue and grants of the general government budget was MNT 2.8 trillion, which increased by MNT 318.7 (12.9%) billion compared to the same period of the previous year.
The total expenditure and net lending was MNT 2.8 trillion in the first 2 months 2023, resulting in a surplus of MNT 22.6 billion, and decreased by MNT 9.6 (29.8%) billion compared to the same period of the previous year.
In the first 2 months 2023, tax revenue reached MNT 2.6 trillion, which increased by MNT 240.7 (10.2%) billion compared to the same period of the previous year.
Source: National Statistics Office
TÜRKIYE, MONGOLIA EYE BOOSTING TRADE, DIPLOMATIC TIES
After hitting last year’s target, Türkiye and Mongolia are aiming to push their trade volume to at least $500 million (TL 9.49 billion) in the coming period before the two countries celebrate the 55th anniversary of diplomatic ties, according to their top diplomats.
“Next year, Türkiye and Mongolia will celebrate the 55th anniversary of their diplomatic relations, and therefore investment deals signed beforehand need to be revised and updated,” said Turkish Foreign Minister Mevlüt Çavuşoğlu at a joint presser with his Mongolian counterpart Batmunkh Battsetseg following a one-on-one meeting, notably the first of its kind 31 years, in the capital Ankara on Monday.
“We have discussed bilateral relations and underlined that these need to be improved by cooperating on many fields,” Çavuşoğlu informed, noting as steps to be taken include the increase of civilian and cargo flights, boosting quotas for land transports and eliminating obstacles in front of trade…
Source: Daily Sabah
See also: Minister of Foreign Affairs Holds Official Talks with Her Turkish Counterpart
Minister of Foreign Affairs received Mongolians in Turkey
Mongolia wants to get observer status in the Organization of Turkic States
Minister of Foreign Affairs Pays Courtesy Call on Vice President of Turkey
ACTION PLANS TO PLANT “ONE BILLION TREES” APPROVED
The National Climate Committee, led by Deputy Prime Minister of Mongolia S. Amarsaikhan convened on March 14. The committee was newly established by resolution No.350 of the Government of Mongolia, dated September 9, 2022.
At the meeting the National Climate Committee discussed and approved the strategic and action plans for implementing the "One Billion Trees" national campaign in 2022-2030 and the action plan of the National Committee in 2023.
For the purpose of counteracting global warming, mitigating climate change, reducing desertification and land degradation, and ensuring ecosystem stability, President of Mongolia Ukhnaagiin Khurelsukh issued Decree No. 58 on October 4, 2021, and launched the "One Billion Trees" national campaign.
In the strategic and action plans for implementing the “One Billion Tree” national campaign, 27 actions and 154 measures are planned to be implemented.
Source: Montsame
BELARUS, MONGOLIA TO HOLD MEETING OF TRADE AND ECONOMIC COMMISSION
Ambassador Extraordinary and Plenipotentiary of Belarus to Mongolia Dmitry Gorelik met with Deputy Prime Minister, Minister of Economy and Development of Mongolia Chimed Khuralbaatar on 14 March, BelTA learned from the Belarusian diplomatic mission in Mongolia.
The parties discussed a wide range of issues related to bilateral trade and economic cooperation. They also discussed the oncoming regular meetings of the joint Belarusian-Mongolian commission on trade and economic cooperation and the joint Belarusian-Mongolian commission on scientific and technical cooperation in Minsk in 2023.
The parties agreed on the need to intensify the bilateral dialogue between the ministries, as well as the early implementation of new joint projects in the delivery of municipal, agricultural and other equipment produced in Belarus.
Source: Belarus.by
SILENCE AROUND SEX HAS DANGEROUS CONSEQUENCES FOR MONGOLIAN TEENS - EDITORIAL
Seventeen-year-old Gerelee’s rosy face turns deep red as she considers the sharp swerve of her life in the past year.
“Even now, I cannot believe that I have become a mother,” she says, looking down at her 6-day-old daughter.
Rates of teenage pregnancy in Mongolia, albeit well below the global average, were until recently among the highest in the western Pacific region, in large part due to poor sexual and reproductive health education, limited access to reproductive health care for adolescents, and a reluctance to discuss sex at home. Each year, some 4,000 girls become pregnant, 650 of whom typically terminate their pregnancies. In Mongolia, abortion is legal until 22 weeks, with late-term abortions — between 13 and 22 weeks — requiring medical supervision. Minors, however, need the consent of a parent or guardian to terminate their pregnancies.
In some families, pregnant girls don’t tell their parents until it is too late.
Source: Global Press Journal
WORRY ABOUT THE FUTURE, NOT THE PAST - EDITORIAL
Aside from glorifying the PM OyunErdene.L, the dispute over the past two years and uncertainties surrounding Oyu Tolgoi that dragged on for 12 years seem to be coming to an end. Underground mining has started. It is already said and done. Can’t be stopped for at least 50 years. Therefore, it can be understood that the problem has been resolved as a result of mutual understanding by identifying the shortcomings of the past. The debts are written off. In other words, we are far from looking back to complain and debate over the past. Now it is time to look to the future, focus on creating real economic growth along with Oyu Tolgoi and make it beneficial to every citizen.
Inaugurating the underground mine, Prime Minister Oyun-Erdene.L and Rio Tinto’s CEO Jakob Stausholm have ordered the first blasting of the Oyu Tolgoi underground mine. In his opening remarks, Prime Minister Oyun-Erdene.L made two things very clear.
Source: Mining Insight
DEFACTO REVIEW, MARCH 12 - VIDEO
Highlights of the week:
1. "Bird" operation
2. Court hearing for DB cases was adjourned
3. Rural revival policy
Source: Jargal Defacto
ELAINE CONKIEVICH: UNDP TO SUPPORT MONGOLIA ON GENDER EQUALITY, DIGITAL TRANSFORMATION AND DEVELOPMENT FINANCING - INTERVIEW
Montsame interviewed Ms. Elaine Conkievich who was appointed as a Resident Representative of the United Nations Development Programme in Mongolia on November 9, 2019.
Before we start, could you please introduce yourself and your background to our readers?
Thank you. It is my pleasure. My name is Elaine Conkievich and I have been working as UNDP Resident Representative in Mongolia for over three years. Before that, I used to work as the UN Women representative in Central Asia, based in Kazakhstan for the last five years. Overall, I have been working for nearly 30 years in international development in the fields of governance, human rights, rule of law, gender mainstreaming, democratic institution building, conflict resolution, and preventive diplomacy working in the Balkans, Eastern Europe, Caucasus, Central Asia, and now Mongolia.
Can you please tell us about how UNDP works in Mongolia and the organization’s history in Mongolia a little bit?
…
Source: Montsame
BUSINESS
RIO TINTO COMMENCES UNDERGROUND PRODUCTION AT OYU TOLGOI
Rio Tinto has begun underground production at the Oyu Tolgoi copper mine in Mongolia following a $7bn expansion.
Oyu Tolgoi is now set to become the world’s fourth-largest copper mine by 2030. Between 2028 and 2036, it is expected to produce enough copper annually to manufacture six million electric vehicles – around 500,000 tonnes.
While the open-pit portion of Oyu Tolgoi has been successfully operating for more than a decade, the underground expansion was hampered by disagreements between the Mongolian government and Rio Tinto. These disputes were finally settled in January 2022 after the multinational waived a loan it provided to the Mongolian government.
Following Rio Tinto’s buyout of Turquoise Hill, it now owns a 66% stake in the Oyu Tolgoi project, with the remaining 34% held by the Mongolian government.
The occasion was marked by a visit from the Prime Minister of Mongolia, Luvsannamsrain Oyun-Erdene, and Rio Tinto chief executive Jakob Stausholm.
Source: Mining-Technology.com, bne IntelliNews
View the Rio Tinto release
See also: Rio Tinto Should Expect More Friction Over Giant Mongolia Mine
Rio stands ground on Oyu Tolgoi tax take in Mongolia
MONGOLIAN DAY AT PDAC 2023
The World’s Premier Mineral Exploration and Mining Convention was held between March 5-8 in Toronto, Canada.
Mongolia has been participating in this convention, organized by the Prospectors & Developers Association of Canada (PDAC) for 17 years since 2006. During the convention, several meetings were held involving ministries and other stakeholders to discuss and exchange views on cooperation in this sector and opportunities to improve the investment climate of Mongolia and the Mongolian representatives presented on its mega projects, exploration and development opportunities, and practices, and investment environment competitiveness.
In addition, the Mongolian National Mining Association organized the “Mongolian Day” event where the Minister of Mining and Heavy Industry Mr. Ganbaatar made a speech on Mongolian mineral resources and policy reform of the sector and mining companies introduced their projects and discussed cooperation opportunities with the investors gathered at the convention.
Source: Montsame
REGULATIONS RELATED TO MONEY LOAN ACTIVITIES APPROVED
At a regular meeting of the FRC - on 13 March 2023 – drafts of five regulations were discussed, and approved according to the Law on Regulation of Money Loans Activities. Implementation of the Law followed from 1 March, 2023. The draft regulations are:
Registration and operation regulation, of entities engaged in money loan activities.
Regulation for keeping a record book of money loan activities and submitting reports.
Regulation for issuing personal numbers to entities engaged in money loan activities.
Regulation for training in money loan activities
Regulation for the Money Loans Policy Council’s activities.
The regulations defined details related to money loan activities, including:
- The requirement to register with the FRC (the governor of the province, or the capital) depending on the amount of the capital of the legal entity engaged in money loan activities
- How to register and grounds for refusal of registration.
- …
Source: FRC
FRC ENCOURAGES TOP 100 ENTERPRISES TO CONSIDER IPOS AND GREEN BONDS
Sustainable financing and green bonds are of primary importance for the country's economic and social development and inclusive growth. For this reason, the Financial Regulatory Commission will inform TOP-100 enterprises about sustainable financing, the importance of green bonds, and their regulatory environment, introduce the possibility of attracting financing through the capital market, and support programs for enterprises, and exchange opinions on the topic "Opportunity for attracting financing - sustainable finance and green bonds" discussion was held on 13 march 2023.
D. Bayarsaikhan, (Chairman of the FRC), opened the discussion organized jointly with the Mongolian National Chamber of Commerce and Industry (MNCIT), International Finance Corporation (IFC), and Mongolian Sustainable Financing Association (TOS Association). Chairman highlighted "Last year, the FRC, together with the Ministry of Finance, successfully organized an IPO forum among professional organizations participating in the securities market, issuers, and investors…”
Source: FRC
JADE GAS HOLDINGS RAISES AUD 10.7 MILLION VIA STRATEGIC PLACEMENT
Jade Gas has launched a strategic share placement to raise $10.7 million.
The company executed a subscription agreement with UB Metal (UBM) for the funds via a placement of 178,630,800 JGH shares at six cents per share.
The price represents a 27.7 per cent premium to the last closing price of JGH shares of 4.7 cents and a 23.7 per cent premium to the 30-day volume weighted average price.
UBM is Mongolia’s largest importer of natural gas in the form of liquified natural gas (LNG) and will become a 19.9 per cent shareholder as a result of the placement.
Under the terms of the placement, UBM will be entitled to nominate a candidate to the Jade board of directors.
Jade said the funds raised would primarily go towards its pilot production program, which was designed to prove the commercial capability of the Tavan Tolgoi XXXIII unconventional oil basin in Mongolia (TTCBM project).
Source: The Market Herald
View the Jade Gas release
See also:
ERDENE ANNOUNCES 2022 RESULTS AND PROVIDES KHUNDII MINERALS DISTRICT UPDATE
With its mountains, beaches and movie star good-looks, Vancouver is a world-class urban jewel, despite having been home to a historical bit of world-renowned funny business known as the Vancouver Stock Exchange (VSE).
Anyone old enough to remember the VSE will recall it was the premiere playground for mining stock promoters, smooth talkers and crooks who would sell investors on the promise of striking it rich, just as soon as this or that highly speculative resource sector play turned out to be the genuine El Dorado.
There were some honest-to-goodness El Dorados, lest the legendary Eskay Creek gold bonanza be forgotten, but right alongside the winners were the characters of ill repute, pumping the price of otherwise worthless penny stocks and cashing out ahead of the inevitable crash. Forbes magazine knew the score, and famously dubbed the VSE the “scam capital of the world” in its May 1989 issue.
Source: Erdene Resource Development Corp.
PHOTO: 200 CHINESE COMPANIES TO INVEST IN FIVE SECTORS OF MONGOLIA
Mongolian-Chinese businessmen joint "Sustainable Investment Summit" continues. About 200 businessmen from the private sector of China are participating in the SIS23 and getting acquainted with the projects and investing in the following sectors.
- Mining
- Renewable energy
- banking and finance
- Construction
- Agriculture
SIS23 aims to expand foreign trade between the two countries, increase investment in Mongolia, and strengthen regional environmental cooperation. China is paying more attention to the construction and agriculture sectors of Mongolia. During the summit, the representatives of five sectors will present project presentations, investors' briefs, and both parties will sign a memorandum.
At today's session, representatives of the banking and agricultural sectors presented their projects. The summit will last for three days.
Source: GoGo News
EBRD REPRESENTATIVES VISIT MONGOLIAN STOCK EXCHANGE
Today, the Vice President and Chief Risk Officer of the European Bank for Reconstruction and Development (EBRD), Ms. Annemarie Straathof, the Managing Director of EBRD Central Asia, Ms. Zsuzsanna Hargitai, and the Head of Mongolia at EBRD, Mr. Hannes Takacs, visited the Mongolian Stock Exchange.
During the meeting, the CEO of the Mongolian Stock Exchange, Kh.Altai, presented the recent situation of the stock market, the issue of securities by systematically important banks, the trading of mining products, and the process of privatization of the state-owned enterprise.
They also emphasized the importance of the EBRD's participation in intensifying the development of the capital market and ensuring sustainable growth and discussed the activities to be jointly implemented in the future.
The EBRD has made a valuable contribution to the development of Mongolia's capital market by implementing a variety of technical assistance projects and programs such as capital market development projects, introducing the T+2 settlement system, determining domestic investment capacity, and improving the capacity of MSE.
Source: MSE
IIHF ICE HOCKEY U18 ASIA AND OCEANIA CHAMPIONSHIP UNDERWAY
Ice Hockey U18 Asia and Oceania Championship is held in Mongolia for the first time in Mongolia between March 11 and March 17, 2023 at Steppe Arena, Ulaanbaatar. In 2019, Mongolia opened its first international standard “Steppe Arena” winter sport house, which made it possible to organize international competitions.
The opening of the tournament was attended by the President of the Mongolian Ice Hockey Federation B.Javkhlan, the Minister of Environment and Tourism B.Bat-Erdene, Vice President of the Hockey Federation and Advisor of the International Hockey Federation A.Mergen and Vice President of the International Ice Hockey Federation Aivaz Omorkanov, and other officials.
The best teams from Mongolia, United Arab Emirates, Thailand, Iran, Uzbekistan, and Turkmenistan are taking part in the junior competition and athletes aged 15 to 18 are participating in the U18 Hockey Tournament. Teams are playing in a round-robin, and each team will play five games to determine the champion.
Source: The UB Post, Montsame
See also: Uzbekistan team leads Asian Ice Hockey Championship
FITCH RATING REPORT: MONGOLIAN MINING CORPORATION
The rating of Mongolian Mining Corporation (MMC) is constrained by the company’s small scale, single-product focus on hard coking coal and limited cost competitiveness outside of northern China, its main market. However, MMC has flexibility in capex, which should provide a sufficient buffer to continue generating free cash flow (FCF) during business downturns. The Negative Outlook reflects the uncertainty about MMC's business recovery due to periodic restrictions at the border with China to contain Covid-19’s spread. Fitch Ratings estimates the prolonged border disruptions in 2021 caused MMC's credit metrics to deteriorate from 2020 levels. Border traffic currently remains restricted, but MMC expects the curb to ease soon. However, the credit metrics could remain weak if there is no clear recovery in border traffic. Key Rating Drivers Capex Flexibility: MMC estimates its minimum sustaining capex, mostly for regular maintenance of its mines, mining fleets and coal-hauling trucks, will be around USD2 million in 2022 and USD5 million in 2023.
Source: Fitch Ratings
ZIJIN AND XANADU TRANSACTION COMPLETED AND KHARMAGTAI PFS UNDERWAY
Xanadu Mines Ltd is pleased to announce the completion on 10 March 2023 of Phase 2 and Phase 3 of its Strategic Partnership with Zijin Mining Group Co., Ltd. This provides crucial funding for the Company’s flagship Kharmagtai Copper-Gold Project (Kharmagtai) through the next phase of project evaluation and exploration, leading to formal Decision to Mine. It will also provide funding to Xanadu for activities outside of Kharmagtai such as our second project at Red Mountain.
Xanadu also announces the appointment of Mr Shaoyang Shen as a non-executive director, having been nominated by Zijin in accordance with the Phase 2 Share Subscription Agreement.
Highlights
- Completed A$7.164,645.28 million placement for 179,116,132 Xanadu shares at $0.04 per share, a 33% premium on the latest market close price, increasing Zijin shareholding to 19.42% of Xanadu.
- US$35 million invested directly into the Kharmagtai project creating a 50/50 Joint Venture (JV) at the project level.
- …
Source: GlobeNewsWire.com
MINESEC EMPOWERS MONGOL ID AS MONGOLIA'S PIONEERING FINTECH WITH SOFTPOS LAUNCH
MineSec has boosted Mongol iD's capabilities as a leading fintech firm among Mongolia's market players by helping launch a software point of sale (SoftPOS) for the latter. Through the SoftPOS solution, MineSec has enabled Mongol iD to conduct businesses directly through mobile card payments without the need of additional software.
SoftPOS converts smart devices into a secure payment terminal as opposed to traditional POS systems. This revolutionary payment technology enables scalability while minimising terminal and maintenance costs. Mongol iD is seeing opportunities to expand their business using SoftPOS technology. This is in line with a new regulatory push from the Bank of Mongolia which mandates all issued cards to possess contactless capabilities.
Mongol iD will utilise the SoftPOS solution from MineSec for the newly released MinuChat. The unified solution offers merchants various services such as account statement; transfers and payments; as well as credit and loan applications; and invoicing and subscription payments.
Source: PRNAsia.com
STEPPE GOLD FEATURED ON VIEWPOINT PROJECT, HOSTED BY DENNIS QUAID - VIDEO
Steppe Gold Limited is delighted to share its feature segment on the Viewpoint Project, hosted by Dennis Quaid, in its mission to educate US investors on the Steppe story.
As Mongolia's leading gold producer, and after a year of expansion and growth, including the recent binding agreement to acquire Anacortes Mining, Steppe Gold Ltd is always looking for new ways to share its remarkable story with investors and stakeholders, especially as the Company continues to build its profile in the US market.
We are pleased to have this Steppe feature segment showcased on the Viewpoint Project, with host, Dennis Quaid and aired in the US across various main broadcasting channels, as well as on Public TV (PTV) affiliates, due to its educational nature.
Tune in below to this educational segment to learn more about Steppe's value proposition, and the compelling mining jurisdiction of Mongolia.
Source: Junior Mining Network
See also: Steppe Gold Files Technical Report for ATO Gold Project
E. GENDENJAMTS: WANT TO OPTIMIZE YOUR ONLINE SALES, THEN START WITH ONE PRODUCT - INTERVIEW
Mongolian Economy spoke with E. Gendenjamts, a manager of the Cross Border Trade and Hightech Department at Rakuten France, about Rakuten Group, Inc, its overseas businesses and steps to optimize online sales.
-Could you briefly introduce yourself to our readers?
-First of all, I would like to thank Mongolian Economy for the invitation. My name is Elbegsaikhan Gendenjamts, everyone calls me Gende. Currently, I’m working as a manager of the Cross Border Tade and Hightech Department at Rakuten France. I moved to France with my family, wife and 2 kids, 7 years ago, after working as an e-commerce consultant at Rakuten Group, Inc in Japan for 3 years. In terms of my educational background, I graduated from Kyoto university with a bachelor’s degree in development economics and then I completed my master’s degree at Hitotsubashi University.
Source: Mongolian Economy
GLOBAL AND REGIONAL NEWS
FED SEEN DELIVERING QUARTER-POINT RATE HIKE NEXT WEEK
The Federal Reserve is seen raising interest rates by a quarter of a percentage point at its meeting next week as the European Central Bank on Thursday delivered its own aggressive rate hike and U.S. economic data came in stronger than expected, outstripping lingering fears of a global banking crisis.
Money market pricing has varied greatly this past week as traders have digested a whirlwind of news, from the collapse of two large regional U.S. banks to Swiss regulators having to pledge assistance to Credit Suisse.
After the ECB's decision to go ahead with a 50 basis point hike to tame too-hot inflation despite volatility in financial markets, traders of U.S. rate futures firmed up their bets that the U.S. central bank will raise interest rates by 25 basis points next week.
The likelihood of a 25 basis point hike at the March 21-22 meeting was also bolstered on Thursday by an unexpected drop in jobless claims…
Source: Reuters
See also: Goldman Sachs no longer expects the Fed to hike rates in March, cites stress on banking system
ECB RAISES RATES AS PLANNED DESPITE BANKING TURMOIL
The European Central Bank raised interest rates by 50 basis points on Thursday as promised, ignoring financial market chaos and calls by investors to dial back policy tightening at least until sentiment stabilises.
The ECB has been raising rates at its fastest pace on record to curb inflation, but a rout in global markets since the collapse of Silicon Valley Bank in the United States last week had threatened to upend those plans at the last moment.
In line with its often-repeated guidance, the central bank for the 20 countries that share the euro lifted its deposit rate to 3%, the highest level since late 2008, as inflation is seen overshooting its 2% target through 2025.
But it offered no commitments for the future, despite previous calls by a long list of policymakers for more big moves in the fight against inflation.
Source: Reuters
CHINA REMOVES ALL REMAINING CURBS ON AUSTRALIAN COAL IMPORTS
China will allow all domestic companies to import Australian coal, signalling an end to trade restrictions imposed in late 2020.
Ports and customs offices have been told to allow the cargoes, according to people familiar with the decision, who asked not to be identified because the information isn’t public. Earlier this year, authorities gave four major importers permission to resume purchases of Australian coal, which began shipping in January.
The National Development and Reform Commission, China’s economic planning agency, didn’t immediately respond to a request for comment.
High-quality Australian coal is much sought after by China’s steelmakers and power plants. Imports could reach one-million tons in the first half of March alone, according to China’s top coal lobbying group. China is the world’s biggest producer and consumer and its imports of the fuel exceeded 290-million tons last year.
Source: Mining Weekly
ANALYSIS: RUSSIAN SANCTIONS SHIFT OIL PRICE-MAKING POWER TO ASIA FROM EUROPE
Western sanctions on Russian and Iranian oil have channelled cheap fuel to Asia and in the process eroded a decades-long trend whereby the continent has paid more for energy than Europe, according to traders, analysts and Refinitiv Eikon data.
Analysts and government officials from consumer countries use the term Asian premium to refer to the higher prices Asian importers have paid for oil sold by big exporters, such as members of the Organization of the Petroleum Exporting Countries.
For Asia, a weakened premium amounts to an economic stimulus, highlighting another unintended consequence of the Western sanctions on oil and gas exporter Moscow, which also led to a surge in the amount Europeans have paid for natural gas.
"It's safe to say that some major consumers in Asia, most notably India and China, are the major winners of the sanctions," Ole Hansen, head of commodity strategy at Saxo Bank, said.
Source: Reuters
US CRUDE OIL EXPORTS HIT RECORD HIGH IN 2022, EIA DATA SHOWS
U.S. crude oil exports hit a record high in 2022 as releases from the Strategic Petroleum Reserve (SPR) nearly matched the increase in domestic output to boost U.S. supply to countries looking to replace Russian crude.
Exports of U.S. crude rose by 22% from 2021 to reach a peak of 3.6 million barrels per day (bpd) last year, as greater demand from Europe offset lower exports to India and China, the U.S. Energy Information Administration (EIA) said on Wednesday.
U.S. production in 2022 rose by 629,000 bpd, or 5.6%, to 11.9 million bpd, still off its record high of 12.3 million bpd reached in 2019.
However, combined with 607,000 bpd of releases from the SPR last year, overall U.S. crude oil supplied to the market reached 12.5 million bpd, surpassing the 12.4 million bpd supplied in 2019.
South Korea, the Netherlands, the UK, and Canada were the top destinations for U.S. crude oil.
Source: Reuters
CHINA COULD CONTROL A THIRD OF THE WORLD'S LITHIUM BY 2025
China’s efforts to ramp up lithium extraction could see it accounting for nearly a third of the world’s supply by the middle of the decade, according to UBS.
The bank expects Chinese-controlled mines, including projects in Africa, to raise output to 705 000 t by 2025, from 194,000 t in 2022. That would lift China’s share of the mineral critical to electric-vehicle batteries to 32% of global supply, from 24% last year, according to a note on Friday.
The race to secure lithium is playing out at the highest levels, with nations including the US prioritising access to the materials necessary for making batteries as the world turns away from fossil fuels. China’s needs are particularly acute because it’s home to the world’s biggest market for new energy vehicles.
The rise in Chinese output will include an increase in material derived from lepidolite, a lithium-bearing rock often overlooked as poor quality and environmentally unsound because of its low yield and high energy costs.
Source: MiningWeekly.com, Mining.com
See also: China to step up deep sea mining efforts
PERU MINING EXPORTS FALL ALMOST 20 PCT YEAR/YEAR IN JANUARY AMID PROTESTS
Peruvian mining exports dropped 19.8% in January compared to the same month last year, the sector’s business chamber said on Tuesday, in the wake of devastating protests that have rocked the country in recent months.
Total mineral exports in the month totaled $2.473 billion dollars compared to the $3.1 billion recorded a year earlier, the National Mining, Oil and Energy Society (SNMPE) said.
For copper, which Peru is the world’s second largest producer of, foreign sales fell 25% year-on-year in the first month of the year, to $1.248 billion.
The association said the drop in copper sales abroad was driven by a 20.3% drop in volumes compared to the same month in 2022, as well as a 5.9% drop in the metal’s price.
Mining minister Oscar Vera said last week that local mines were once again beginning to transport copper concentrate to ports for exporting after protests hampered shipments.
Source: Reuters
JAPAN AND SOUTH KOREA AGREE TO MEND TIES AS LEADERS MEET FOLLOWING YEARS OF DISPUTE
The leaders of South Korea and Japan promised to resume ties in a fence-mending summit – the first such meeting in 12 years – as the two neighbors seek to confront threats from North Korea and rising concerns about China.
“From now on, I would like to open a new chapter in Japan-South Korea relations through frequent visits by both sides that are not tied down by formality,” Japan’s Prime Minister Fumio Kishida said in Tokyo after meeting with South Korean President Yoon Suk Yeol.
Mutual visits by Japanese and South Korean leaders have been suspended for 12 years as ties soured over several issues, including a wartime labor dispute.
The shared security challenges facing both nations were on stark display just hours before the trip when North Korea fired a long-range ballistic missile into the waters off the east coast of the Korean Peninsula – the fourth intercontinental ballistic missile launch in less than one year.
Source: CNN, AP
See also: Japan to Lift Tighter Export Controls for S. Korea
COPPER PRICES FALL ON STRONGER DOLLAR AND BANKING WOES
Nickel companies are driving a record year for public listings in Indonesia, in a crucial test of investor enthusiasm for President Joko Widodo’s ambition to make the country a top participant in the global electric car market.
Harita Nickel, a subsidiary of Harita Group with a significant project in North Maluku, is holding its investor roadshow this week and hoping to raise at least $600mn ahead of a book build later in March, two people familiar with the talks said.
Merdeka Battery Materials is also planning a local listing in the first half, the people said. Hillcon, a nickel contractor that went public last week on Indonesia’s stock exchange, is trading 25 per cent higher than its initial public offering price.
Indonesia is already the second-busiest IPO market by both deal value and number of listings in Asia this year, after China, according to data from Dealogic. Bankers expect as much as $4bn in issuance in 2023.
Source: Financial Times
CREDIT SUISSE'S USD 54 BILLION LIFELINE GIVES GLOBAL BANKS TENTATIVE RESPITE
Credit Suisse sought to shore up its liquidity and restore investor confidence on Thursday by borrowing up to $54 billion from Switzerland's central bank, after a slide in its shares intensified fears of a global banking crisis. Shares in Credit Suisse briefly bounced from a 25% fall on Wednesday after its statement, which came in the middle of the night in Zurich, but then faded and last traded 20% higher. Europe's banking index initially rose, but was down 0.3% by 1306 GMT, after days of heavy losses on investor fears over potential bank stresses across the world, which have also prompted calls for action by companies in other sectors. Since March 8, before last week's collapse of Silicon Valley Bank (SVB) European banks have lost around $165 billion in market value, Refinitiv data shows. The concerns about Credit Suisse added to broader fears sparked by last week's collapse of Silicon Valley Bank and Signature Bank, two U.S. mid-size firms. Source: Reuters, 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 – 16 March 2023
| Currency |
|
|
Rate |
| U.S. dollar |
USD |
|
3,527.57 |
| Euro |
EUR |
|
3,748.22 |
| Japanese yen |
JPY |
|
26.50 |
| British pound |
GBP |
|
4,267.13 |
| Hong Kong Dollar |
HKD |
|
449.43 |
| Russian ruble |
RUB |
|
46.38 |
| Chinese yuan |
CNY |
|
511.09 |
| South Korean won |
KRW |
|
2.69 |
|
