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ECONOMY
IMF’S ECONOMIC GROWTH FORECAST LOWERED TO 4.5 PCT
International Monetary Fund (IMF) has estimated that Mongolia’s economy will develop at 4.5 percent in 2023. In the previous estimate, it was expected to expand by 5 percent, but in the April report, it lowered.
IMF lowered its 2023 economic growth forecast for Mongolia by 0.5 percentage points and in addition, the forecast for the growth of the GDP in 2024 has been reduced by 1.5 percentage points, as well. As a result, Mongolia’s economy is expected to grow at 5.5 percent next year.
IMF highlighted the challenge of reducing budget deficits at a time of rising interest rates and rising debt levels in Asia and the Pacific. The amount of government debt in the region has increased significantly since before the pandemic.
Most governments are expected to cut their budgets this year and next. However, it warned that this may not be enough to stabilize the debt.
Source: The UB Post
WORLD BANK: MONGOLIA’S ECONOMY TO ACCELERATE IN 2023, BUT REFORMS AND DIVERSIFICATION NEEDED TO SUSTAIN GROWTH
Mongolia’s economy is projected to accelerate to 5.2 percent growth in 2023 from 4.7 percent in 2022 as mining and exports expand and the post-pandemic recovery in services continues.
Growth is also anticipated to be supported this year by household consumption, which is expected to remain steady as the labor market improves, along with substantial public investment, according to the World Bank’s latest Mongolia Economic Update. Services, particularly tourism, are projected to continue recovering from restrictions associated with the pandemic, offsetting sluggish agricultural production due to the recent harsh winter.
However, labor force participation remains below its pre-COVID level. In addition, high inflation, debt, increasing fiscal risks, external sector imbalances, and over-reliance on the mining sector pose challenges to the economy.
Economic growth is expected to accelerate to above 6 percent in 2024-2025 as mining production increases. Nevertheless, reforms to promote economic diversification remain critical to sustaining growth and building resilience to domestic, external, and climate shocks.
Source: World Bank
View the Mongolia Economic Update
EXPORT INCREASED BY 96 PERCENT COMPARED TO THE SAME PERIOD OF THE PREVIOUS YEAR
In the first quarter of 2023, Mongolia traded with 125 countries from all over the world, and the total trade turnover reached USD 5.7 billion, of which exports were USD 3.8 billion and imports were USD 1.9 billion. The total foreign trade turnover increased by USD 2.1 billion (57.9%), where exports increased by USD 1.8 billion (96.0%) and imports increased by USD 248.9 million (14.7%) compared to the same period of the previous year. In March2023, exports increased by USD 354.7 million (30.4%) and imports increased by USD 231.3 million (45.3%) compared to the previous month.
The foreign trade balance was in surplus of USD 1.8 billion in the first quarter of 2023 and increased by USD 1.6 trillion (7. 9 times more) compared to the same period of the previous year. In March 2023, Trade balance was in surplus of USD 779.1 million, increased by USD 123.4 million (18.8%) from previous month.
Source: NSO
APARTMENTS IN UB: PRICE RATIO HIGHER THAN IN NEW YORK OR SAN FRANCISCO
The cost-of-living crunch is hitting people all over the world, but there’s no doubt the Mongolians have it hard. Over the past two years, inflation in the country has been in the double digits. It moved as high as around 16 percent in 2022.
The average salary, meanwhile, is approximately USD 450 per month, with a low-level manager on average expected to make toward USD 480. Apartment rentals cost around USD 200 to USD 500 per month.
Among Mongolians there is a tremendous variance in income, with the minimum wage only USD 142 per month. Apartments in Ulaanbaatar are extremely expensive. The price ratio is now 10.8 times the average annual disposable income. And, where 90 square metres is considered as the size of a normal apartment in much of the world, the Mongolian government mortgage programme only provides attractive mortgages for apartments of up to 80 sqm. If you use the 90 sqm figure, then the ratio becomes 11.99 times the average disposable income.
Source: News.mn
TAVAN TOLGOI POWER PLANT TO BE PUT INTO OPERATION IN TWO PHASES
After Wednesday’s parliament meeting, the minister of the sector announced that the Tavan Tolgoi Thermal Power Plant, which will be built based on the Tavan Tolgoi coal deposit, will be divided into two phases, 300+150 MW, and the first stage will be 300 MW. The Minister of Energy was assigned to negotiate and supervise the implementation of the project by receiving applications of all types of financial methods for project financing, cooperation with banking and financial institutions, joint construction and financing of the project (EPC+F), selection of financial proposals with open conditions that do not limit the financing options of the bidder, and to sign contracts with the financiers.
The board of directors of Erdenes Tavan Tolgoi was instructed to finance 30 percent of the EPC+F contract for the 300 MW phase I of the project, be responsible for the operating costs of the Tavantolgoi Thermal Power Plant LLC…
Source: The UB Post
HOW WILL MONGOLIA'S TRANSITION TO COAL AUCTIONS AFFECT CHINESE BUYERS?
*Mongolia to sell 12 mnt via auctions by Jul'23
*Coal prices may decrease on reduced transportation costs
*Weak demand in China to impact auction prices
In a bid to ensure transparency and stop pilferage, the Mongolian government is moving to an auction system for coal sales which will replace the long-term contracts favoured by Chinese buyers.
China is the top buyer of Mongolian coal accounting for 94% of Mongolia's coal exports in 2022. Total export shipments came in at 31.69 million tonnes (mnt) in 2022, surging 101.72% or 15.98 mnt y-o-y, as per data maintain CoalMint.
In 2022, Mongolia had a share of 18% in China's coal imports, according to data maintain with CoalMint. China is by far the biggest buyer of Mongolian goods. Coking coal imports from its northern neighbor amounted to nearly 26 mnt last year-40% of total purchases.
Source: CoalMint.com
GROSS INDUSTRIAL OUTPUT INCREASED BY 12.7 PCT FROM THE PREVIOUS MONTH
By the preliminary results, in the first 3 months of 2023, the gross industrial output reached MNT 8.3 trillion, which increased by MNT 4.6 trillion (2.2 times more) from the previous year. This increase was mainly due to the mining and quarrying production output increase by MNT 4.2 trillion (2.8 times more) and the manufacturing production output of 212.5 billion (24.8%), respectively.
By the preliminary results, in the first quarter of 2023, the mining and quarrying gross output reached MNT 6.6 trillion, which increased by MNT 4.2 trillion (2.8 times more) from the previous year. This increase was mainly due to increases in coal and lignite mining by MNT 3.4 trillion (9.3 times more) and mining of metal ores by MNT 510.5 billion (27.0 %) from the previous year.
Source: NSO
AMEP: ASSESSMENT OF PAST AND ONGOING COMMUNITY ENGAGEMENT AND OUTREACH ACTIVITIES RELATED TO THE EXTRACTIVES SECTOR IN MONGOLIA
AMEP 2 introduces a final report of the "Assessment of past and ongoing community engagement and outreach activities related to the extractives sector in Mongolia" within the implementation of the activity "Making Mining Valuable".
Please click here to see the activity report.
Click here to view in Mongolian.
Source: Australia-Mongolia Extractives Program
MONGOLIA RECOGNIZED AS ONE OF THE SAFEST ASIAN COUNTRIES FOR WOMEN
Mongolia was among TOP-3 countries among Asian countries in the Women, Peace and Security Index 2023 (WPS Index 2023). The country is on the 3rd place after South Korea and Japan.
Mongolia scored 10.7 percent in the average duration of school education among women indicator, 60.4 percent in the employment of women, 100 percent in the usage of smartphones by women, 95 percent in financial security of women, 17.3 percent in women’s representation in parliament, 8 percent in discriminatory norms, 1.03 percent in preference of sons (birth rates ratio between men and women), 82.5 percent in the lack of legal discrimination, 0 percent in organized violence (the number of deaths in armed conflicts per 100,000 people), 46.4 percent in the perception of social security of women, and 12% in current partner abuse.
Mongolia is on the 54th place among 170 countries.
Source: News.mn
NATIONAL PRECIOUS METALS FORUM HELD
The National Precious Metal Forum was held on April 12, 2023, with the aim of making the trade and production sector of precious metals known to the public. The forum, which is being held for the second year, was initiated by the National Association of Precious Metals, and jointly organized by the Financial Regulation Committee and the planet-GOLD Mongolia project.
In the first part of the forum, presentations were made on topics such as problems in the precious metals industry, gold trade, transparency of origin, small-scale mining and ore processing activities, and solutions to them, and relevant information from the Financial Regulatory Committee and the Ministry of Culture were distributed to the participants of the forum. planet-GOLD Mongolia project also discussed the report on “Current situation and registering the origin of gold by small-scale mining”.
Source: The UB Post
B.ULAANKHUU: TO DEVELOP HEALTH SECTOR, WE NEED TO HAVE GOOD INSURANCE SYSTEM - INTERVIEW
In today’s edition, we talked to Dr. B.Ulaankhuu, one of the Mongolian citizens living and working in Turkey. He is a cardiologist and a doctor of immunology. He has been working in the “Acibadem” hospital in Turkey for many years, contributing to ensure people healthy in Turkey.
What do you think needs to be improved in the Mongolian health sector right away?
It is necessary to have a good healthcare system that is accessible to everybody and to keep and protect the health-related information of the person in chronological order. Second, the length of post-graduate education at the university should be brought up to global standards. Of course, the national and international private healthcare system should be active in Mongolia, and the government should constantly invest in its citizens’ health. It is also important to increase citizens’ knowledge and understanding of health and to provide accessible and highly professional preventive care and services.
Source: The UB Post
ARE CITIZENS WITH ECO CAR SUPPORTED, OR NOT? - INTERVIEW
Recently, the use of environmentally friendly and cost-effective electric cars has been increasing rapidly. Mongolia first started using electric trolleybuses in 1988. Currently, as of the first quarter of 2023, there are 632 electric vehicles registered in Ulaanbaatar, 77 in local areas, and a total of 709 electric vehicles in the state vehicle registration fund. Head of the Vehicle Registration Department of the National Center for Transport N.Byambadorj clarified about the use of electric vehicles, “In recent years, there is a steady trend of the number of electric vehicles increasing. For instance, in 2021, 97 new vehicles were registered, while last year it increased to 208. Most of the vehicles were imported from China and Japan. There are 68 domestically assembled and manufactured electric vehicles. Of the total electric vehicles, 525 are passenger cars, 131 are buses, 12 trucks, 35 mechanisms, five motorcycles, and two special purpose vehicles.
Source: The UB Post
UNCERTAIN FUTURE OIL PROSPECTS DUE TO THE RUSSIA-UKRAINE WAR - EDITORIAL
The energy sector seems to be the “winner” in the war between Russia and Ukraine. In any case, oil and natural gas producers proudly report record profits for their investors.
For example, Shell, a company listed on the London Stock Exchange, announced that 2022 was the most profitable year in its history. Last year they “pocketed” $40 billion in net profit. Speaking of their success, they said, “The Russian-Ukrainian conflict led to higher prices in the energy sector, doubling the profit margin and providing investors with unexpectedly high returns”. In fact, it doubled last year’s net income.
It was a good performance not only for energy investors but exceeded the expectations and estimates of independent analysts. Prior to that, the company made a profit of $31 billion in 2008, its most profitable year.
Not only Shell, but its competitors broke the news that they had doubled their revenues and profits compared to previous years.
Source: Mongolian Mining Journal
POLITICS
POLISH PRESIDENT TO PAY A STATE VISIT TO MONGOLIA
Polish President Andrzej Sebastian Duda will pay a state visit to Mongolia at the invitation of President of Mongolia U.Khurelsukh on 24-26 April.
During the visit, two sides will hold official talks and discuss broad issues related to traditional friendly relations and cooperation between the two countries, as well as some issues of international affairs.
Also, cooperation possibilities with Poland in the implementation of Mongolia’s long-term development policy "Vision 2050," and mid-term "New Revival Policy," and the Programs "Food Supply and Safety," and "President’s Scholar- 2100" and National Movement "Billion Trees" will be discussed.
It is planned to sign an Intergovernmental Agreement on International Road Transport Relations, as well as cooperation documents in the fields of trade, investment, science, archives, geology, and veterinary service.
Duda was elected as the President of the Republic of Poland in 2015 and re-elected in 2020. The latest presidential visit from the Republic of Poland to Mongolia since 1990 was the visit of President Bronislaw Komorowski in 2013.
Source: News.mn
UPDATED DRAFT OF THE INVESTMENT LAW IS AVAILABLE FOR COMMENTS AND RECOMMENDATIONS
Revision on the Law on Investment was developed within implementing the objectives and measures in improving the investment environment in the long-term development policy of Mongolia "Vision-2050", "New Recovery Policy", "Action Program of the Government of Mongolia for 2020-2024".
Please look into the draft and submit your comments and recommendations to This email address is being protected from spambots. You need JavaScript enabled to view it..
| 1. Draft Revision on the Law on Investment - (Mongolian) |
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| - Draft Revision on the Law on Investment - Unofficial translation |
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| 2. Draft Amendment to the Relevant Laws - (Mongolian) |
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| - Amendment to the Relevant Laws - Unofficial translation |
Download |
Source: Ministry of Economy and Development
PRIME MINISTER MEETS US UNDER SECRETARY OF STATE
On April 19, Prime Minister L. Oyun-Erdene received Under Secretary of State for Political Affairs of the United States of America Victoria Nuland.
Prime Minister L. Oyun-Erdene stressed that the Government of Mongolia attaches high significance to its relations with the USA as an important third neighbor, and expressed Mongolia's interest to consolidate the Strategic Partnership further based on common democratic values, to expand and develop mutually beneficial cooperation, particularly, to increase trade and investment, and cooperate in the fields of creative cultural production and digital transformation.
Under Secretary of State for Political Affairs Victoria Nuland spoke that the USA is proud of being an important third neighbor of Mongolia, and the US prioritized consolidating the partnership relations grounded on democratic values, which cherish human rights and freedoms, and further expand cooperation in the fields of trade, economy, investment, and anti-corruption.
Source: Montsame, U.S. Embassy
See also: USAID Announces Five-Year Strategy for Mongolia
DRAFT LAWS ON ELECTIONS AND POLITICAL PARTIES UNDER DISCUSSION
Speaker of Parliament G. Zandanshatar met with representatives of lawyers and scholars on April 18 to discuss changes and amendments to the Draft Law on Elections of the State Great Khural of Mongolia and the revised Draft Law on Political Parties.
At the beginning of the meeting, Speaker of the Parliament G. Zandanshatar emphasized the importance of the amendments to the Law on Elections of the State Great Khural and the Law on Political Parties to animate the 2019 amendments to the Constitution of Mongolia and implement legal reforms. Working groups designated to prepare draft laws for parliamentary discussion will be set up this week and persons concerned are invited to take part.
Legislative reform is expected to be made through changing the "Money" election, strengthening the internal democracy of parties, and making the financing of political parties transparent.
Source: Montsame
OECD: MONGOLIA COMMITS TO START AUTOMATIC EXCHANGE OF FINANCIAL ACCOUNT INFORMATION BY 2026
Mongolia has committed to implement the international Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by 2026. The AEOI standard is being implemented on a global scale, with 123 of the 167 members of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) now committed to start automatic exchanges by a specific date and the vast majority having commenced exchanges.
"I am delighted to announce Mongolia's commitment to implementing automatic exchange of information standards beginning in September 2026, which will significantly improve our ability to combat tax evasion and promote transparency in our financial system,” said Mr Javkhlan Bold, Minister of Finance of Mongolia. “This is an important step in providing a level playing field for all taxpayers and showcasing Mongolia as a responsible and trustworthy member of the global financial community."
Source: OECD
DIRECT FLIGHTS TO UK DISCUSSED
As part of the liberalization of air transport, the Government has been working toward launching direct flights to the main air transport regions of the world in 2023-2024 and plans to conclude air service agreements with 10 countries.
Minister of Road and Transport Development S. Byambatsogt met with the British Prime Minister’s Trade Envoy to Mongolia Daniel Kawczynski and Ambassador Philip Malone on April 13 and exchanged views on development tendency in the fields of air transport, railways and roads, and expansion of cooperation between the two countries.
Minister S. Byambatsogt expressed his gratitude to the Government of the United Kingdom of Great Britain and Northern Ireland for paying special attention to its economic cooperation with Mongolia and sending the Prime Minister's Trade Envoy to increase trade turnover between the countries and voiced his desire to expand the cooperation in the future.
Source: Montsame
POLITICAL CONSULTATIVE MEETING OF MONGOLIA AND CROATIA
The Political Consultative Meeting between the Ministry of Foreign Affairs of Mongolia and the Ministry of Foreign and European Affairs of the Republic of Croatia was held on April 17 in Zagreb.
The meeting was co-chaired by the State Secretary of the Ministry of Foreign Affairs of Mongolia N. Ankhbayar on the Mongolian side, and Frano Matušić, the State Secretary of the Ministry of Foreign and European Affairs of the Republic of Croatia, and Petar Mihatov, the Directorate-General for Political Affairs on the Croatian side.
During the meeting, the sides discussed the current state of relations and cooperation between Mongolia and Croatia and other cooperation opportunities in politics, economy, education, culture, transportation, and environment. Highlighting the importance of joint commitments against climate change, the Croatian side presented and handed over the draft “Memorandum of Understanding to Cooperate in Forest sector” to the Mongolian side.
Source: Montsame
CHINA, MONGOLIA INK COOPERATION DOCUMENT ON GDI IMPLEMENTATION
On April 17, Luo Zhaohui, chairman of the China International Development Cooperation Agency (CIDCA), signed a cooperation document with Khurelbaatar, deputy prime minister and minister of the economy and development of Mongolia, on the implementation of the Global Development Initiative (GDI), during his visit to the United Nations headquarters in New York.
The two sides also exchanged views on deepening China-Mongolia relations, the GDI's implementation, and specific cooperation projects.
Head of the CIDCA's Global Development Promotion Center Tang Ying, Deputy Director-General of the CIDCA's Department of Policy and Planning Li Ming, and Permanent Representative of Mongolia to the United Nations Vorshilov Enkhbold also attended the meeting.
Source: CIDCA.gov.cn
INTERVIEW: MONGOLIA VOWS TO BREAK ITS CORRUPTION HABIT
Mongolia has vowed to resolve its deep-rooted corruption problems, a response to the thousands of angry protestors who tried to storm the parliament last December while calling for an investigation into a US$1.8 billion coal theft case.
The Mongolian Independent Authority Against Corruption (IAAC), an independent government body, announced on April 12 that it had unveiled a national strategy to combat corruption in the public sector and set 10 related goals to achieve by 2030.
The mineral-rich nation will seek help if needed from China, which accounts for more than 80% of its total exports, for information about officials or company executives who may have absconded.
“This coal theft case is a very big case, involving more than 200 people,” Khishgeegiin Nyambaatar, Mongolia’s Minister of Justice and Internal Affairs, told Asia Times in an exclusive interview. Those suspected range “from members of the parliament and officials of the customs and tax authority to transportation and mining company executives,” he said.
Source: The Asia Times
HOW MONGOLIA’S GOBI DESERT BECAME A CRITICAL ENVIRONMENTAL BATTLEGROUND - EDITORIAL
When Mongolian Prime Minister Oyun-Erdene Luvsannamsrai arrived at the Musical Drama Theatre in Dalanzadgad soum to meet with local citizens in May, tensions ran high. Citizens had come to the meeting from all over Umnugovi, Mongolia’s southernmost province, armed with slogans and banners, some of which said: “We will never have our sandy Gobi back,” “Let’s leave our homeland to our next generation,” and “Mongolia with unbroken doors!”
Umnugovi residents had prepared for the meeting since 2019, when the central government approved the construction of two heavy-duty roads and a new border crossing with China in the south of the province for freightage of coal. The roads would cut through herding regions and pass very close to a national reserve in the Gobi desert region that enjoys strict environmental protection. Crucially, the new roads and border checkpoint would allow companies owning about 70 mining licenses to start operations in the province.
Source: Global Press Journal
COAL SMUGGLING TRAINS THE MONGOLIAN PUBLIC’S EYE ON SYSTEMIC CORRUPTION - EDITORIAL
Mongolia has substantial coal deposits across the country. Coal is an important source of government revenue alongside mineral exports from mega mines such as Oyu Tolgoi and the Erdenet copper mine. But in September 2022, a coal scandal began to unfold in Mongolia’s capital city of Ulaanbaatar.
Multiple disclosures were made regarding corruption and conflicts of interest associated with the state-owned coal company, Erdenes-Tavan Tolgoi JSC. Then in October 2022, the Mongolian government revealed that coal was being illegally transported across the Chinese border without customs registration. This coal smuggling was allegedly directed by individuals in high-level government positions. Mongolia’s new national opposition political party, the HUN Party, calculated that the total loss of potential revenue to the Mongolian government was equivalent to an estimated 40 trillion Mongolian tugrik (US$13 billion). The Mongolian government did not officially confirm this figure.
Source: East Asia Forum
DR. FERNANDO CASAL BERTOA: ELECTORAL SYSTEM SUPPORTING POLITICAL PARTIES SHOULD BE ADOPTED - INTERVIEW
We interviewed Associate Professor of the School of Politics and International Relations of the University of Nottingham, Fernando Casal Bertoa during the two-day international forum named “Pledge for Equal Representation in Decision-Making”, which took place last week, to talk about the regulations of Mongolia related to election quotas, internal democracy of political parties and electoral system.
At the event, experts and researchers from Bosnia and Herzegovina, Latvia, Nepal, the USA, and Spain as well as representatives of political parties, civil society and media, discussed political party leadership for gender equality and legal reforms to ensure gender equality at the decision-making level. They mainly exchanged views on improving the legal environment, strengthening support mechanisms, and especially increasing the role and leadership of political parties.
Dr. Fernando Casal Bertoa was a Nottingham Research Fellow working on “The Institutionalization of European Party Systems: Explaining Party Competition in 48 Democracies (1848-2016)”.
Source: The UB Post
BUSINESS
REGISTRATION FOR THE POLISH-MONGOLIAN BUSINESS FORUM FOR COMPANIES FROM MONGOLIA, 25 APRIL 2023
The Polish Investment and Trade Agency invites you to participate in the Polish-Mongolian Business Forum, which will take place on April 25, 2023. in Ulaanbaatar.
Only fully completed forms will be accepted. Please also make sure that the email address you provided is correct.
Applications will be accepted until April 21, 2023 Participation in the Forum is free of charge, but the number of places is limited.
The organizer reserves the right to end the acceptance of applications early or reject applications that do not correspond to the nature of the event.
If you have additional questions, please send them to the following e-mail address: This email address is being protected from spambots. You need JavaScript enabled to view it..
Source: Polish Investment and Trade Agency
HEAD OF KHUTUL CEMENT AND LIME RESPONDS TO STRIKE
L Naranbaatar, the head of Khutul Cement and Lime, has responded to a strike at the company by outlining changes made since it was nationalised in 2022. Workers are protesting with demands to add wage incentives and to appoint managers from within the company, according to the UB Post newspaper. They have also alleged that the company is spending its budget illegally.
During a press conference Naranbaatar explained that the company produced 403,000t of cement in 2022, an increase from 2021. It reported a profit of US$3.3m in 2022, the first time it had made a profit in the last decade. However, the producer’s wage bill nearly doubled to just below US$6m in 2022. The company also spent US$2.25m on upgrades to the plant in 2022, the first such investment made in five years, compared to US$171,000 spent on maintenance in 2021.
Source: GlobalCement.com
FRC: SCALING PUBLIC-PRIVATE COOPERATION TO ADVANCE INCLUSIVE GREEN FINANCE
Mr Bayarsaikhan Dembereldash (Chairman, Financial Regulatory Commission of Mongolia) is participating in the Public-Private Dialogue (PPD) on "Scaling Public-Private Cooperation to Advance Inclusive Green Finance” conducted by the Alliance for Financial Inclusion (AFI). This PPD is being held on the sidelines of the International Monetary Fund and World Bank Group Spring Meetings in Washington DC, USA.
In recent years, countries have increasingly focused on promoting green finance to mitigate climate change. Activities include, among other things, introducing a concept of a sustainable finance market into national development strategies and developing regulatory tools such as climate-related financial risk management guidelines, disclosure guidelines, green taxonomies, and bank stress tests. However, the risks and opportunities of climate change are not equally distributed. Many developing and emerging economies are today facing the impact of climate change and are expected to disproportionately face higher climate risks, with fewer instruments to manage them.
Source: FRC, The UB Post
HORIZON COPPER ANNOUNCES FINANCING TERMS AND PROVIDES UPDATE ON SANDSTORM TRANSACTION CLOSING
Horizon Copper Corp. is pleased to announce additional details regarding its proposed financing of US$20 million pursuant to the second part ("RTO Part B") of the previously announced reverse takeover transaction with Sandstorm Gold Ltd. ("Sandstorm") whereby Horizon will acquire a 1.66% net profits interest on the low-cost, high-grade Antamina copper mine (the "Antamina NPI").
The financing (the "RTO Part B Financing") is expected to be completed via a combination of a non-brokered private placement financing and the issuance of a convertible debenture. The proceeds from the RTO Part B Financing will be used to satisfy the US$20 million cash component (the "Cash Consideration") payable to Sandstorm to complete the acquisition of the Antamina NPI.
The private placement portion (the "Private Placement") of the RTO Part B Financing will be completed through the issuance of subscription receipts at a price of C$0.80 per subscription receipt (the "Subscription Receipts").
Source: Newswire.ca
SOUTHGOBI ANNOUNCES PRIMARY LISTING ON THE MAIN BOARD OF THE HONG KONG STOCK EXCHANGE
SouthGobi Resources Ltd. Reference is made to the announcement of SouthGobi Resources Ltd. (Hong Kong Stock Exchange: 1878; TSX Venture Exchange dated April 4, 2023. The Company, which is focused on the exploration, development and production of its coal deposits in Mongolia's South Gobi Region, announced that the change of its secondary listing status to primary listing on the Main Board of the Hong Kong Stock Exchange became effective today. SouthGobi's common shares are now primary listed on the Hong Kong Stock Exchange and will be listed on the TSX-V as of the opening of trade on April 17, 2023 in Canada. The Company's trading symbol on the Hong Kong Stock Exchange and the TSX-V will remain as "1878" and "SGQ", respectively.
Mr. Mao Sun, the Lead Director of SouthGobi, commented, "With SouthGobi's shares listed on the TSX-V, the Company's current operational and financial position can be better accommodated…”
Source: DigitalJournal.com
TMK RAISES CASH TO CHASE MORE GAS IN MONGOLIA
Perth-based oil and gas explorer TMK Energy has raised nearly $6 million from sophisticated and institutional investors to accelerate and expand its exploration drilling program at its promising coal seam gas project in Mongolia’s South Gobi Basin.
TMK is reporting firm commitments for $5.7 million, before costs, by way of a private placement and says the move is strongly supported by new and existing sophisticated and institutional investors in addition to its own board members.
Company director Professor John Warburton subscribed for four million shares, with fellow director Tim Wise taking up 1.5 million – with both packages subject to shareholder approval at the company’s annual general meeting next month.
TMK will issue more than 393 million shares at an issue price of 1.45 cents per share, representing a 19.4 per cent discount to the company’s last traded share price before it went into a trading halt on Tuesday.
Source: The West Australian, Stockhead
See also: Pilot programs and high contingent resources put Mongolia on the map
FRC: JOINT FORUM WITH PARTICIPANTS IN THE OVER-THE-COUNTER (OTC) MARKET
To determine the current state of the OTC market, and identify appropriate measures to be taken, the management of the Mongolian Association of Securities Dealers and authorized officials of underwriting companies in the market, participated in discussion organized on 12 April 2023.
Relevant officials of the FRC provided presentations and information to the participants; about the control and regulation of the OTC market, and the current situation.
As a result of the discussion:
- information - about the OTC market – was provided to the public, relating to the creation of a unified market database,
- underwriting companies (participating in the OTC market) were advised to pay attention to fulfilling the legal obligations of issuers and professional investors, and
- it was decided to quickly implement measures; such as: establishing a unified standard for publicizing investment and bond information offered by the issuer and developing proposals.
Source: FRC
STATEMENT OF "BADRAKH ENERGY"
On April 10 and 13. 2023, NGOs Forum Asia, and Center for Human Rights and Development organized press conferences respectively in Ulaanbaatar and Sainshand cities, presenting the results of their so-called “Dreams Fading into Dust” Assessment, conducted in 2022 in Dalanjargalan, Khatanbulag and Ulaanbadrakh soums of Dornogovi aimag.
Badrakh Energy LLC, a joint company between the Mongolian state-owned Mon-Atom LLC and Orano Group of France, regrets that this so-called Assessment is, in addition to not having based on fact-checked evidence, distorts facts, unprofessional, it disregards the position, research and information of other stakeholders, and is based solely on information that are baseless hearsay from a few people, with its contents amounting to an attempt to instill fear in the public regarding exploration and mining of uranium.
The claims made by the above NGOs in the press conferences not only serve as an unfounded accusation against our joint company, but by containing clearly false information…
Source: Montsame
MONGOLIA’S SATELLITE INTERNET REVOLUTION: STARLINK’S ARRIVAL
Mongolia is on the verge of a technological revolution. The arrival of Starlink, a satellite internet service provided by Elon Musk’s SpaceX, promises to bring high-speed internet access to even the most remote corners of the country. This development has the potential to transform the lives of millions of Mongolians, connecting them to the global digital economy and bridging the digital divide that has long plagued the nation.
Mongolia’s geographical challenges have historically made it difficult to establish reliable internet infrastructure. With a population of just over 3 million people spread across an area larger than Western Europe, providing internet access to everyone has been a daunting task. Traditional methods of internet delivery, such as fiber-optic cables and cellular networks, are often impractical or too expensive to deploy in the vast rural areas of the country. As a result, many Mongolians have been left without access to the digital world, limiting their opportunities for education, healthcare, and economic growth.
Source: TS2.space
ATMOR LLC BECAME OFFICIAL DISTRIBUTORS FOR BRUGG GROUP
ATMOR LLC providing engineering solutions for ventilation, sanitation and piping systems since 2003. With our 20years experience we also introducing new innovations. To pursue our purpose, we signed distribution contract with BRUGG Group. With 4 divisions, 19 production and 32 sales offices,1800 employees of BRUGG Group offered innovative solutions for infrastructures worldwide. Both companies will be participating Build Mongolia 2023 exhibition to introduce 2 products dedicated for the mining industry.
Contact us:
Address: Bayangol district, Baruun zam Rokmon building center № 202
Tel: 976-77074380, 89854380
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Web site: www.atmor.mn
Source: Mongolian Mining Journal
RARE AND EMERGING OPPORTUNITIES IN THE CRITICAL MINERALS INDUSTRY - EDITORIAL
As I participate in the Future Mineral Forum (January 2023) being held for the second time in Riyadh, Saudi Arabia, I ponder the process of how new countries enter the global market and find their place. How do they connect to the global market and what challenges must they overcome? Additionally, I question the timing of when and how opportunities open and close in this industry.
I was listening to the speech of Saudi Arabia’s Deputy Minister of Mining Khalid Al-Mudaifer, who invited investors to the mining sector of his country. It was strange for a country that thrives on oil revenues to make such a move, which sparked my interest to study it. At that time, Saudi Arabia was just starting to move into the mining industry, and the reason behind this shift was to counter the risk that the world would shift to a green economy by 2050, resulting in no consumers for its oil, and a potential cut-off of its income.
Source: Mining Insight
GLOBAL AND REGIONAL NEWS
CHILE PLANS TO NATIONALIZE ITS VAST LITHIUM INDUSTRY
Chile's President Gabriel Boric said on Thursday he would nationalize the country's lithium industry, the world's second largest producer of the metal essential in electric vehicle batteries, to boost its economy and protect its environment.
The shock move in the country with the world's largest lithium reserves would in time transfer control of Chile's vast lithium operations from industry giants SQM and Albemarle to a separate state-owned company.
It poses a fresh challenge to electric vehicle (EV) manufacturers scrambling to secure battery materials, as more countries look to protect their natural resources. Mexico nationalized its lithium deposits last year, and Indonesia banned exports of nickel ore, a key battery material, in 2020.
"This is the best chance we have at transitioning to a sustainable and developed economy. We can't afford to waste it," Boric said in an address televised nationwide.
Source: Reuters
CHINA’S ECONOMY GREW 4.5 PCT IN Q1, THE FASTEST PACE IN A YEAR
China’s first-quarter gross domestic product rose sharply while global peers face slowing growth as central banks hike rates to tame inflation.
GDP grew by 4.5% in the first quarter, China’s National Bureau of Statistics said Tuesday. That marks the highest growth since the first quarter of last year — when China’s economy grew by 4.8% — and better than the 4% forecast in a Reuters poll. Quarter-on-quarter, the economy grew 2.2%.
China’s growth has been under the spotlight as it reopens after ending most of its strict Covid restrictions that were in place for nearly three years. The economy expanded 2.9% in the fourth quarter of 2022.
Retail sales jumped 10.6% in March as online sales of physical goods picked up. Industrial output rose 3.9%, slightly lower than Reuters’ forecasts of 4%.
The economy grew 3% in 2022, less than Beijing’s official target of around 5.5% set in March last year.
Source: CNBC
FINANCE LEADERS WARN RISING INTEREST RATES ARE SQUEEZING LOW-INCOME COUNTRIES
Leaders of several global financial bodies warned that rising interest rates are increasing pressure on low-income developing countries, around 60% of which are now in or at high risk of debt distress.
Public debt burdens in developing countries have been exacerbated in recent years by back-to-back global crises, with Russia’s invasion of Ukraine coming on the heels of the Covid-19 pandemic, while many heavily-indebted nations are also dealing with idiosyncratic pressures from climate events or conflict.
Major central banks around the world have tightened monetary policy aggressively over the past year in order to rein in soaring inflation. A lot of the debt accrued by low-income countries is coming due over the next couple of years, however, and rising interest rates mean these countries will find it increasingly difficult to meet their repayments.
The International Monetary Fund and the World Bank have established a host of relief measures in recent years.
Source: CNBC
GOOGLE, META LIFT AI STAKES IN ASIA AMID CHATGPT HYPE
Asia's artificial intelligence race is heating up, with U.S. tech giant Google and rival Meta, operator of Facebook, developing AI tools in a battle for regional clout amid a rush for ChatGPT-type applications.
As an advertising slump clips the earnings of the tech titans, the two companies see AI as a means to shore up services for their user bases in the region, with the Microsoft-backed chatbot ChatGPT capturing the imagination of web surfers through its ability to keenly reply to open-ended queries.
In particular, Google and Meta are leaning into "generative" AI, or systems capable of replying with ideas, text, images or other forms of media in response to human prompts, to build new features into their platforms for customers they serve in Asia.
"We're really excited about, you know, the Asia-Pacific angle, because this is where the largest base of our users are," Dan Neary, Meta's vice president for the region, told Nikkei Asia.
Source: Nikkei Asia
UK INFLATION RATE SURPRISES AGAIN WITH MARCH FIGURE HOLDING ABOVE 10 PCT
U.K. inflation unexpectedly remained in double-digits in March as households continued to grapple with soaring food and energy bills. The consumer price index rose by an annual 10.1%, according to the Office for National Statistics, above a consensus projection of 9.8% in a Reuters poll of economists. This is a slight dip from the unexpected jump to 10.4% of February, which broke three consecutive months of declines since October’s 41-year high of 11.1%. On a monthly basis, CPI inflation was 0.8%, above a Reuters consensus of 0.5% and down from the 1.1% of February. The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 8.9% in the 12 months to March 2023, down slightly from 9.2% in February but well above expectations. Core CPIH, which excludes volatile food, energy, alcohol and tobacco prices, rose by 5.7% over the 12 months, unchanged from February’s annual climb — which will be a concern for the Bank of England. Source: CNBC
EVS ON PACE TO MAKE UP THIRD OF CHINA'S AUTO SALES THIS YEAR
Electric vehicles were the stars of Auto Shanghai 2023, one of the world's biggest auto shows that opened on Tuesday, reflecting just how rapidly China is adopting the transformative technology.
Sales of new energy vehicles, a category mostly consisting of EVs, are on track to reach 9 million units this year, about a third of total auto sales.
"This year will have new energy vehicles rising close to 10 million units, and their volume in 2035 will be at least 25 million units and they will account for 80% of all new vehicles sold," said Ouyang Minggao, professor of automotive engineering at Tsinghua University in Beijing.
China is both the largest auto and electric vehicle market in the world, home to an estimated 200 EV manufacturers. Sales of all new vehicles are projected to grow 3% this year to 27.6 million units, according to the China Association of Automobile Manufacturers.
Source: Nikkei Asia
See also: As EV costs tumble in China, an export wave builds
BYD eyes overtaking Tesla this year as world's top EV maker
SOUTH KOREA LOOKS TO FOREIGN WORKERS TO SOLVE DEMOGRAPHIC CRISIS
With South Korea's fertility rate falling at the world's fastest pace and 280 trillion won ($212 billion) or so in government spending over the past 15 years doing little to arrest the decline, one of the world's most ethnically homogenous nations is now recruiting more workers from overseas.
At least partly because of the fertility crisis, one expert predicts that populous Indonesia and Nigeria will overtake South Korea in terms of economic size by 2050, pushing the East Asian nation out of the group of the 15 biggest economies. Another pessimistic view has it that South Korea might disappear as a nation by 2750 if the number of children continues to fall at the current pace.
Despite the hundreds of billions of dollars spent trying to engineer a reversal, the country's birthrate continues to fall, with the average number of children a South Korean woman gives birth to during her lifetime hitting a record low of 0.78 in 2022.
Source: Nikkei Asia
TIGHTEST SUPPLY IN 18 YEARS BOOSTS COPPER AHEAD OF INDUSTRY SHOW
The copper industry isn’t letting tightening credit and slowing growth kill the buzz heading into one of its biggest annual gatherings.
Underpinning the quiet confidence of executives, bankers and traders drifting into the Chilean capital for Cesco Week are the lowest stockpiles of the metal in 18 years — standing at less than a week’s worth of consumption. It’s a measure that speaks to China’s reopening and supply-side stumbles and is a big reason why prices have held up better than most to the uncertainties sweeping through global markets.
“In terms of near-term outlook, I can say that demand for our production continues to be strong,” Richard Adkerson, chief executive officer of top publicly traded producer Freeport-McMoRan Inc., said in an interview.
The longer-term outlook is even more auspicious, with CRU Group, the consulting firm running the main conference in Cesco Week, predicting copper will move above $10,000 a ton from about $9,000 now.
Source: Mining.com
See also: Big copper deals to take centerstage in Santiago as demand heats up
Copper industry warns of looming supply gap without more mines
ARGENTINA LITHIUM EXPORT VALUE JUMPS 133 PCT IN FIRST QUARTER
Argentina exported $233 million in lithium in the year’s first three months, a 133% increase from the same period last year, the country’s mining secretary said in a report Tuesday.
Exports of the white metal reached a monthly best in March, with sales jumping 93% from March 2022 to reach $91 million. Lithium represented 27% of all of Argentina’s mining exports last month.
The top destinations for Argentine lithium in the first quarter were China (31%) and Japan (31%), followed by the U.S. (13%) and South Korea (12%).
Argentina’s mining secretary reports 38 operating lithium projects, but the only ones currently producing are the Salar de Olaroz mine in the Jujuy province, whose majority shareholder is Australia’s Allkem Ltd, and Catamarca province’s Fenix mine, a property of the American Livent Corporation.
Agriculture powerhouse Argentina has been offering tax breaks and security guarantees to lure global mining firms to invest in lithium…
Source: Reuters
THESE ASIA-PACIFIC CENTRAL BANKS HAVE PAUSED RATES FOR NOW. WHO COULD BE FIRST TO CUT?
One by one, countries in Asia-Pacific are putting a pause on their tightening cycles this year after central banks around the world tried to keep pace with the U.S. Federal Reserve’s aggressive rate hikes in 2022.
While inflation in the region remains well above central bank targets, the problem of balancing economic growth and the depreciating currencies — as a result of the U.S. dollar peak in September — appears to be easing for now.
The dollar index is broadly weaker now on expectations the Fed could soon end its tightening cycle. Inflation is also seen to be less sticky in the region compared to the U.S. and Europe — BofA economists led by Helen Qiao said inflation in Asia’s emerging markets has already “peaked out and started to moderate in the region.”
In fact, economists say some central banks may have already reached the end of their tightening cycles and could begin to shift their focus to what will stimulate growth through rate cuts.
Source: CNBC
BCM QUARTERLY REPORT, Q1 2023
The Business Council of Mongolia delivers you its First Edition of the BCM Quarterly Report of 2023. The first edition covers all events organised by the BCM through the months of January - March. The fuller version of the articles can be found in the highlighted "details" part on the report.
PDF: 2023 First Quarterly Report
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.
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 – 21 April 2023
| Currency |
|
|
Rate |
| U.S. dollar |
USD |
|
3,486.63 |
| Euro |
EUR |
|
3,819.95 |
| Japanese yen |
JPY |
|
26.03 |
| British pound |
GBP |
|
4,322.72 |
| Hong Kong Dollar |
HKD |
|
444.30 |
| Russian ruble |
RUB |
|
42.69 |
| Chinese yuan |
CNY |
|
505.98 |
| South Korean won |
KRW |
|
2.62 |
|
