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ECONOMY
INFLATION STANDS AT 11.3 PCT IN APRIL
Mongolia's inflation, as measured by the consumer price index, rose 11.3 percent year on year in April, data from the country's National Statistics Office (NSO) showed Tuesday.
The increase was mainly related to the higher prices of imported goods, especially food products, the NSO said.
More than half of over 400 items of the landlocked country's consumer goods and services basket are imported, according to the statistical agency.
Mongolia has aimed at reducing its inflation rate to a single digit by the end of this year, the country's central bank has said.
Source: Xinhua, NSO
MONGOLIA JAN-APR COAL EXPORTS TO CHINA SURGE 5.4-FOLD YOY
Mongolia's coal exports totaled 19.05 million tonnes during January-April 2023, surging 15.26 million tonnes or 402.41% year on year, showed data from the Mongolian Customs General Administration (MCGA).
The export amounts totaled $3.06 billion during the first four months, jumping 187.66% year on year.
MCGA didn't release the specific figure for April, and Sxcoal calculated the shipments at 5.27 million tonnes based on the overall exports published by the administration.
The volume surged 315.37% or 4 million tonnes year on year and decreased 11.4% or 0.68 million tonnes month on month, data showed.
In April, the export amounts totaled $818 million, with the average price calculated at $155.26/t, down $151.33/t year on year and $8.79/t month on month.
Mongolia exported 18.76 million tonnes of coal to China over January-April, soaring 444.04% year on year, taking up 98% of the total.
Source: sxcoal.com
See also: Mongolia will open a new export gateway at Gashuunsukhait port for coal traded through the stock exchange
INDUSTRIAL PRODUCER PRICES INCREASED BY 2.8 PCT FROM THE PREVIOUS MONTH, DOWN 0.6 PCT Y/Y
In April 2023, by preliminary results, the industrial producer price index (2015=100) reached 221.7, which decreased by 0.6% from the same period of the previous year, but increased 2.8% from the previous month.
Producer prices in the industrial sector decreased by 0.6 percent in April 2023 compared to the same period of the previous year due to a 3.3% decrease in producer prices of mining and quarrying subdivision (18.8% in the extraction of crude petroleum and natural gas).
In April 2023, the 2.8% increase in the industrial producer prices from the previous month was mainly resulted from 3.0% increase in producer prices of mining and quarrying subdivision (price of mining of coal and lignite 5.8%, mining of metal ores increased by 3.9%, and 0.3% increase in extraction of crude petroleum and natural gas by).
The 0.6% decrease in industrial producer prices from the same period of previous year mainly resulted from 2.8 percentage point in the producer price of mining and quarrying.
Source: NSO
EXPLAINER: WHY LARGE PARTS OF MONGOLIA ARE AFFECTED BY DESERTIFICATION
Strong winds and heavy dust storms are frequent occurrences in Mongolia as the Asian country is facing worsening desertification and land degradation, with a steady decline in vegetation cover year by year.
Mongolia has a total land area of 1,564,116 square km, but only around 8 percent is covered by forests.
Around 77 percent of Mongolia's total territory has been affected by desertification and land degradation, according to official data from the country's Ministry of Environment and Tourism.
It is said that climate change and human activities are the two main causes of desertification in Mongolia.
In April, most parts of the country were hit by strong winds and dust storms almost every day, according to Mongolia's weather monitoring agency.
Climate change-related desertification has been the main factor behind the increasing frequency of yellow dust storms in Mongolia in recent years, according to the country's environment ministry.
Source: Xinhua
APARTMENT PRICE EXPECTED TO DROP
On May 4, the Construction Development center presented information about the revival of the construction industry and housing prices during a press conference. Founder of Barilga.mn G.Batsukh said, “The construction industry’s growth and decline lags behind the growth and decline of the economy. There was a small bump during the pandemic and the construction works have not started much. However, construction work is now starting and recovering from this month.
During the pandemic, the demand for housing and real estate increased thanks to the 10-billion economic stimulus program, the increase in the amount of mortgage loans and the influx of cash. The prices of new and old apartments have increased accordingly. There is no regulation to control this as there is a secondary trading of the real estate market. As for citizens, they are responsible for the rise and fall of prices based on the principle of supply and demand.”
Source: The UB Post
See also: Housing price index, in April of 2023
GER AREAS AROUND DOLOON BUUDAL, CHINGELTEI AVENUE TO BE REDEVELOPED
The meeting of the Council of Governor of the capital city was held on May 4 to discuss the issue of determining the location, size, boundaries, and purpose of the project for redeveloping and building a new residential area in the 14th and 15th khoroos of Sukhbaatar District, or Doloon Buudal.
The amendment of the Ulaanbaatar 2020 Master Plan and Development approach 2023 include the development of Ulaanbaatar into eight regions and 47 units. Selbe sub-center of the northern region belongs to the ninth unit. The sub-center was established to reduce over-concentration of the capital's population, increase the access to affordable housing, create healthy and safe working and living conditions for citizens, and reduce air, soil, and water pollution.
As part of the development of the Selbe sub-center, road, heat, electricity, communication, water supply, sewerage network, flood protection dam, landscaping, and green areas works were executed with soft loans from the Asian Development Bank.
Source: The UB Post
GET READY FOR THE 12TH ANNUAL "MONGOLIA MINING 2023" EXPO IN OCTOBER!
The twelfth rendition of the "Mongolia Mining 2023" International Mining and Oil Expo is set to take place from October 4th to 6th at the Buyant-Ukhaa Complex in Ulaanbaatar. This highly anticipated event will showcase cutting-edge solutions, equipment, and techniques from around the world, all of which are designed to drive innovation and advance the mining sector. With a focus on the latest technologies and best practices, this exhibition promises to be an invaluable platform for industry professionals, investors, and stakeholders alike.
Mongolia Mining 2023 exhibition is set to be bigger than ever, with more than 200 leading mining supplier companies from around the world participating. Representing countries such as England, China, Turkey, Poland, Canada, Australia, the Czech Republic, India, Belarus, and Russia, these exhibitors will showcase a wide range of innovative products and services. Attendees can expect to see geophysical exploration and research companies, mining technology providers, ore processing and crushing plant equipment suppliers…
Source: Mongolian Mining Journal
‘CONSIDERING YOUNG POPULATION’S SKILLS IS ESSENTIAL FOR MONGOLIA TO THRIVE IN THE FUTURE’ - INTERVIEW
The 56th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) took place between May 2 and 5 in Incheon, South Korea. During the meeting, we interviewed Director General of the East Asia Department of the bank Teresa Kho and Country Director for Mongolia Pavit Ramachandran to talk about the implementation of the projects and programs, and what will be done within the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP) recently announced by the bank. They stated their respective positions in the following interview.
Under the theme of Rebounding Asia: Recover, Reconnect, and Reform, this year’s Annual Meeting has been held. This is the first fully in-person annual meeting since 2019. Therefore, this year, the post-covid revival and reform is highlighted. What proposals and initiatives are countries making in this context? How compatible are these with the goals of our country?
…
Source: The UB Post
UNLESS YOU PAY THESE PROFESSIONALS WELL, IT WON’T MATTER IF IT’S A SOUGHT-AFTER PROFESSION - EDITORIAL
At the end of last March, Mongolian government re-approved the priority areas of development and in-demand professions. In doing so, 83 professions were included in the priority areas of higher education, and 38 were in demand. These professions were determined based on policy documents such as “Vision-2050”, “Medium-term plan for the development of the education sector through 2021 to 2030”, and reports issued by international organizations in the fields of labor market and economy, says expert of higher education of Ministry of Education and Science.
The priority areas of higher education are mining, geology, information and communication, engineering production, nanoscience, biotechnology, energy, agriculture, animal husbandry, forestry, construction, architecture, transport, logistics, defense, soil majors, agrochemistry, and water supply. Education, tourism, health, food production, forestry, culture, and art professions are in demand. The aforementioned professions are in demand in the Mongolian labor market and will continue to be this way in the foreseeable future.
Source: The UB Post
MONGOLIA'S BUILDING BOOM TRAPS CAPITAL RESIDENTS IN CONCRETE JUNGLE - EDITORIAL
Across Ulaanbaatar, high-rises are replacing the yurts that Mongolians have for centuries called home, symbols of a nomadic life that is fading away.
Locals say the construction boom -- fuelled by a decade-long mining windfall -- is squeezing out room for much-needed public services, from new hospitals to children's playgrounds.
"When I was a child I spent all day outside," said Otgoo, who only gave one name. "We used to play soccer, running like a wolf or rabbit in big empty spaces."
"My kids can't run like us. All places are filled with new apartment buildings."
Mongolia's mining boom drove double-digit growth, with vast profits from coal making up a quarter of the country's gross domestic product in 2022.
The industry has sparked a wave of demand for office space and luxury apartments in Ulaanbaatar.
The boom, however, has largely not included vital civic infrastructure, leaving many children growing up without outdoor recreational facilities, parents told AFP.
Source: France24
POLITICS
THE CABINET SUBMITS THE CONSTITUTIONAL AMENDMENTS TO THE PARLIAMENT
The cabinet, on May 3, discussed the bill on the amendments to the constitution of Mongolia and decided to submit it to the parliament. Afterward, D. Amarbayasgalan, Chief of the Cabinet Secretariat, submitted the bill to G. Zandanshatar, Speaker of the Parliament.
The amendments include the proposal to increase the number of parliament members from 76 to 152.
The Mongolian constitution approved in 1992 states that the parliament consists of 76 members. At that time, one parliament member represented 27,000 voters. The researchers say the number has increased to 44,000. Policymakers and researchers believe that increasing the number of parliament members can improve the parliament's ability to represent the people.
The amendments also include the proposal to use a mixed electoral system for holding parliamentary elections. Mongolia conducted the 2016 and 2020 parliamentary elections using the majoritarian system. Legislators believe that this prevents representatives of all sectors of society from working at the decision-making level and making their voices heard.
Source: Government of Mongolia
ALL HIGH-RANKING OFFICIALS TO BE PROHIBITED FROM PARTICIPATION IN GOVERNMENT PROCUREMENT ACTIVITIES
Prime Minister Oyun-Erdene presented the draft amendment to the Law on Regulation of Public and Private Interests and Prevention of Conflict of Interest in Public Service and addressed the Parliament session on May 4. We present the summarized transcript of his speech for your perusal:
"As we gather today, we are reminded of our historical responsibility to rebuild trust in government and by protecting the reputation of the fundamental pillars of democratic governance - the legislative, executive, and judiciary powers. It is our duty to put an end to the mistakes and corruption of the past 30 years, to respect the interests of the people, to truly fulfill the right of citizen representation, and to usher in a new era of ethical leadership for the next 30 years.
We, as members of State Great Khural, belong to the people, and we must lead by example. Ethical, disciplined, and responsible leadership should begin with us, in this hall.”
Source: Montsame
See also: Speaker: Law on Ethics of Public Servants to Serve as the Foundation for Combating Corruption
MINISTER OF FOREIGN AFFAIRS ON VISIT TO THE CZECH REPUBLIC
Minister of Foreign Affairs B. Battsetseg is on a Visit to the Czech Republic between May 11 and 12.
Within the framework of the Visit, the Minister of Foreign Affairs Battsetseg will hold official talks with Jan Lipavský, the Minister of Foreign Affairs of the Czech Republic to discuss expanding relations and cooperation in trade, economy, investment, and other sectors between the two countries. Other meetings are planned with the President of the Senate, Deputy Prime Minister, and Minister of Industry and Trade of the Czech Republic.
Traditionally, Mongolia and Czech maintain active cooperation in the geology and mining sectors. To that extent, during the Visit, a Memorandum of Cooperation will be signed, with a particular emphasis on reviving and further intensifying the relations in these sectors.
As part of the Visit, Minister B. Battsetseg will meet Mongolian citizens residing in the Czech Republic and exchange views on their social welfare, pension, and implementation of the Agreement on Social Security, which was signed by the governments of Mongolia and the Czech Republic.
Source: Montsame
CANADA-MONGOLIA PARLIAMENTARY GROUP RE-ESTABLISHED
A ceremony was held in the Parliament of Canada on May 10 in connection with the re-establishment of the Canada-Mongolia Parliamentary group in the Parliament of Canada.
The Canada-Mongolia Parliamentary Caucus in the Canadian Parliament has 18 members of the Senate and the House of Commons, and is chaired by Senator Michèle Audette. The Canada-Mongolia Parliamentary Group was first established in the Canadian Parliament in 2003. Cooperation between the supreme legislative bodies is an important component of the relationship between Mongolia and Canada, and it has made a valuable contribution to strengthening the common democratic values of the two countries.
Speaker of the Senate of the Canadian Parliament George J. Furey, who was an official visit to Mongolia in 2022, representatives of the Canadian Ministry of Foreign Affairs and other honored guests attended the event.
Source: Montsame
ELECTRICITY TARIFF TWICE CHEAPER THAN ITS COST
Chairman of the Executive Office of the Energy Regulatory Commission B. Bolor-Erdene informed journalists today about the real cost, consumption, and demand of electricity in Mongolia.
The cost of electricity is currently MNT 224 for one kWh and it is sold to consumers for an average of MNT 211-213. Household consumers purchase one kWh of electricity for MNT 141-142. This is 58 percent lower than the actual cost. As for heating energy, consumers get 55 percent lower of its cost; loss is proportionate. Last year the energy sector’s operating loss amounted to MNT 187 billion.
The losses are increasing. This leads to such risks as an increase in debts, inability to carry out necessary maintenance and repair at thermal power stations and heating and electricity networks, and delay of equipment renewal.
This situation will negatively affect the reliable supply of electricity and heat to consumers. The urgent need to bring the price of energy to its real cost is obvious.
Source: Montsame
CHONGQING TO COOPERATE IN ULAANBAATAR DEVELOPMENT PROJECTS
Chongqing, one of the major cities of China, the center of car manufacturing, technology, and finance in the country, has agreed to cooperate in the development projects of Ulaanbaatar. Yesterday "Ulaanbaatar City Development Corporation" JSC and Chongqing Federation of Industry and Commerce signed a Memorandum of Understanding on Cooperation.
General Manager of Chongqing Qianyi Trading Co., LTD Li Wenjun informed that they would supply the required equipment and machinery for public utilities of Ulaanbaatar. The Chinese side will provide necessary financial support for leasing and purchasing equipment.
"We will renew the city and public utility fleet of auto vehicles and machinery in the frame of this cooperation. The essence is to carry out this work in cooperation with foreign and domestic businesses and investors without loading the burden on the budget. Such an opportunity opens today," said Executive Director of Ulaanbaatar City Development Corporation N. Bayarchimeg.
Source: Montsame
CITY ADMINISTRATION TO USE RFID CHIPS TO MONITOR TRAFFIC
Digitalization and Smart technologies can play a crucial role in tackling the issues that Ulaanbaatar city is facing. As 50 percent of the total population of Mongolia resides in the capital city, Ulaanbaatar is grappling with numerous challenges, such as air pollution, traffic congestion, and inadequate infrastructure.
The Capital City Department of Digital Development and Information Technology has been developing a unified transport system to be the next E-Mongolia of the road sector. The objective is to improve the registration and monitoring process of 654 thousand vehicles in Ulaanbaatar by utilizing the RFID system. Currently, 161 RFID antennas have been installed throughout the capital city and the system is expected to significantly improve the detection of traffic violations.
Moreover, a live traffic map is slated to be launched this year. This Map will show real-time traffic information, including public transportation, the location, and route of child buses, traffic congestion, and available parking spaces.
Source: Montsame
See also: Mongolian officials check out the MMDA’s traffic management measures
CH. NOMIN: THE CULTURAL ESSENCE IS THE CORNERSTONE OF OUR EXISTENCE
The Ministry of Culture has launched the "Cultural Revival" Campaign, in line with the State policy on Culture and a goal of strengthening national common values, which included in "Vision-2050", Mongolia's long-term development policy, and ensuring the implementation of cultural laws.
Yesterday, the opening of the campaign was inaugurated by the Minister of Culture Ch. Nomin and the Chairman of the Tuv Aimag’s Citizens’ Representatives Meeting Ts. Jambalsuren at the "Mongol Tuurgatan" Theater of Tuv Aimag.
In her opening remarks, Minister of Culture Ch. Nomin highlighted that Preserving and developing national history, language, culture, heritage, and customs is the foundation of our existence and the vital immunity of Mongolians. The State's policy on having common values and being unified with its culture and tradition has been reinforced, and cultural issues are deeply reflected in the policy decisions of the President, the State Great Khural, and the Government of Mongolia.
Source: Montsame
SIGNING OF MEMORANDUM OF UNDERSTANDING WITH SWITZERLAND TOURISM
On 8 May 2023, Ambassador D. Gerelmaa and Mr. Federico Sommaruga, Director of the Emerging Markets and Special Projects of Switzerland Tourism signed a Memorandum of Understanding for cooperation in the field of tourism between the Tourism Development Center of Mongolia and Switzerland Tourism.
Within the framework of the three-year Memorandum of Understanding the parties will work together to develop cooperation between educational institutions that train professionals in the field of tourism and will publish content, books, and magazines promoting the history, culture, tradition, and natural features of the two countries as well as to intensify mutual advertising and increase the flow of tourists.
Source: Montsame
MONGOLIA'S COAL ANTI-CORRUPTION STORM: HOW DID PILLAR INDUSTRIES BECOME "HIGH-RANKING OFFICIALS' BUSINESSES"? - EDITORIAL
Mongolia enacted an anti-corruption law in 12, and in 2006, following the model of Singapore, Hong Kong and other places, established anAnti-corruption agency independent of the government and parliament. Mongolia's Minister of Law and Internal Affairs Niambaatar recently revealed that the corruption case of the country's largest state-owned coal enterprise has involved more than 200 people, including at least six current members of the national Great Hural (parliament), a number of former presidents, current or former ministers, etc.
After the corruption case at the Taben Tolgoi coal mine came to light, another former Mongolian president, Bagabandi, resigned as a director of Oyu Tolgoi, another pillar mining company in the country, on April 4. Mongolia enacted an anti-corruption law in 12, and in 2006, following the model of Singapore, Hong Kong and other places, established an anti-corruption agency independent of the government and parliament, IAAC, with full responsibility for anti-corruption supervision and investigation.
Source: TellerReport.com
AN INTERVIEW WITH THE PRIME MINISTER OF MONGOLIA - INTERVIEW
The incumbent prime minister of Mongolia, Oyun-Erdene Luvsannamsrai took office in 2021. While the new administration was under immediate pressure to strategize a post-COVID economic recovery plan, both internal and external challenges continue to soar.
The prime minister answered questions from The Diplomat’s Bolor Lkhaajav on his administration’s policies and solutions for fighting corruption, maintaining a strong foreign policy, and streamlining foreign direct investment (FDI). The interview below has been lightly edited for clarity.
Considering Mongolia’s mining-dependent economy, diversification is necessary. What are some of the diversification plans and investment opportunities Mongolia is currently initiating with third neighbors?
We have a number of diversification plans in place to boost investment opportunities in Mongolia stemming from our landmark “New Recovery Policy,” which will create an investment-friendly climate. Our overarching message to foreign investors is clear: Mongolia is open for business.
Source: The Diplomat
MITIGATION Q&A: MONGOLIA’S EXPERIENCES IN NDC IMPLEMENTATION - INTERVIEW
The NDC Action project supports Mongolia in its focus on energy efficiency in the industrial sector and on climate resilient agriculture.
In these short interviews two of our partners explain how the project has assisted in implementing mitigation measures in the industry sector, where Mongolia focuses on improving the energy efficiency of industrial electric motors and installing energy-efficient lighting, implementing international standards for energy management and improving energy consumption norms per unit of production.
Khiimorisain Purevdorj, Specialist at Energy Conservation Department, Energy Regulatory Commission:
- How the NDC Action project is helping/has helped Mongolia reach the goals in the priority areas?
I believe that the project had a good contribution on identifying potential setbacks, policy gaps, and measures to tackle these when implementing the NDC Implementation Action Plan 2021-2025. With the Action Plan being the official document outlining the commitments Mongolia made towards climate mitigation and adaptation together with other countries, the project performed very necessary work of connecting the key stakeholders and providing consolidated information.
Source: UN Environment Programme
PRESS INTERVIEW ON MONGOLIAN FOREIGN MINISTER BATTSETSEG’S WORKING VISIT TO THE PRC - INTERVIEW
Minister of Foreign Affairs of Mongolia Batmunkhiin Battsetseg paid a working visit to China on May 1-2, 2023 at the invitation of a member of the State Council and Minister of Foreign Affairs of the People's Republic of China Qin Gang.
-What were the concrete issues that were agreed?
-President of Mongolia Ukhnaagiin Khurelsukh paid a state visit to the PRC in November 2022, during which he met with President Xi Jinping. Both sides reached an agreement at the highest level on issues such as promoting and developing bilateral relations and cooperation in the new era. In order to significantly contribute to the nation’s development we are mainly focusing on putting these agreements into action.
One of the priorities of Mongolia’s foreign policy is to develop friendly relations with our two neighbors. China too attaches great importance to its relations and cooperation with Mongolia and considers Mongolia as its good neighbor, good friend and good partner.
Source: Montsame
THIRD NEIGHBORS UNHAMPERED BY TWO NEIGHBORS - EDITORIAL
We have seen that the special operation of the Russian military in Ukraine (actually, the "Russian-Ukrainian war") shocked Mongolians, dividing and quarreling them for a whole year.
The standpoint of the Mongolian State is clear. The recent State visit of the President of Poland and the visit of the US Under Secretary of State have confidently demonstrated that Mongolia has been maintaining a multi-pillar, peace-loving, and active foreign policy.
President Khurelsukh stated, "May this beautiful BROTHERLY friendship between Mongolia and Poland flourish for generations!"
It is the Mongolian State’s assessment of the representative of the brotherly Polish people and the definition of the significance of the visit in one phrase. Do you agree?
“Poland is one of the third neighbors and close partners of our country, and the relations and cooperation between the two countries have been continuously developing even during difficult times. We are happy that Poland has decided to restore its Embassy in Mongolia and is officially opening it during the State visit,” said the President.
Source: Montsame
DEFACTO REVIEW, MAY 7 - VIDEO
Highlights of the week:
1. Another constitutional law amendments were submitted by the Government
2. About oil refinery project
3. A discussion on amendments to the Investment Law
Source: Jargal Defacto
BUSINESS
CLIMATE-TECH START-UP URECA LAUNCHES PLATFORM FOR INDIVIDUALS AND CORPORATES TO INVEST IN CARBON CREDITS
Singapore-headquartered climate-tech start-up URECA has launched its climate investing platform to allow individuals and corporations to buy, sell and trade carbon credits from key projects aimed at reducing greenhouse gas emissions.
The platform is available for web, Android and iOS smartphones, and will connect investors with project developers that are accredited by some of the world’s biggest international carbon offset standard programs, including clean development mechanism (CDM), Gold Standard, Verra and the Spanish registry of carbon footprint by the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) in Spain.
Investors can access specific details of the respective projects on the marketplace, such as the developer details, credit rating details, the sustainable development goals attained and the methodology adopted for each project.
The platform also allows investors to invest in household-level projects which are powered by URECA’s digital measurement, reporting and verification (MRV) standards, through IoT engineering and machine learning to remotely verify carbon offsets.
Source: The Edge Singapore
STEPPE GOLD REACHES DEFINITIVE DEAL TO ACQUIRE CANADA’S ANACORTES MINING
Mongolia-based precious metals company Steppe Gold has signed an arrangement agreement to acquire Canadian miner Anacortes Mining. The deal is expected to result in the formation of a leading junior gold producer with the prospect of ‘significant’ growth in the near term. It will see Steppe Gold purchasing all of the issued and outstanding common shares of Anacortes, which owns 100% of the Tres Cruces gold project in north-central Peru. The project is 127km from Trujillo, on the Pacific coast. Steppe Gold and Anacortes signed a binding letter of intent for the acquisition in March and extended the agreement last month. Situated near the existing Lagunas Norte project, the Tres Cruces project includes a large and underexplored land package. It has indicated resources of 2.5 million ounces at 1.65g/t and inferred resources of 104,000oz at 1.26g/t, inclusive of 630,000oz of high-grade 1.28g/t of leachable gold. Source: Mining Technology
See also: Steppe Gold building Mongolia's premier precious metals group and progressing ATO mine expansion plans
Steppe Gold raises $12.1 million for expansion in Mongolia
OYU TOLGOI PRODUCTION WILL REACH ITS PEAK BY 2030
On March 13, Mongolia announced to have built the world's fourth largest mine. This mega project, started on a solitary steppe, has expanded into a site employing 20 thousand people. A decade ago, there were speculations whether it was right or wrong, profitable or unprofitable to mine the wealth beneath the southern Gobi soil, now we can conclude that this debate has been irreversibly resolved. In fact, implementation of any mega project is a very scrupulous endeavor. Opening of the underground mine has clearly demonstrated that the Mongolians in cooperation with specialists of 44 countries around the world succeeded to implement this mega project within a short period of time
Mongolian Youth and World Knowhow
The Mongolians, constituting 97 percent of the total 20 thousand workforce, have managed to get used to instructions and knowhow of foreign specialists within a very short time. The ability to compete with the mines of the world and show off the intelligence and skills of Mongolian people is the biggest benefit from this project.
Source: Montsame
MONGOLIA-KOREA FORUM OF TOUR OPERATORS
Forum of tour operators of Mongolia and the Republic of Korea was held last weekend at the Corporate Convention Center. Representatives of some 90 tourism companies from South Korea had tet-a-tet meetings with their Mongolian counterparts.
Minister of Environment and Tourism of Mongolia B. Bat-Erdene noted that the first forum is the realization of the initiative of Mongolian Prime Minister L. Oyun-Erdene to reciprocally organize tourism forums of the two countries in the frame of the “Years to Visit Mongolia” during his visit to the Republic of Korea.
Secretary of the Embassy of the Republic of Korea in Mongolia in charge of tourism Jung Phil Hyun and related officials took part in the forum, at which a discussion on the topics "Mongolian Tourism Products and Trends" and "Characteristics and Features of Korean Tourists" took place.
Source: Montsame
MONGOLIAN GERS ARE BEING EXPORTED TO THE USA AND AUSTRALIA
Mongolian ger, or yurt as it is known worldwide, is attracting many people as eco-friendly, affordable home for off-grid living, glamping and a variety of other purposes such as yoga studio.
Mongolia exports around 1000 yurts a year to China, Russia, Australia, Belgium, Canada, Germany, Spain, France, England, Netherlands, South Korea, the United States, Hungary and other countries.
Most of the gers are exported through intermediaries, which are often foreign nationals and companies, who buy cheap yurts in Mongolia and resell at big margins. Thus, most of the profit from yurt exports are retained by the intermediaries, and local makers gets only a small portion of the total value-added.
Ashid Ger LLC is the only company in Mongolia making yurts in its own workshop and delivering yurts directly to its customers without any intermediaries. The company offers their yurts for sale through their website OriginalYurts.com.
Source: News.mn
BEST TAXPAYERS AWARDED
Some of the companies that pay the biggest amount of tax are:
- Erdenet Mining Corporation SOE (1.2 trillion MNT)
- Erdenes Tavan Tolgoi JSC (990 billion MNT)
- Oyu Tolgoi (440 billion MNT)
- Energy Resource LLC (289 billion MNT)
- Tavan Tolgoi JSC (261.6 billion MNT).
It can be seen that A rating companies are mining and mineral producing companies.
Big segment companies are:
- Mobicom corporation LLC (62 billion MNT)
- Unitel group LLC (61 billion MNT)
- MCS Coca-Cola LLC (39 billion MNT)
Some of the medium segment companies are:
- U-Plant LLC (4.7 billion MNT)
- Master Time LLC (4.1 billion MNT)
- Best Western Tech LLC (2.5 billion MNT)
…
Source: The UB Post, Montsame
FRC CHAIRMAN MEETS WITH REPRESENTATIVES OF THE COMMODITY FUTURES TRADING COMMISSION OF THE U.S.
The Law on Mining Products Exchange, which was approved by the Parliament, is set to be enforced from the 30th of next month. In order to ensure the effective implementation of the law and to make necessary preparations, the Financial Regulation Commission (FRC) has established a working group with the participation of representatives from relevant organizations. The FRC is taking measures related to the drafting of regulation stipulated by the law and ensuring readiness for trading of mining products and its’ clearing and settlement.
To support these efforts, the Chairman of the FRC, D. Bayarsaikhan, met with Mr.Kevin Piccoli, Head of Technical Assistance of the Office of Foreign Affairs of the US Commodity Futures Trading Commission, and a representative of the US Embassy in Mongolia. During the meeting, they discussed the importance of foreign and domestic experts' knowledge and advice in carrying out the tasks related to the Law on Mining Products Exchange.
Source: FRC
See also: Meeting with Asian Development Bank Officials
FRC Chairman Receives IMF Resident Representative
SHINHAN BANK SIGNS DIGITAL FINANCE BUSINESS AGREEMENT WITH KHAN BANK OF MONGOLIA
Shinhan Bank announced on the 8th that it has signed a strategic business agreement with Mongolia’s largest bank, Khan Bank, to promote digital finance.
Established in 1991, Khan Bank operates over 540 branches throughout Mongolia, and is the largest commercial bank in Mongolia, used by about 80% of Mongolia’s total population.
Recently, Khan Bank set ‘digital innovation’ as its strategic goal to promote digital-based banking innovation and chose Shinhan Bank as its benchmark.
Key executives and board of directors visited Shinhan Bank twice last year to experience various cases of digital innovation, including the futuristic store model ‘Digilog Branch’. Go’ was newly established in Mongolia.
Khan Bank then asked Shinhan Bank to share its know-how on overall digital finance, including digital strategy, innovative service, and ICT system.
Source: PostsEn.com
TMK PUSHES AHEAD IN MONGOLIAN COAL SEAM GAS HUNT
TMK Energy is pushing ahead with its second pilot well, Lucky Fox-2, after pulling up 60m of gaseous coal from its maiden Lucky Fox-1 production well at its Gurvantes XXXV coal seam gas (CSG) project in Mongolia.
Lucky Fox-2 was spudded earlier this week and has been drilled down to almost 140m.
The Perth-based oil and gas explorer is plunging three pilot production wells spaced about 200m apart into the highly-prospective coal seam. The wells are centred on an exploration well, known as Snow Leopard-2, which was drilled in last year’s exploration campaign that returned 91m of gaseous coal recording 97 per cent methane content.
Once drilling is completed, the company is set to install downhole pumps and connect surface facilities to the wells. TMK expects its first gas breakthrough within one or two months from the commissioning of the pilot well pumps, which is slated for the third quarter of this year after a period of controlled dewatering of the wells.
Source: The West Australian
KATJA FJELLSTRÖM: THE KEY INGREDIENT OF A SUCCESSFUL STARTUP IS BEING PREPARED TO PIVOT - INTERVIEW
Mongolian Economy Magazine spoke with Katja Fjellström, a Business Coach at Minc, about how Minc has become one of the most successful startup incubators in Sweden, how entrepreneurs can join Minc programs and what successful startups have in common.
-Could you briefly introduce yourself to our readers?
-My name is Katja Fjellström and I work as a business coach at Minc in the City of Malmö. My main work is to provide support to early-stage founders at the programs offered by Minc. I was born and raised in Malmö and studied e-commerce at IHM Business School. In the past I have worked in the areas of sales, marketing and retail.
-What led you to pursue a career in business coaching? Would you mind telling the story behind it?
-When I was studying e-commerce at IHM Business School, I found myself deeply interested in business development. It indeed felt like a good match considering my marketing background mixed with my high interest in people.
Source: Mongolian Economy
GLOBAL AND REGIONAL NEWS
CENTRAL BANK GOLD DEMAND HITS FIRST-QUARTER RECORD, INVESTMENTS SURGE ON U.S. BANKING TURMOIL
Demand for gold among central banks notched a first-quarter record high in the three months to the end of March as overall global demand painted an otherwise “mixed picture,” according to the World Gold Council. Gold prices broke through the $2,000 per ounce barrier this week and are flirting with record highs as global economic uncertainty, a possible pause in Federal Reserve interest rate hikes and potential further trouble in the U.S. banking sector drive investors toward the precious metal. Total gold demand, however, was up 1% from the first quarter of 2022 thanks to a recovery in the OTC market. In the three months to the end of March, central banks added 228 tons to global reserves, the highest rate of purchases seen in a first quarter since the data series began in 2000, though a slower rate than in recent quarters. Source: CNBC
VIETNAM BOOSTS RARE EARTHS OUTPUT BY TENFOLD - DATA
Vietnam's mined output of rare earths soared tenfold last year, U.S. data showed, as global firms have flocked to the Southeast Asian country with the world's second largest estimated deposits to reduce reliance on China for the key industrial metals.
Past attempts to build up Vietnam's rare earth industry have stuttered due to falling prices and regulatory hurdles, but growing sales of electric vehicles (EVs) and firms' efforts to diversify their suppliers has revived interest in Vietnam.
Australian Strategic Materials Ltd (ASM) said on Monday that it would buy 100 tonnes of rare earth oxides this year from Vietnam Rare Earth Co and is looking for a longer term supply agreement.
ASM said a longer-term agreement with the Vietnamese firm would provide it with a multi-source feedstock option and additional supply security for its processing plant in South Korea.
Vietnam's rare earth mine production jumped to 4,300 tonnes last year from 400 tonnes in 2021, according to the United States Geological Survey.
Source: Reuters
WORLD HEALTH ORGANIZATION SAYS COVID-19 IS NO LONGER A GLOBAL EMERGENCY
The World Health Organization said Friday that COVID-19 no longer qualifies as a global emergency, marking a symbolic end to the devastating coronavirus pandemic that triggered once-unthinkable lockdowns, upended economies worldwide and killed at least 7 million people worldwide.
WHO said that even though the emergency phase was over, the pandemic hasn’t come to an end, noting recent spikes in cases in Southeast Asia and the Middle East. The U.N. health agency says that thousands of people are still dying from the virus every week.
“It’s with great hope that I declare COVID-19 over as a global health emergency,” WHO Director-General Tedros Adhanom Ghebreyesus said.
“That does not mean COVID-19 is over as a global health threat,” he said, adding he wouldn’t hesitate to reconvene experts to reassess the situation should COVID-19 “put our world in peril.”
Source: Time, BBC
CHINA’S IMPORTS FALL IN APRIL AS CLOUDS GATHER FOR ECONOMIC OUTLOOK
China’s import volume posted its biggest contraction in a year last month, while exports expanded at a slower pace than expected, casting doubt over the pace of the country’s economic recovery after three years of pandemic restrictions.
Imports fell 7.9 per cent year on year in April, a far deeper decline than analysts’ expectations of a 0.2 per cent contraction, according to a Bloomberg poll. Exports in the month rose 8.5 per cent compared with a year earlier, following an unexpected jump in March and benefiting from a low base last year.
Tuesday’s mixed trade data release was closely watched across markets for clues on the state of China’s economy, which has thrown off conflicting signals as it emerges from three years of closure under anti-coronavirus rules.
Gross domestic product expanded 4.5 per cent in the first quarter of the year and exports expanded after months of weakness, while tourism over a recent national holiday surpassed pre-pandemic levels for the first time.
Source: Financial Times
See also: China’s exports rose 8.5%, continuing its growth streak at a slower pace
China’s service sector remains a bright spot as factory data disappoints
AFRICA NEEDS USD 700BN OF FINANCE FOR GREEN ENERGY AND METALS
Africa will need more than $700-billion in finance over the next decade to develop renewable power and mines to extract the metals required for the green energy transition, according to Standard Bank Group.
The continent’s financial institutions won’t be able to provide even half of that and most of the money will need to come from investors from elsewhere, Kenny Fihla, chief executive officer of Standard Bank’s corporate and investment banking unit, said.
“Many of the minerals that are required to build solar panels, lithium batteries, wind turbines and so on, are found in sub-Saharan Africa,” Fihla said. “Our team has also quantified the amount of investment that is required in that space as in the order of hundreds of billions of dollars.”
African governments are under pressure to extend power supply to the 600-million people — about half of the continent’s population — who currently don’t have access to electricity.
Source: Mining Weekly
AUSTRALIA EXPORTS FIRST COPPER TO CHINA SINCE 2020, INDUSTRY HOPES END TO BAN NEAR
Australia exported roughly $40 million worth of copper ore and concentrate to China early this year, Australian customs data shows, a sign of industry hope that trade in the red metal will resume as diplomatic relations improve. Australian trade data shows exports worth A$60.5 million ($41.04 million) of copper ore and concentrate to China in January, though the cargoes have not appeared in Chinese customs data. It was the first month of exports since December 2020, Australian data showed. China is gradually easing a raft of unofficial restrictions and tariffs on Australian imports including coal, copper ore and concentrate and barley that were imposed in 2020 at the height of a diplomatic spat over trade, security and the origins of COVID-19. Trade Minister Don Farrell said last week he would travel to Beijing "very soon" for trade talks with his counterpart after a virtual meeting in February. An unofficial ban on Australian coal imports was lifted in January. Source: Reuters
RED METAL RISING: ARGENTINA SETS LOFTY SIGHTS ON GLOBAL COPPER TOP 10
Argentina, known better for its Malbec than its mining, has its sights set on becoming a top ten copper producer by 2030, with an investor friendly stance luring global players like Glencore and Lundin Mining to its mountainous north.
The South American country has a pipeline of copper projects that could produce 793,000 tonnes a year by the end of the decade, government forecasts show, well below neighboring No. 1 producer Chile but near big players like Australia and Zambia.
While a lofty goal - Argentina produces no copper currently after its last working mine closed in 2018 - it could position the country as an important new supplier as demand globally for the metal rises along a global electrification push.
Leading the way is Lundin Mining's Josemaria project in northern San Juan province, aiming to produce over 130,000 tonnes a year and that is a pre-construction phase.
Source: Reuters
PHILIPPINES HITS 6.4 PCT GDP GROWTH IN Q1 2023 DESPITE INFLATION PRESSURES
The Philippines’ gross domestic product (GDP) grew at a slower pace of 6.4% in the first quarter of 2023, but beat analysts’ estimates and fell within the government’s target range.
The latest figure reported by the Philippine Statistics Authority on Thursday, May 11, marks the eighth consecutive quarter of growth. Services contributed the most to the GDP figure with 5%, followed by industries with 1.2%, and agriculture, forestry, and fishing with 0.2%.
It is a drop from the 8% growth seen in the same period in 2022, but exceeds the 6.1% median estimate of analysts polled by BusinessWorld.
The economy had come off a strong year, with annual GDP for 2022 beating the government target at 7.6% and fourth quarter growth hitting 7.1%.
The higher-than-expected growth comes in an environment of high inflation and continued interest rate hikes. Though inflation slightly eased to 6.6% in April, it remains above the target range of 2% to 4%, still eating into the wallets of consumers.
Source: Rappler.com
ASEAN'S PATCHY ECONOMIC GROWTH SUGGESTS LONG ROAD TO RECOVERY - EDITORIAL
Southeast Asia's governments are set to introduce projects to collectively raise the bar on progress in the region, although the outcomes of these are uncertain as several regional economies are struggling with weak growth.
According to a draft statement seen by Nikkei Asia from the Chair of the 10-country Association of Southeast Asian Nations, which is rotated among the bloc's members and held by Indonesia this year, initiatives from rural development to digital payments will occupy the region's governments in the coming years.
"We reaffirmed our commitment to strengthen cooperation and accelerate ASEAN's key agenda in narrowing the development gap," the statement said.
The bloc's leaders have gathered in the Indonesian coastal town of Labuan Bajo this week for the two-day ASEAN Summit, amid a heavy security presence along the narrow streets near the event, with western tourists navigating road blocks on their way to island-hopping adventures.
Source: Nikkei Asia
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 – 11 May 2023
| Currency |
|
|
Rate |
| U.S. dollar |
USD |
|
3,464.85 |
| Euro |
EUR |
|
3,787.25 |
| Japanese yen |
JPY |
|
25.75 |
| British pound |
GBP |
|
4,353.93 |
| Hong Kong Dollar |
HKD |
|
442.29 |
| Russian ruble |
RUB |
|
46.04 |
| Chinese yuan |
CNY |
|
499.38 |
| South Korean won |
KRW |
|
2.61 |
|
