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BCM FEBRUARY 2022 MONTHLY MEETING RECAP
The Business Council of Mongolia’s February 2022 Monthly Meeting was held on 28 February 2022, with Chairman Ts. Tumentsogt hosting for a combined audience of around 300 people at the Shangri-La in-person and others online via Zoom.
Things have taken a drastic turn from only a week ago with the onset of the Russo-Ukrainian war, causing great uncertainty all around the world and in Mongolia. It is yet to be seen how the war will affect Mongolia’s businesses and economy, stated BCM Chairman Tumentsogt in his opening remarks.
At the BCM Secretariat, Mr. U.Unenburen has resigned from his post as Managing Director to focus on his private business ventures. The BCM Board thanks Mr. Unenburen for his service as the Managing Director of BCM since May 2020.
Ms. B.Javkhlan has been appointed as the new Managing Director. She has been working as a Director (Board Affairs, Working Groups, Memberships) at the BCM since December 2018. Javkhlan is a business executive with over 10 years of extensive international working experience.
For more information on personnel changes and working groups at the BCM, please read our most recent press release.
The meeting started with a presentation by the Director General of the Monetary Policy Department of the Bank of Mongolia, Mr. B.Bayardavaa. He noted that economic recovery is underway; however, it has been slower than expected. Mongolia experienced 1.0 percent growth in 2021, despite a forecast of 1.4 percent. Inflation has risen dramatically, with prices of goods and services increasing by 11.4 percent as of Q4’2021.
Following Bayardavaa’s presentation, an economists’ roundtable was held on the topic of “Perspectives on the Mongolian Economy,” moderated by Chairman Tumentsogt. On the panel were:
- Mr. B.Lkhagvajav, Member of the Supervisory Board of the Bank of Mongolia
- Mr. E.Amarbayasgalan, Principal Banker, Ard Financial Group.
- Ms. B.Otgontugs, Professor of Economics at the National University of Mongolia
- Mr. N.Enkhbayar, Head of the Center of Economic Security, Institute of Strategic Studies
During the panel discussion, Mr. Enkhbayar, Head of the Center of Economy Security at the Institute of Strategic Studies, delivered a presentation on “Geopolitical Events and Their Economic Consequences."
After a brief Q&A with the audience, Ambassador and Research Professor in International Politics Mr. D.Bayarkhuu gave a speech on the “Mongolian Economy and External Factors,” in which he briefed the audience on the situation in Ukraine and its possible ramifications on Mongolia.
Mr. Bayarkhuu went on to moderate the second panel discussion of the meeting on the topic “How will external factors affect the economy of Mongolia?” On the panel were:
- Ms. E.Nomindari, Executive Director, Mongolian Sustainable Finance Association
- Mr. B.Sergelen, Managing Director of NovaTerra
- Dr. Ch.Khashchuluun, Economist
- Mr. O.Ochirjav, Ambassador, Former Director of the Secretariat of the National Security Council
During the panel, Ms. Nomindari gave a presentation overviewing climate risk and impact. She noted that the ambitious pledges made at COP26 means we need to think today about how we want to shape the economy 20, 30 years down the line.
Mr. Sergelen also gave a presentation on the “Current State of Capital Markets, Cryptocurrencies, and Digital Markets,” and a brief Q&A was held with the panelists before the meeting was adjourned.
For more information on key points made by speakers and panelists, please view the Editor’s full notes from the meeting.
Links:
- Editor's notes (English)
- "Economic Overview" (Mongolian) by B.Bayardavaa, Director General, Monetary Policy Department, Bank of Mongolia
- "Geopolitical Events and Their Economic Consequences" (Mongolian) by N.Enkhbayar, Head of the Center of Economic Security, Institute of Strategic Studies
- "Climate change and its impact on the economy and financial sector" (English) by E.Nomindari, Executive Director, Mongolian Sustainable Finance Association
- "Current State of Capital Markets, Cryptocurrencies, and Digital Markets" by B.Sergelen, Managing Director of NovaTerra
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