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ECONOMY
INFLATION RATE REACHED 12.2 PCT IN MARCH 2023
In March 2023, the consumer price index at the national level increased by 1.0% from the previous month, 3.4% from the end of the previous year and 12.2% from the same period of the previous year.
The 12.2% increase in the consumer price index from the same period of the previous year was mainly contributed by the 17.3% increase in prices of food and non-alcoholic beverages group (21.0% increase in prices of non-alcoholic beverages), 9.0% increase in prices of alcoholic beverages and tobacco group, 13.5% increase in prices of clothing, cloth and footwear group, 13.8% increase in prices of housing, water, electricity, and fuels group, 7.2% increase in prices of medicine and medical service group, 5.4% increase in prices of transport group and 20.1% increase in prices of food and accommodation service group.
Source: NSO
MONGOLIA’S GROWTH TO RISE IN 2023 TO 5.4 PCT BEFORE ACCELERATING IN 2024 — ADB
The economy of Mongolia is transitioning to post-pandemic expansion, driven by the economic reopening in the People’s Republic of China (PRC), robust demand for mineral commodities, and revival of domestic demand. This contrasts previous gloomy growth expectations, despite tightened financing conditions globally and domestically, says a new report by the Asian Development Bank (ADB) released today.
In its latest flagship economic report, Asian Development Outlook (ADO) April 2023, ADB projects Mongolia’s economic growth to expand to 5.4% in 2023 compared to 4.8% growth in 2022, before climbing to 6.1% in 2024, supported by exports, recovery in mining, and its positive spillover to transport and other pursuits.
“After 3 years of economic difficulties induced by exogenous shocks, including COVID-19, border restrictions with the PRC and the Russian invasion of Ukraine, the economy of Mongolia is now on a recovery path, supported by both external demand and domestic policy responses,” said ADB’s Country Director for Mongolia Pavit Ramachandran.
Source: ADB, GoGo News
See also: Mongolia's economy to grow 5.2 pct in 2023: World Bank
MNT STARTS STRENGTHENING AGAINST USD
According to the Bank of Mongolia, our country’s foreign exchange (forex) reserves have reached USD 3.4 billion, enough to cover the imports of goods for 6 months. For the last 10 days, Mongolian tugrug (MNT) has strengthened against USD by about 7 MNT and showed signs of stabilization.
Experts are explaining the reasons behind the MNT strengthening against USD concerning the following three factors. Firstly, the Government of Mongolia has made successful deals on re-financing the debts due in upcoming years and attracted the required financing. It could be one of the factors that impacted the exchange rate stabilization. Secondly, Mongolia commenced the fourth-largest high-technology underground mine in the world last month, which was a significant event that restored investors’ trust. Thirdly, border reopening and easing travel restrictions in China brought a real sense of optimism to the Mongolian economy. The reopening of ports linking China and Mongolia boosted the exchanges of major commodities including coal, iron ore, and machinery.
Source: Montsame
CHINA, MONGOLIA TRADE VIA MAJOR LAND PORT VIGOROUS IN Q1
Trade between China and Mongolia via Ganqmod Port, the largest highway port between China and Mongolia, continued to boom in the first quarter of 2023, official data shows.
Ganqmod Port in north China's Inner Mongolia Autonomous Region cleared nearly 8 million tonnes of goods in the first quarter of 2023, an increase of more than four times compared to the same period last year, according to the port's administration authorities on Tuesday.
Among them, the volume of imported coal was 7.68 million tonnes, up 525.4 percent year on year, while imports of refined copper powder grew by 12.2 percent year on year to 201,200 tonnes.
The port has been striving to raise clearance efficiency by implementing more measures to facilitate trade, promoting the construction of cross-border driverless transport services, and accelerating the renovation and expansion of joint inspection buildings, among others.
Source: Xinhua
MONGOLIA STOCKPILES 22.9 TONNES OF GOLD IN 2022
The central bank of Mongolia or Mongolbank purchased a total of 22.9 tonnes of gold in 2022 from legal entities and individuals, up 10 percent from the previous year.
As of December, the central bank’s average gold purchase price had been MNT 207,625 per gram.
Purchasing gold is one of the key ways for the central bank to ensure economic stability by consistently increasing foreign currency reserves.
Mongolia’s foreign exchange reserves stood at USD 2.9 billion t the end of November, up 5.3 percent from a month earlier, but down 29.5 percent from a year earlier.
Central banks across the world typically hold gold as part of their foreign exchange reserves.
Source: News.mn
MONGOLIA RECEIVES OVER 130,000 FOREIGN TOURISTS IN Q1
Mongolia has received more than 130,000 foreign tourists in the first quarter of this year, the country's Ministry of Environment and Tourism said Monday.
The Mongolian government has been taking measures to revive the pandemic-hit tourism sector, urging the public to contribute to a more tourist-friendly country.
In January, 34 countries were granted visa-free entry to Mongolia for tourism purposes, increasing the number of visa-exempt countries to 61. Nationals from those countries can remain in Mongolia for up to 30 days until the end of 2025.
The country has also classified 2023-2025 as "Years to Visit Mongolia" and is expected to organize more than 90 events in 2023 to promote tourism.
Currently, Mongolia's economy is mainly dependent on its export-oriented mining sector. Developing tourism is seen as the most viable way to diversify its economy.
Source: Xinhua
IN FEBRUARY 2023, THE TERMS OF TRADE INDEX INCREASED BY 15.5 PCT FROM THE PREVIOUS MONTH
In February 2023, the terms of trade index (2015=100) reached 177.1 percent, decreased by 1.2 percent from the same period of the previous year. However, increased by 15.5 percent from the previous month.
The export price index (2015=100) reached 205.9 in February 2023, and the export price increased by 12.0 percent from the end of the previous year and 9.0 percent from the previous month. The increase of the 9.0 percent in the export price index from the previous month was mainly due to an increase of 7.5 percent in prices of mineral products group (copper and iron ore). The import price index (2015=100) reached 116.2 in February 2023, and the import price decreased by 5.5 percent from the end of the previous year and 5.6 percent from the previous month. The decrease of the 5.6 percent in the import price index from the previous month was mainly due to a decrease of the 9.1 percent in prices of mineral products group (oil) and 15.5 percent in prices of vehicles group (car).
Source: NSO
28 ORGANIZATIONS BUILT KINDERGARTENS
Access to kindergartens in the capital is poor. Therefore, enterprises and organizations started to establish their own kindergartens within the framework of social responsibility. According to the Ministry of Education and Science, 28 organizations and enterprises have established kindergartens this academic year, and about 2,500 children have been assigned to those kindergartens. For example, the kindergarten under the Gobi LLC can accommodate 120 children. The Mongolian and Japanese medical kindergartens affiliated with the Mongolian National University of Medical Sciences have eight groups and 160 children are currently considered the highest in terms of accessibility and capacity. As a result of the research conducted jointly by the Ministry of Education and Science and the United Nations Children’s Fund, it was determined that 14 enterprises and organizations are going to open kindergartens with a total capacity of 1,000 to 1,400 children from 2023 to 2027.
Source: The UB Post
THE “BEST” SOUM THAT CANNOT FIGURE OUT BETWEEN FOLLOWING HERDING AND FARMING - EDITORIAL
The students, probably from the third or fourth grade, are lined outside the health center. It was assumed that they would be subjected to medical examination or immunization. Two women, who appeared to be teachers, were seen moving the students back and forth and organizing them. The noise and hustle and bustle of the children waiting in line breaks the silence of the place, reminding us that life happens here too. There is rarely anything that attracts people’s attention. People who are far from rural life may be curious to see young people riding motorcycles and riding horses staring at them in surprise when they travel somewhere. To someone who is coming to soum for the first time from a busy place, it may seem strange that there are not a lot of people there. However, this wasn’t new to us. There are quite a few soums in Mongolia, that remind silence when schools are closed, trips and outings are active, and families go camping. Khushaat soum of Selenge Province, was just like that.
Source: The UB Post
MACRO ADVISORY: MONGOLIA, SURFING THE SEVEN CS - EDITORIAL
This time last year Mongolia faced a difficult future, with a high risk of debt default. The country’s main trade partner, China, had mostly closed its borders (part of the Covid-zero policy) and reduced imports of coal and copper, Mongolia’s two most important exports. The country has experienced protests in April 2022 as people expressed frustration at government failures and the poor economic outlook.
Since then, the outlook for the economy has greatly improved and the country’s financial position is also considerably better. There is no risk of default, and the country should be able to reduce its debt burden to a more comfortable level in the coming years.
GDP is set to expand by at least 6% this year (from 4.8% in 2022 and only 1.4% in 2021). Inflation, which has averaged over 13% for the past wo years should fall below 10% later this year.
Source: bne IntelliNews
LAND GRABS AND THE COST OF MINING IN MONGOLIA - EDITORIAL
The expanding mining industry is a valuable economic driver in Mongolia’s economy. However, surprisingly little attention has been given to the detrimental social ramifications resulting from large-scale “land-grabs” needed for these industrial developments.
Land-grabbing is a term used to describe large scale acquisitions and enclosure of land, often for privatization. This practice has taken place across the world and is usually undertaken by transnational companies, government, or even individuals through the large-scale purchase of land.
In 2020, the United Nations special rapporteur on the rights of indigenous peoples highlighted how land-grabbing in Asia, for activities such as mining, is displacing indigenous peoples and destroying the environment. Indigenous and nomadic peoples are particularly vulnerable to this practice because they lack legal recognition in many parts of Asia and, therefore, their rights over land and resources are often violated.
Source: The Diplomat
NATURE-BASED TOURISM - EDITORIAL
This was written by Unuudur newspaper’s journalist as a comparison to Mongolian tourism
I have traveled to the beautiful Phuket, which is considered the largest island of the Kingdom of Thailand. The island is surrounded by famous beaches such as Patong, Karan, Katon, Kamala, Rawai, Freedom and Nai Yang along the coast of the Andaman Sea. An average of 10 million tourists come to Phuket every year. According to the report of the tourism organization, 9.8 million tourists visited the region in 2019, before the pandemic. However, in 2020 and 2021, it received the fewest number of tourists in its history. In 2022, a limited number of tourists were accepted with certain conditions (vaccination certificate, Thai passport, medical certificate, health insurance), and from January of this year, foreigners were allowed to enter without any restrictions.
Although Thailand is considered a major tourist area, people say that tourists are treated harshly, especially Mongolians, when they were allowed to cross the border.
Source: The UB Post
JUSTINE COULSON: YOUNG PEOPLE ARE THE FUTURE, IT’S IMPORTANT TO INVEST IN THEM - INTERVIEW
We sat down with UNFPA Representative to China and Country Director for Mongolia Dr. Justine Coulson about UNFPA’s work and her visit to Mongolia.
Dr. Coulson has dedicated her career to international development and gender equality. Before joining UNFPA in 2016 as Deputy Regional Director for East and Southern Africa, she had worked in East and Southern Africa, Asia, and Latin America for over 10 years.
She holds a Ph.D. in Gender and International Development from the University of Newcastle, UK and a Bachelor of Arts in Latin American Studies from the University of Liverpool, UK.
- Could you tell us a little bit about yourself, your work, and about UNFPA?
- I’m the representative for UNFPA in China and I’m also the country director for UNFPA Mongolia. It means that whilst we have a very strong team here, mainly of Mongolian nationals with an international head of office, I live in Beijing, and I provide a lot of strategic support to the team.
Source: The UB Post
WHY INVESTING IN WATER STORAGE MATTERS IN MONGOLIA’S GOBI DESERT - EDITORIAL
Given that Mongolia has been ranked as one of 36 high-water-risk countries in the world, the recently concluded U.N. Water Conference touched on issues of immense importance to the country.
The U.N. Water Conference ended on March 24 in New York and emphasized that more robust actions are needed to manage, protect, and preserve water sources and improve lives. The conference generated more than 700 commitments by member states, multilateral banks, the private sector, and NGOs. It brought together many stakeholders, including heads of state, world business leaders, civil society, young people, scientists, academics, indigenous people, U.N. agencies, and others to urge the world to accelerate Sustainable Development Goal 6 (water and sanitation for all by 2030) and to make significant progress across all SDGs.
During the conference, U.N. Secretary General António Guterres highlighted that progress on water-related goals remains significantly low, thus undermining the entire sustainable development agenda.
Source: The Diplomat
POLITICS
CH. KHURELBAATAR: PORT RECOVERY INFLUENCES THE INCREASE IN FOREIGN EXCHANGE RESERVES
Ch. Khurelbaatar, Minister of Economy and Development, reported to the cabinet meeting on the summary of the activities carried out within half a year since the approval of the Government Resolution to increase foreign exchange reserves.
Speaking at the press briefing after the cabinet meeting, Ch. Khurelbaatar said the foreign currency reserves, which had decreased to USD 2.5 billion, increased to USD 3.4 billion.
The Minister of Economy and Development highlighted that the port recovery had influenced the increase in foreign exchange reserves. Mongolia exported 14 million tons of coal in the first three months of 2023, showing an increase of 10 million tons from last year.
He also said that by registering mineral export contracts in the automatic customs and tax system, we made the information transparent, increasing mineral resource royalties.
Source: Government of Mongolia
PRIME MINISTER URGES COMBINING MINING WITH INDUSTRIALIZATION
Oyun-Erdene.L, the Prime Minister of Mongolia, begins every Monday morning with meetings to find solutions to issues critical to the development of the country. On March 3, he met with the representatives of the state-owned and private companies operating in the mining sector under the theme "Overcoming the challenges in 2023".
The purpose of the meeting was to discuss the participation and contribution of the mining and heavy industry sectors to the industrial and port revival and economic expansion.
The meeting brought together cabinet members, including Minister of Finance Javkhlan.B, Minister of Mining and Heavy Industry Ganbaatar.J, and Minister of Energy Choijilsuren.B, and the private and state-owned mining companies such as Erdenes Mongol, Erdenet Mining Corporation, Mongolian National Mining Association, MAK LLC, Max Group, and SouthGobi Sands.
During the meeting, G. Battsengel, Chairman of the Mongolian National Mining Association, briefs on issues the mining industry faces, such as the shortage of human resources, difficulties caused by the misunderstandings…
Source: Mining Insight
EX-MONGOLIAN MINISTER FACING CORRUPTION CHARGES ARRESTED IN CEBU
A former Mongolian minister accused of corruption in his home country has been deported shortly after his arrest in Cebu City on Tuesday, the Bureau of Immigration (BI) reported.
The BI on Wednesday said its agents arrested Tunjin Badamjunai last April 4 after receiving information from Mongolian authorities that the suspect would be in Cebu.
Badamjunai, 67, formerly served as minister of Food, Agriculture and Light Industry in his country.
He faced deportation “as he is a fugitive from justice and thus poses clear and present danger, risk to public interest and safety, and threat to national security,” the bureau said.
The Mongolian government also cancelled his passport, which means he was an undocumented individual in the Philippines, Immigration Intelligence Chief Fortunato Manahan Jr. added.
Badamjunai was deported the same night from Mactan, Cebu upon the request of Mongolian authorities.
Source: CNNPhilippines.com
MINISTER OF JUSTICE: WHISTLEBLOWERS TO BE REWARDED UP TO MNT1.5 BILLION
The draft Law on the Legal Status of Whistleblowers was presented to representatives of the media and civil society on April 04 at the State Palace.
“A survey result shows that a positive social psychology for whistleblowing has been created. Therefore, it is necessary to ensure the legal status of whistleblowers," said Chairman of the State Great Khural G. Zandanshatar.
State Secretary of the Ministry of Justice and Home Affairs P. Sainzorig presented the concept of the draft Law, the use of the term "whistleblower" in international standards, some cases of whistleblowing for public welfare in Mongolia and other countries, and regulations under this Law. In his presentation he said, "The draft Law was submitted by the Government, and prior to that, laws supporting whistleblowing had been approved and implemented. For example, in 2018, the Package Laws on Registration was approved, and various types of information were made public, which stimulated the detection of illegal activities.
Source: Montsame
G. ZANDANSHATAR: D-PARLIAMENT GIVES OPPORTUNITY TO INCREASE PARTICIPATION IN DECISION-MAKING
On April 4, Chairman of the State Great Khural G. Zandanshatar introduced the application, importance and development of the D-Parliament digital platform to the academics, staff and students of the University of Internal Affairs and exchanged opinions.
While highlighting the pleasure meeting with future law enforcement officers who have been recognized for their skills and ethics on the eve of the first anniversary of the introduction of the platform, the Chairman of the State Great Khural expressed his confidence that the staff of the university would make a valuable contribution to further spread the use of the D-Parliament digital system, which aims to reflect the opinions of the public in the legislative process, to give their voice in making policies and decisions that are in the interests of the citizens, and to ensure the right of the people to govern.
Source: Montsame
DEFACTO REVIEW, APRIL 2 - VIDEO
Highlight of the week:
1. SOE's and urgency of their privatization
2. Student loans misused for the privileged ones
3. How is implementation of the UNCAC checked?
Source: Jargal Defacto
‘LIKE A DIVORCE’: MONGOLIA, LANDLOCKED BETWEEN RUSSIA AND CHINA, FEARS NEW COLD WAR - EDITORIAL
Mongolia’s Prime Minister Luvsannamsrain Oyun-Erdene recently expressed his country’s fear that the world is heading towards a new Cold War as relations between Russia and China and the West – particularly Nato – have taken a turn for the worse.
“It’s like a divorce,” he said. “When the parents divorce, the children are the ones who get hurt the most.”
The country sits landlocked between Russia and China, and is fearful of antagonising either country. It gets much of its electricity from Russia, and China buys much of its exports, mainly agricultural goods and minerals such as copper.
By pursuing a nimble foreign and trade policy since it transitioned to a multiparty democracy in the early 1990s, Mongolia has established a stable economy, receiving a thumbs up from the World Bank in its latest country report.
But the war in Ukraine has brought home to Mongolia just how carefully it must now navigate its foreign and trade policies to remain independent.
Source: South China Morning Post
See also: Mongolia: squeezed between China and Russia fears ‘new cold war’
Mongolia in the middle of the Russia–Ukraine war
TS.MUNKHTSETSEG: PARTIES WITH FINANCIAL VIOLATIONS BE DOWNGRADED AND CLASSIFIED AS INACTIVE - INTERVIEW
Interview with member of parliament Ts.Munkhtsetseg was held. She is the leader of the working group for drafting the revision of the Law on Political Parties.
How is the work of the revision of the Law on Political Parties going?
- Section 1, 2, and 3of the Article 191 of the Constitutional Amendment adopted in 2019 are the main basis for the reform of the Law on Political Parties. By adopting these, the parties should conduct policies and activities at the national level, openly announce their sources of funding and income, and disclose their assets to the public. The draft reflecting all these regulations, has been prepared by the working group. President U.Khurelsukh has submitted the draft to deepen the reform of political parties, improving ethics and disciplinary responsibility, and introducing legislation related to the transparency of their funding. Now it’s important that the President must get the draft approved.
Source: The UB Post
POTENTIAL RISE OF STRATEGIC DEPOSITS - EDITORIAL
The revision of the Law on Minerals has been in progress for over three years, following the establishment of a Working Group to draft a revision of the Law on Minerals under the Minister of Mining and Heavy Industry’s order No. A-332 dated December 25, 2020. Although the draft law has not been made public, it has been shared with industry stakeholders in a closed environment since the last month of the year. One year ago, Mining Insight reported significant changes to the revision. In the last month of the year, major changes were made to the draft law, which has been in development for more than two years.
However, in the process of change, the principle of mine closure, which was previously given great responsibility, has been weakened to some extent, and it can be said that it has retreated from its original purpose.
Source: Mining Insight
BUSINESS
KHAN BANK ANNOUNCES THE LAUNCH OF AN INITIAL PUBLIC OFFERING
Khan Bank LLC has officially started initial public offering of its shares today.
In accordance with the Banking Law, Khan Bank has been preparing to become public with the launch of an initial public offering since February 2021, within the timeframe specified in the relevant laws and regulations. On December 9, 2022, the Financial Regulatory Commission (FRC) approved the listing of ordinary shares of Khan Bank LLC as securities for an initial public offering.
Khan Bank, the nation’s largest bank and a leader in the banking and financial sector, plans to raise 183.4 billion MNT by offering 191,219,800 (10 percent of Khan Bank’s total shares) shares at 959 MNT per share. Proceeds from the offering will be used for the Bank’s digital transition, information technology investment, environmentally friendly green projects, and long-term mortgage financing within the Bank’s medium-term strategy.
Source: Khan Bank
Click here for more info and prospectus
MONGOLIAN CHAMBER OF COMMERCE TO THE EU OPENED
The Mongolian Chamber of Commerce to the EU has been opened in Brussels, marking a new phase in business ties between Mongolia and Europe.
According to the Mongolian National Chamber of Commerce and Industry, this Chamber of Commerce will act as a bridge between Mongolian and European businesses to boost investment from the EU to Mongolia and increase the volume and types of products exported from Mongolia to the EU.
The inauguration ceremony was attended by Ambassador Extraordinary and Plenipotentiary of Mongolia to the Kingdom of Belgium L. Bold, representatives of the Mongolian National Chamber of Commerce and Industry, Executive Director of the Brussel-based Mongolian Chamber of Commerce P. Tumur-Ochir and other officials.
On the sideline of the inauguration, President of the Mongolian National Chamber of Commerce and Industry O. Amartuvshin met with Cindy Tereba, Director of International Affairs of Luxemburg Chamber of Commerce.
Source: Montsame
NATIONAL REINSURANCE JSC TO OFFER SHARES TO PUBLIC
A regular meeting of the Financial Regulatory Commission was held on 31 March 2023. In the meeting, the FRC registered securities issued as a public offering by National Reinsurance JSC. Parliament Resolution No. 16 of 2022 approved the ‘Main directions for the public sale of shares of state-owned legal entities on the stock exchange in 2022-2023’. This provides for state-owned legal entities to issue additional shares for open trading on the stock exchange; to ensure the stability and transparency of their activities. Government Resolution No. 244 of 2022 approved the ‘List of State-Owned Legal Entities for Public Sale of State-Owned Shares in 2022-2023’. National Reinsurance (closed) JSC was included in the list. By offering its shares to the public, the company will have the opportunity to reduce the foreign currency flow of reinsurance premiums and increase risk-bearing capacity. National Reinsurance JSC is the second company to offer its shares to the public within the framework of the aforementioned regulation.
Source: FRC
CHINA'S WECHAT PAY LAUNCHED IN MONGOLIA
WeChat Pay, a mobile payment service run by China's tech giant Tencent, is now available in Mongolia, Mongolia's state-owned television MNB reported Tuesday, citing financial company Sendly.
"Our company has become the official partner of Tencent's WeChat Pay in Mongolia," Sendly said in a statement.
Currently, service providers such as hotels, restaurants and convenience stores in Zamiin-Uud soum of the southeastern province of Dornogovi and the national capital Ulan Bator can accept WeChat Pay payments, it said.
Mongolia has set 2023-2025 as "Years to Visit Mongolia" with a goal of welcoming at least 1 million foreign tourists and earning 1 billion U.S. dollars from tourism.
The country's tourism authorities believe that Mongolia will receive a large number of tourists from China in the next few years, and it is hoped that WeChat Pay will make Chinese tourists' visits more comfortable and convenient.
Source: Xinhua
IS SPORTS BETTING LEGAL IN MONGOLIA?
Our Mongolian lawyers have recently received an inquiry from a prospective client on whether over sport betting activities is legal in Mongolia.
In Mongolia, the establishment and operation of a casino has been prohibited since 1999. Under the Criminal Act, operation of gambling activities is considered a crime while participating in the act of gambling is also a violation of the law. The question then is whether the sports wagering is type of the gambling category.
According to the legislations above, any business which involves gambling via dice, playing cards or other objects to make a profits, involving an unpredictable outcome and risk is a crime, including where such activities are conducted via information technology and social media. If someone participates in that activity, his/ her action is considered a breach of the Infringement Law.
According to this definition, sports betting is not considered gambling under the Mongolian legislation.
Source: LehmanLaw Mongolia
STEPPE GOLD REPORTS STRONG RISE IN 2022 REVENUE AS IT MOVES FORWARD WITH PHASE 2 EXPANSION AT ATO MINE
Steppe Gold Ltd told investors that its focus for 2023 will be to maximize oxide production from the substantial inventories on hand and aggressively move forward with the Phase 2 Expansion at its ATO mine in Mongolia.
Announcing its 2022 financial results, the Mongola-focused gold miner said discussions are advancing on financing for the expansion in parallel with plans to pursue a dual listing of its common shares on the Main Board of the Stock Exchange of Hong Kong Limited.
“2022 was an active year for mining and stacking on the heap leach phase at the ATO gold mine,” the company said in a statement. “This has continued largely uninterrupted, in spite of strong headwinds from COVID-19 and the related supply chain problems. With the recent relaxation of the zero COVID restrictions in China, we have seen an improvement in parts of the China/Mongolia supply chain.”
Source: Proactive Investors
TMK ENERGY RIG MOBILISATION AND APPROVALS IN PLACE FOR PILOT WELL PROGRAM COMMENCEMENT
TMK Energy has secured all regulatory approvals to move forward with its seven-week pilot well drilling program within the Nariin Sukhait area of its Gurvantes XXXV CSG project in the South Gobi Basin of Mongolia.
TMK will test its production wells for gas flow rates over a six-month production test period once drilling is complete.
The company on Monday said it had built a semi-permanent 40-person camp to house its drilling and operations staff, and it was now awaiting a drill rig from an international drilling service company, Major Drilling, to begin drilling.
Production will take off in two weeks at the company’s SL_02 exploration well location, with each of its wells spaced 200 metres apart.
TMK Chief Executive Officer Brendan Stats said the company expected to see early gas breakthroughs that would build higher over the six-month test period at the Gurvantes CSG project.
Source: The Market Herald, Proactive Investors
FINANCIAL REGULATORY COMMISSION’S ANNUAL REPORT RELEASED
The 2022 Annual Report of the Financial Regulatory Commission (FRC) has been published. The report includes the following:
- Brief information on events in the development of financial markets;
- Current situation of financial markets;
- Policies and regulatory activities implemented by the FRC.
The Annual Report also describes other, regulatory work, carried out within the framework of registration, approval, supervision, protection of the interests of investors and customers, anti-money laundering, and combating the financing of terrorism.
In 2022, the FRC issued a comprehensive set of policy initiatives (within the framework of its mandated functions, relevant laws, and regulations approved by Parliament and the Government), and implemented many measures contributing to growth, achievements, and success.
Click here to read the Annual Report
Source: FRC
REQUEST FOR QUOTATIONS FOR MCC PERCEPTION SURVEY
Enclosed is a Request for Quotations (RFQ) for MCC perception survey. If you would like to submit quotation, follow the instructions in Section 3 of the solicitation, complete the required portions of the attached document, and submit it to the address shown on the Standard Form 1449 that follows this letter.
The U.S. Government intends to award a contract/purchase order to the responsible company submitting an acceptable offer at the lowest price. We intend to award a contract/purchase order based on initial quotations, without holding discussions, although we may hold discussions with companies in the competitive range if there is a need to do so.
Quotations are due by Thursday, April 21, 2023, 16:00. No quotations will be accepted after this time. Proposals must be in English and incomplete proposals will not be accepted.
Source: U.S. Embassy in Mongolia
GUEST POST: MONGOLIA’S SUCCESS IN TEAM SPORTS - EDITORIAL
On April 1, 2023, the Mongolian male basketball team repeated their historic success by winning the 3×3 Asian Cup, defeating the Australian team twice, the first time being in 2017. This remarkable achievement has sparked widespread celebration among Mongolians, as basketball holds a special place in the hearts of its people.
In addition, Delgernyam Davaasambuu has emerged as a star, earning the title of MVP in this 2023 Asian Cup game.
Despite our small population, Mongolians have always had a passion for sports. Historically, we have excelled in individual sports such as wrestling, boxing, and shooting, earning medals at the Olympic Games. However, there has always been a perception that Mongolians were not as good at team sports. But in 2020, the Mongolian women’s basketball team made history at the Tokyo Olympics by participating in the 3×3 basketball game, a significant milestone for Mongolian basketball.
Source: Mongolia Focus
GRATA INTERNATIONAL: DOING BUSINESS IN MONGOLIA 2023 - REPORT
Tremendous mineral reserves, agricultural endowments, and proximity to Asia's vast markets make Mongolia an attractive destination for medium to long-term foreign direct investment (FDI). The Gross Domestic Product (GDP) in Mongolia is worth 10.4 billion US dollars as of September 2021 according to the national statistics of Mongolia. The GDP value of Mongolia represents 0.01 percent of the world economy. The significant features and advantages of Mongolia include, but not limited to the following:
- Diversified and growing market exists in Mongolia;
- Technology Innovation Hub;
- Large mineral resource base that can be leveraged for value added processing;
- Developing Industry and Infrastructure;
- A bridge between the two economic powerhouses of Russia and China;
- Young, well-educated population;
- Private Sector & Privatization /privatize major state assets, list Mongolian conglomerates and exploration license aggregators on MSE/;
- …
Source: Mondaq.com
Click here to view the report
A TURNING POINT FOR MONGOLIA’S EXPORTS: MINERAL COMMODITY EXCHANGE - EDITORIAL
Our country has recently started selling some of its export products on the stock exchange, with coal being traded for the first time on the Mongolian Stock Exchange (MSE). The transition to this system will take place over half a year and the Law on Mineral Commodity Exchange will come into effect in July, officially making the switch to a Mineral Commodity Exchange system.
The exchange trading of minerals will ensure transparency in coal sales and contracts and will phase out the export of raw coal. This will help to resolve the controversy surrounding royalties.
Mongolia is taking the first step towards a system that offers these benefits. “Energy Resources” LLC was the first private entity to participate in the trial trade, selling its coal on the MSE. This resulted in higher price bids and faster completion of exports. The first trading of state-owned “Erdenes Tavantolgoi” was announced on the MSE on February 9-10.
Source: Mining Insight
FRC CHAIRMAN: MONGOLIA’S GREEN INITIATIVES OFFER “SOLID INCENTIVE” FOR ENVIRONMENTALLY FRIENDLY ECONOMIC ACTIVITY - INTERVIEW
Mongolia is one of the countries in the world most vulnerable to climate change. Increasingly inhospitable weather conditions have harmed traditional pastoral lifestyles, leading to rising urbanization and increased air pollution. In this regard, the Financial Regulatory Commission (FRC) of Mongolia has partnered with AFI to embrace the potential solutions presented by Inclusive Green Finance (IGF), particularly for non-bank financial institutions (NBFIs) and micro, small and medium enterprises (MSMEs). Celebrating its 13th anniversary with AFI this year, the FRC has been chairing the network’s Eastern Europe and Central Asia Policy Initiative (ECAPI) since June 2021. FRC Chairman, Bayarsaikhan Dembereldash shared his insights on why the recently completed in-country implementation project for inclusive green finance (IGF) has proved pivotal.
AFI: Could you give us a short retrospect on Mongolia’s in-country implementation (ICI) project for inclusive green finance (IGF)? What exactly were the objectives?
D. Bayarsaikhan: …
Source: AFI-Global.org
A.ENKHBAYAR: IT IS EFFECTIVE TO SHOW CULTURAL HERITAGES AS REAL ITEMS IN AN ABSTRACT ENVIRONMENT - INTERVIEW
A.Enkhbayar, CEO of “Digital Solutions” LLC, developer of “Guyuk metaverse”, who received the traditional “Silver Tree-2022” award given by the government to the best artist and work of the year, was invited for an interview. “Guyuk metaverse” is a social network based on the 3D virtual environment of Mongolian people. If you want to know what is there, you should visit this area. Everything A.Enkhbayar said was interesting, as he started to talk about the progress of electronic solutions in the field of culture and art two years ago within the framework of the “Silver Tree” festival.
- Please introduce your organization to our readers?
- Ours is a start-up company called “Digital Solutions” under the National University of Mongolia. The start-up is a result of the University's computer graphics research laboratory work and was developed by teachers and students to develop and produce innovative products. We are working on abstract creation of things in the real environment on the computer.
Source: The UB Post
GLOBAL AND REGIONAL NEWS
ADB FORECASTS 4.8 PCT GROWTH FOR ASIA AND PACIFIC IN 2023 AND 2024
The ADB forecasts faster growth for developing economies in Asia and the Pacific this year, as the continued easing of pandemic restrictions boosts consumption, tourism, and investment. The People’s Republic of China’s (PRC) reopening—as it pivots away from its zero-COVID strategy—is the main factor brightening the region’s growth prospects. Economies in Asia and the Pacific are projected to grow 4.8% this year and next year, improving on the 4.2% growth rate in 2022, according to the Asian Development Outlook (ADO) April 2023, released today. Excluding the PRC, developing Asia is expected to grow 4.6% this year and 5.1% in 2024. The region’s inflation, meanwhile, is forecast to moderate gradually toward pre-pandemic levels, though there is considerable variation across economies. Improved consumption and investment are boosting recovery in many regional economies, offsetting the impacts of elevated food and energy prices caused by the Russian invasion of Ukraine and other global headwinds. Source: ADB
View the April 2023 Asian Development Outlook
See also: Asia faces ‘tough decisions’ on inflation as oil prices rise, ADB says
CHINA ECONOMISTS EXPECT 5.4 PCT GDP GROWTH IN 2023: SURVEY
The Chinese economy this year is expected to grow faster than previously forecast and exceed the government's target of "around 5%," according to a survey of local economists.
A survey of 28 economists in March revealed that, on average, they expect the Chinese economy to grow 5.4% in 2023, up from 4.7% they forecast in December. The survey was jointly conducted by Nikkei and Nikkei Quick News.
While many of the economists expect the Chinese economy to expand at a faster pace than the government target of "around 5%," led by a consumption recovery, there are growing concerns that the world's second-largest economy will run out of steam, partly due to a banking crisis in the West.
Barclays Chief China Economist Jian Chang is upbeat on the Chinese economy, forecasting growth of 5.6% in 2023. "We think the improving January-February activity data -- led by a rise in retail sales, a smaller contraction in property investment [and] home sales…
Source: Nikkei Asia
AUSTRALIA CRITICAL MINERAL EXPORT REVENUE TO MATCH COAL BY 2028 - GOVT REPORT
Revenue from Australia's exports of critical minerals like lithium and nickel will nearly equal the current second-biggest export earner coal by 2028 as the global energy transition gathers pace, the government said in an update of its five-year outlook.
Australia's industry department, which on Monday forecast another record year of resources export revenue, said global coal demand had passed its peak, whereas demand for minerals like lithium, nickel, copper and rare earths was set to speed up.
"Lithium and base metals (and their raw material inputs) will account for almost as much export revenue as all coal types by 2027–28," it said in its March quarterly report, which provided the updated outlook.
Australia's annual export revenue from thermal coal, used in power plants, is expected to fall to a third of current levels to about A$19 billion ($12.67 billion) in real terms by 2027-28, the report said.
Source: Reuters
See also: Australia races allies to build critical minerals capacity
CHINA ACCOUNTS FOR TWO THIRDS OF WORLD'S PLANNED NEW COAL POWER - RESEARCH
China accounted for more than two thirds of the world's proposed new coal-fired power by the end of 2022, with 366 gigawatts (GW) of additional capacity either being planned or under construction, research showed on Thursday.
U.N. Secretary General Antonio Guterres has urged countries to stop building new plants and phase out coal consumption completely by 2040 in order to slash climate-warming carbon emissions and keep global temperature rises within 1.5 degrees Celsius above pre-industrial levels.
But the amount of capacity planned or under construction around the world hit 537 GW last year, rebounding from a record low of 479 GW a year earlier, with China accounting for 68% of the total, according to a report by a group of think tanks led by the U.S.-based Global Energy Monitor (GEM).
"The more new coal projects come online, the steeper the cuts and commitments need to be in the future," said GEM's Flora Champenois, lead author of the report.
Source: Reuters
COMPANIES CAN VIE TO MINE THE DEEP SEA STARTING IN JULY
A United Nations-affiliated organization is expected to start accepting applications this summer from companies looking to mine deep sea ecosystems for valuable metals, despite failing on Friday to establish regulations governing the embryonic industry.
That doesn’t necessarily mean mining is set to begin anytime soon. Given the absence of environmental regulations, as well as ongoing disagreement among the International Seabed Authority’s 167 member nations over whether deep sea mining should even proceed, there are doubts about whether licenses will be issued and under what conditions. Regardless, the failure to establish a regulatory framework before the deadline — for environmental standards, royalty payments, environmental impact assessments, inspection or compliance — means that whatever happens next will take the ISA into unchartered territory.
The organization is “sleepwalking into a legally uncertain situation,” Ambassador Hugo Verbist, head of Belgium’s delegation, told the ISA Council on Friday as the organization’s 36-nation policymaking body concluded more than two weeks of negotiations in Kingston, Jamaica.
Source: Mining.com
OIL PRICES SURGE AFTER OPEC+ PRODUCERS ANNOUNCE SURPRISE CUTS
Oil prices spiked Monday after OPEC+ producers unexpectedly announced that they would cut output.
Brent crude, the global benchmark, jumped 5.31% to $84.13 a barrel, while WTI, the US benchmark, rose 5.48% to $79.83. Both were the sharpest price rises in almost a year.
The oil prices sunk as low as $73 and $67 a barrel respectively in the week following the collapse of Silicon Valley Bank in the United States on March 10, as the turmoil spread to the wider banking sector, raising fears of a global recession.
With oil prices now rising, inflation could remain higher for longer, adding pressure to a hot-button issue for consumers around the world.
“The development comes as a blow for inflation,” Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said in a note Monday. “Markets are aware that if the pressure continues, central banks will need to extend or strengthen their interest rate hiking cycles.”
Source: CNN, Al Jazeera
See also: Global diesel prices fall as economic slowdown intensifies
INDIA PAUSES RATE HIKES IN SURPRISE MOVE AMID STUBBORN INFLATION
The Reserve Bank of India on Thursday held its benchmark interest rate steady at 6.50% after six straight hikes, defying most predictions even though inflation is still elevated.
The RBI hit pause despite inflation remaining above its upper tolerance band of 6%. In January, India's retail inflation jumped to a three-month high of 6.52%, before easing slightly to 6.44% in February.
RBI Gov. Shaktikanta Das said in a televised statement that the bank maintains "readiness to act should the situation so warrant."
Ahead of the Monetary Policy Committee meeting, a majority of 62 economists polled by Reuters in late March had predicted an increase by 25 basis points (0.25%). They also predicted that the bank would subsequently hold the repo rate -- the rate at which it lends money to commercial banks -- steady for the rest of the year.
Source: Nikkei Asia
BIDEN OFFERS USD 450M FOR CLEAN ENERGY PROJECTS AT COAL MINES
The United States government announced on Tuesday it had set aside $450 million to advance clean energy projects on current and former mine sites, given special attention to those that can provide new economic opportunities for coal communities. The Department of Energy will also provide $16 million to the University of North Dakota and West Virginia University to complete design studies for a domestic refinery that will extract rare earth and other critical minerals from coal ash, acid mine drainage and other mine waste, the White House said. After taking office in January 2021, President Joe Biden created an interagency working group focused on revitalizing coal-power communities through federal investments. Later that year, the group selected 25 priority areas ranging from West Virginia to Wyoming to focus on development. “Repurposing this extensive area of land for clean energy projects is estimated to generate up to 90 GW of clean energy—enough to power nearly 30 million American homes.” Source: Mining.com
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, Энэ и-мэйл хаягийг спамботоос хамгаалсан. Та үзэхийн тулд JavaScript идэвхжүүлэх хэрэгтэй.; and Sunjidmaa Jamba, Энэ и-мэйл хаягийг спамботоос хамгаалсан. Та үзэхийн тулд JavaScript идэвхжүүлэх хэрэгтэй.)
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, Энэ и-мэйл хаягийг спамботоос хамгаалсан. Та үзэхийн тулд JavaScript идэвхжүүлэх хэрэгтэй.; and Sunjidmaa, Энэ и-мэйл хаягийг спамботоос хамгаалсан. Та үзэхийн тулд JavaScript идэвхжүүлэх хэрэгтэй.);
- 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 – 6 April 2023
| Currency |
|
|
Rate |
| U.S. dollar |
USD |
|
3,511.10 |
| Euro |
EUR |
|
3,829.56 |
| Japanese yen |
JPY |
|
26.73 |
| British pound |
GBP |
|
4,378.17 |
| Hong Kong Dollar |
HKD |
|
447.28 |
| Russian ruble |
RUB |
|
43.77 |
| Chinese yuan |
CNY |
|
510.52 |
| South Korean won |
KRW |
|
2.66 |
|
