S&P reaffirms Mongolia's 'B' ratings with stable outlook
Standard & Poor's (S&P) Global Ratings has affirmed its 'B' long- and short-term sovereign credit ratings for Mongolia.
BoM purchases 2.3 tons of precious gold in June
In May 2020, the precious metal purchase of the Bank of Mongolia (BoM) was 2.3 tons, raising the BoM’s total precious metal purchase of 2020 to 10.8 tons, of which 9.1 tons were gold and 1.7 tons were silver. It means the amount of precious metal purchase increased by 4.8 tons compared with the same period of previous year.
Trilateral meeting held with ADB
A trilateral meeting have been held between Minister of Finance Ch.Khurelbaatar, Minister of Road and Transport Development B.Enkh-Amgalan and ADB Country Director in Mongolia Pavit Ramachandran.
The second consultative meeting held between Mongolia and the EAEU
The second consultative meeting on setting up a joint working group in charge of studying the possibilities to establish Free Trade Agreement between Mongolia and the Eurasian Economic Union (EAEU) took place virtually yesterday, July 2.
Oyu Tolgoi mine design confirms project schedule, cost ranges and update to Ore Reserves and Mineral Resources
Rio Tinto has issued a press release that Oyu Tolgoi LLC has completed an updated feasibility study (OTFS20) and is in the process of submitting this to the Government of Mongolia.
Investment agreement concluded with start-up businesses
“Socratus Studio” LLC is implementing a business development program, making investment to start-up companies.
ADB, Mongolia Sign Projects for COVID-19 Shock Response, Economic Cooperation Zone, Solid Waste Management
The Asian Development Bank (ADB) and Government of Mongolia today signed three projects to lessen the socioeconomic impacts of the coronavirus disease (COVID-19) pandemic on poor and vulnerable groups in Mongolia, to help support Mongolia’s post-pandemic recovery by developing an economic cooperation zone, and improve solid waste management.
FATF reviews Mongolia’s effort on AML/CFT
On June 30, the Financial Action Task Force (FATF) released the result of the review process of Mongolia’s effort on anti-money laundering and combating the financing of terrorism (AML/CFT) as noted below:
Coal export falls by 2.1 times
According to the first six months of 2020, Mongolia’s total export has decreased by 40.6 percent or USD 1.5 billion compared with the same period of the previous year.
Behind ADB’s Response to Mongolia’s COVID-19 Crisis
While Mongolia’s quick action averted a public health disaster over COVID-19, it has faced economic challenges, requiring quick assistance from ADB.
Central bank decides to keep policy rate unchanged
At its scheduled meeting held on June 26, the Monetary Policy Committee of the Bank of Mongolia decided to keep the policy rate unchanged, considering the current macroeconomic and financial market developments, their prospects, and uncertainties in the domestic and external environment.
Trade and Development Bank, Ulaanbaatar City Bank have merged
On June 29, it was announced that out of 13 banks operating in the banking sector of Mongolia, Trade and Development Bank (TDB), the oldest bank with 30 years of history and Ulaanbaatar City Bank (UBCB), another systemically important bank with 21 years of history are officially merging.
Agreement reached on a preferred long-term power supply for Oyu Tolgoi
Rio Tinto, who owns 66 percent in Oyu Tolgoi through its 51-percent-owned Turquoise Hill Resources on June 28 issued a press release stating that Rio Tinto, Turquoise Hill and the Government of Mongolia have reached an agreement on the preferred domestic power solution for Oyu Tolgoi that paves the way for the Government to fund and construct a State Owned Power Plant at Tavan Tolgoi.
Central bank supplies USD 114.4 million to market
Over the past few days, the Bank of Mongolia supplied a total of USD 114.4 million through foreign currency auction to commercial banks in the e-platform of currency trading.
ADB: Sustained Reforms Crucial for Mongolia's Long-Term Growth
Mongolia can build a more inclusive and sustainable economy by improving macroeconomic management, strengthening human development, increasing international trade, and diversifying the economy by building on the country’s existing knowledge and expertise, including in the mining sector, says a new Asian Development Bank (ADB) Country Diagnostic Study.
Spring sowing increased by 15-20 percent
This year, spring sowing has started on May 9 and has been made to 490.2 thousand hectares of areas, including 375.1 thousand hectares for grains of which 358.3 thousand hectares for wheat, 17.4 thousand hectares for potatoes, 8.5 thousand hectares for vegetables, 56.1 thousand hectares for oil plants, 28.8 thousand hectares for fodder plants and 3.5 thousand hectares for fruits and berries.
Western region wool processing plant to be built in Zavkhan aimag
The Western region wool processing plant will be established in Aldarkhaan soum of Zavkhan aimag with MNT 20.1 billion financing.
$20 Million Credit to Support Employment Opportunities, Workers, and Employers in the Wake of COVID-19
On June 19, The World Bank’s Board of Executive Directors approved a US$20 million IDA credit for the Mongolia Emergency Support and Employment Support Project.
Mongolian organic honey to become a new export product
Minister of Food, Agriculture and Light Industry Ch.Ulaan became familiarized with bee farming in Batsumber soum of Tuv aimag.
AIIB approves first loan to Mongolia in support of COVID-19 response
The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a loan of USD100 million to Mongolia to support its COVID-19 Rapid Response Program, which aims to mitigate the adverse health, social and economic impacts caused by the pandemic and to alleviate poverty. This is AIIB’s first project financing in the country.
Mongol Ecology Center: Children tend to care more about the nature and environment than adults