Tapan Mishra: Global crises affecting Mongolian society and the economy as a whole
The United Nations Resident Coordinator Office, the United Nations Development Programme, and the Ministry of Economy and Development of Mongolia jointly organized the “Socio-Economic Impact of Global Crises in Mongolia” seminar and workshop at Novotel Hotel on 21 November 2022.
Mongolia`s GDP expands by 3.7% in first 3 quarters
Ulaanbaatar /MONTSAME/. By production approach, Mongolia`s Gross Domestic Product (GDP) totaled MNT 35.2 trillion (over 10.3 billion U.S. dollars) in January- September period, which increased by MNT 5.3 trillion (17.7%) from the same period of the previous year.
“The first state budget to be implemented in a year of austerity”
Last week, on November 11, the State Great Hural approved the 2023 State Budget of Mongolia. At a time when the whole world is trying to strengthen its economy by switching to austerity mode, how Mongolia budgeted its budget is drawing people's attention. The current budget is unique in that it was approved at a time of uncertain risks, from the need to keep the inflation rate at a single digit in the next year to the impact of geopolitical and war issues.
Fintech lending debt-to-income ratio regulated to be 70 percent
Technology-based loaning or Fintech lending rose 40 percent, and fintech borrowers accounted for 88.8 percent of the 1.6 million Non-bank Financial Intuitions (NBFI) borrowers.
FRC delegation participate in IAIS annual conference
A delegation led by Vice-Chairman of the Financial Regulatory Commission of Mongolia N. Khuderchuluun attended the International Association of Insurance Supervisors (IAIS) Annual Conference, held in Santiago, Chile.
Parliament approves 2023 State Budget
The State Great Hural of Mongolia has approved the 2023 State Budget.
"Golomt Bank" LLC has registered shares to be issued as public offer
A total of 31 issues were discussed at the 20th regular meeting of the FRC (9 November 2022), and decided to register the ordinary shares of "Golomt Bank" LLC in the register of securities approved for public offering.
Commemorative coins released for the 50th anniversary of diplomatic relations with Japan and Australia
The Bank of Mongolia has issued commemorative coins for the 50th anniversary of the establishment of diplomatic relations between Mongolia and Japan, and Mongolia and Australia.
“Erdenes Tavantolgoi” company to not agree on upfront payment terms
During its regular meeting dated October 26, the Cabinet made a decision to impose an emergency regime for “Erdenes Tavantolgoi” state-owned enterprise for six months, assigning State Secretary of the Ministry of Finance J. Ganbat as the Government’s Special Representative to take relevant measures to improve the company’s operations and management and increase the revenue.
Mining Minister becomes acquainted with operations of Yancoal mining company
Representatives of the Ministry of Mining and Heavy Industry visited Mount Thorley Warkworth coal mine of Yancoal mining company, which operates in the Hunter Valley of New South Wales, Australia, on 04 November 2022.
Mining minister J. Ganbaatar met with Minister for Resources of Australia
Minister of Mining and Heavy Industry of Mongolia J. Ganbaatar, who is participating in the “International Mining and Resources Conference (IMARC) 2022", met with Madeleine King, Minister for Mineral Resources and Minister for Northern Australia.
Possibilities of attracting investment in geological exploration discussed
J. Ganbaatar, Minister of Mining and Heavy Industry, met with Demus King, General Manager of Trade, Investment, and Investor Relations of the Minerals Council of Australia.
Mining Minister delivers speech at IMARC Mines & Money Conference
During his working visit to Sydney, Australia, Minister of Mining and Heavy Industry of Mongolia J. Ganbaatar delivered a speech on "Resources and Opportunities of Mongolia's Mineral Resources Industry" at the IMARC Mines & Money Conference.
Mining Minister participating in IMARC 2022
Minister of Mining and Heavy Industry of Mongolia J. Ganbaatar is participating in the “International Mining and Resources Conference (IMARC) 2022. On the sidelines of his participation in the event, the Minister met with Mr. Bandar bin Ibrahim Alkhorayev, Saudi Arabia`s Minister of Industry and Mineral Resources, and Shri Vivek Bharadwaj, State Secretary of the Indian Ministry of Mines.
All Ministries to be involved for preparations for "Years to Visit Mongolia"
The government has announced 2023 and 2024 as the “Years to Visit Mongolia”. The Ministry of Environment and Tourism informs that within the framework of the project that will launch at the beginning of next year, all the ministries including all the relevant branches of digital communication, intercommunication, road, transportation, air transport and services will be involved in coordination.
300 women representing SMEs and businesses gather to discuss “Green Labelling and Green Financing” in Mongolia
The “Green labelling and Green financing” conference was organized by the Ministry of Environment and Tourism and the EU-Switch Asia financed new project “Switching on the Green Economy”, implemented by People in Need. More than 300 women working in SMEs and businesses gathered to discuss green labelling and financing – vital tools to realize sustainable production and consumption in Mongolia.
Number of trucks transporting coal from Tavantolgoi to Tsagaankhad to be increased
The State Committee for Port Revitalization held its first meeting on 28 Oct 2022. Within the framework of implementing the Government's Resolution No. 362 of 5 Oct 2022, the concern of increasing the export volume of mineral products, which has a significant impact on the formation of Mongolia's budget revenue, and the state's foreign currency reserves, was discussed at the meeting.
Mongolia-China intergovernmental commission convened
The 17th meeting of the Intergovernmental Commission between Mongolia and China on Trade, Economic, Scientific, and Technological Cooperation was held on October 27.
13 projects to be implemented in Mongolian energy sector
In the proposed State budget for 2023, Mongolia would further up its efforts to expand the energy sector. 13 projects will be implemented within this framework, and 6 new projects are being discussed.
Exchange rate in statistics
As announced by the Central Bank of Mongolia, the monthly average exchange rate of MNT against the US dollar was MNT 3257.10 in September of this year. Thus, the USD exchange rate lowered against MNT by 71.38 within a month and decreased by 408.16 from the same period last year.
“Mongolia is on the same level as developed countries for its development of IT and communications sector”
“InvesCore’s achievements will serve as a stepping stone for many more Mongolian companies to enter the foreign market”