MNT35 billion spent for free trade zones from state budget
A total of MNT35 billion has been spent for three free economic zones of Altanbulag, Zamyn-Uud and Tsagaannuur since their establishment, said Deputy Prime Minister U. Khurelsukh. Yesterday, April 19, the Deputy PM made a report on the activities of the free zones and future perspective at the Parliamentary Standing Committee on Economics. 77 per cent of the funding has been invested for infrastructure development of the Altanbulag free zone, which is running regular activities.
Ambassadors attend Business Council of Mongolia monthly meeting
The Business Council of Mongolia’s monthly meeting was held on Monday, April 17 at the Best Western Tuushin with BCM Chairman Byambasaikhan Bayanjargal hosting for an audience of 110 members. Ambassador of the United States of America to Mongolia Jennifer Zimdahl Galt, Ambassador of Canada Ed Jager, Ambassador of Germany Stefan Duppel and Ambassadar of Japan Masato Takaoko were guests of the meeting.
Central bank delegates to attend IMF and World Bank spring meeting
Today, April 18, delegates led by Governor of Bank of Mongolia N.Bayarsaikhan left for Washington D.C, US to attend the 2017 Spring Meetings of the World Bank Group and International Monetary Fund.
Smart Investment Policies Can Unleash Mongolia’s Livestock Exports
Mongolia’s rich pastoral history, current livestock surplus, and geographic proximity to major markets, offer great potential for the country to become a competitive exporter of quality livestock and livestock-based products. Investor-friendly policies, combined with competiveness policy reforms, can transform the sector, international and Mongolian experts said at a workshop in Mongolia today, April 18.
Erdenet Mining Corporation to cooperate with Chile's Codelco
'Erdenet Mining Corporation' the largest copper and molybdenum ore mining and concentration plant of Mongolia will develop cooperation with Codelco Company, the world’s top copper producer of the Republic of Chile. On April 11, General Director of Erdenet Mining Corporation Kh.Badamsuren and President of Codelco Xompany Nelson Pizarro Contador signed a memorandum of cooperation.
31 bird species endure winter in Ulaanbaatar
According to 2016 census, 27 species of 7,583 invidual birds spent the winter in Ulaanbaatar. The number went up to 31 species of 9,494 individuals in 2017. The Environmental Department of the Ulaanbaatar City Administration and the Mongolian Bird Conservation Center involved all kinds of birds in seven districts of the city and that live through the harsh winter of Ulaanbaatar, the coldest capital city in the world.
Non-performing loans decrease by 3.2 per cent
Non-performing loans in a banking system amount to MNT1035.5 billion as of the end of March, showing a decrease by MNT34.6 billion or 3.2 per cent compared to previous month. However, the amount is higher by 7 per cent or by MNT67.6 billion than the same period of last year. Non-performing loans made up 8.2 per cent of total outstanding loans, staying the same as in the first quarter of last year.
Housing price index increased in short term
Tenkhleg Zuuch LLC reports on the March results of the “Housing Price Index” study conducted independently at the request of the Bank of Mongolia. The research shows that the general index of housing price was 1,01 in March, by 1.0 per cent up than in January 2013, basic consideration period of the research. The index increased by 0.17 percent compared to the previous month. The general index increased by 0.10 per cent compared to the starting period of this year, and dropped by 3.34 per cent compared to the same month of previous year.
B.Choijilsuren: Prerequisite to implement IMF's Extended Fund Facility program has been satisfied
Ulaanbaatar /MONTSAME/ The first financing of the International Monetary Fund's Extended Fund Facility program will be provided in the middle of June, said Finance Minister in his interview to itoim.mn news website. “- In the night of April 13, when the budget amendments were approved by the Parliament, Governor of the Bank of Mongolia N.Bayartsaikhan and me, as a Finance Minister sent an official letter to IMF, informing that prerequisite to implement the EFF program has been satisfied.
EU project to help Mongolia to export honey products
Ulaanbaatar /MONTSAME/ A team of an EU project “Support to the Modernization of Mongolia's Standardization System” has worked in Selenge aimag on April 12-13. The team was composed of project team leader Henk De Pauw, expert Andre Francois and other members. Their mission of the Selenge working tour was to assist with exporting honey and honey products made in Selenge aimag to the European Union.
Mortgage Corporation’s special purpose entity to release securities
Ulaanbaatar /MONTSAME/ On April 13, the Financial Regulation Commission (FRC) granted a financial activity license to ‘MIC Active Twelve Months”, a special purpose entity established by the "Mongolian Mortgage Corporation“ company last August and registered its securities. ‘MIC active twelve months” company is releasing mortgage loan guaranteed securities of 2.7 million with nominal value of MNT100 000 and 30-year term. The Commission assigned the two companies to insure the loan package for long term and in accessible way, meeting the interest and demand of the insured.
Land farmers meet to discuss 2017 goals
Ulaanbaatar /MONTSAME/ During his opening speech at the National Symposium of Land Farmers which took place last Friday, April 14, P.Sergelen, Minister of Food, Agriculture and Light Industry informed that 458 thousand ha land will be cultivated for sowing in 2017.
Seven types of tax rates to be raised following budget amendments
Ulaanbaatar /MONTSAME/ Amendments to the 2017 State Budget, which were approved by the Parliament yesterday, April 13, laid out to raise seven types of taxes, as the Government agreed with the International Monetary Fund in the scope of a three-year Extended Fund Facility. Tax rate increase of four types of taxes will come into effect starting May 01. Those include individual income tax, tax on interest of bank savings, customs tax on imported cigarettes and excise tax on passenger cars.
Foreign trade turnover increased by 33.3%
Ulaanbaatar /MONTSAME/ In the first quarter of 2017, Mongolia traded with 119 countries and total trade turnover reached 2076.1 million US dollars, of which 1299.9 million by exports and 776.2 million by imports.
Seven types of tax rates to be raised following budget amendments
Ulaanbaatar /MONTSAME/ 2017 Budget amendment, which approved by the Parliament yesterday, has raised seven types of taxes, as the Government agreed with the International Monetary Fund in the scope of the three-year Extended Fund Facility. Tax rate increase of four types of taxes will come into effect starting May 01. Those include individual income tax, tax on interest of bank savings, customs tax on imported cigarettes and excise tax on passenger car.
Money supply reaches MNT12.2 trillion
Ulaanbaatar /MONTSAME/ According to the Central Bank of Mongolia, the money supply has reached MNT12.2 trillion at the end of March 2017, showing a decrease by MNT79.5 billion or 0.6 per cent from the previous month and an increase by MNT2 065.3 billion or 20.4 per cent compared with the same period of 2016. At the end of March 2017, the national currency in circulation reached MNT 788.3 billion, down by MNT156.5 billion or 16.6 per cent from the previous month and up by 129.7 billion or 19.7 per cent compared to the same period of 2016.The amount of outstanding loan amounted to MNT12.7 trillion in the reference period. This is a growth by 0.8 per cent from the previous month and by 7.1 per cent from the same period of 2016.
Statistical report on Public Finance
Ulaanbaatar /MONTSAME/ In the first quarter of 2017, total equilibrated revenue and grants of the General Government Budget amounted to MNT1504.1 billion and total expenditure and net lending amounted to MNT1759.2 billion, representing a deficit of MNT255.1 billion in the equilibrated balance.
Prominent bankers emphasize the importance of transparency and international standard governance and reporting
Ulaanbaatar /MONTSAME/ The American Chamber of Commerce (AmCham) in Mongolia hosted its April Monthly Meeting with prominent international and domestic bankers, as well as representatives from the Bank of Mongolia on April 12, 2017, at Shangri-La Ulaanbaatar Hotel. The panelists included Chief Economist of Bank of Mongolia J. Ganbaatar, CEO of Xac Bank M. Bold, CEO of Khan Bank John Bell, Executive Vice Chairman of Trade & Development Bank Randolph Koppa, Deputy CEO of Golomt Bank Tomas Bravenec, and AmCham Mongolia Board Member and Country Representative for ING Bank Erik Versavel.
World Bank: Modest recovery expected in Mongolian economy in 2018
Ulaanbaatar /MONTSAME/ The outlook for developing East Asia is expected to remain broadly positive in the next three years, driven by robust domestic demand and a gradual recovery in the global economy and commodity prices, according to a new World Bank report. The report was presented at the World Bank Mongolia Office on April 13. It says: Poverty in the region is likely to continue to fall, driven by sustained growth and rising labor incomes. The global environment and domestic vulnerabilities, however, still pose risks to the region’s prospects. In the face of faster-than-expected interest rate hikes in the U.S., protectionist sentiments in some advanced economies, and rapid credit expansion and high levels of debt in several East Asian countries, the report recommends that policy makers continue to focus on prudent macroeconomic management and ensuring sustainable fiscal balances in the medium term.
“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”