Central bank lowers policy rate by one percentage point
The Monetary Policy Committee of the Bank of Mongolia (BoM) has issued a decision to lower the policy rate by one percentage point to 8 percent and introduce long-term repo financing, reported the authorities of the BoM at the press conference on September 14.
ADB: Deeper 2020 contraction expected in Mongolia before 2021 rebound
Mongolia’s economic contraction continues to deepen due to the ongoing impacts of the coronavirus disease (COVID-19) pandemic, but it will recover in 2021 as regional economies rebound, says a new report by the Asian Development Bank (ADB).
IFC, MBA work to improve access to funding for MSMEs through developing value chain finance in Mongolia
A new agreement between IFC, a member of the World Bank Group, and the Mongolian Bankers Association (MBA) will help improve access to funding for 200,000 micro, small and medium enterprises (MSMEs) cumulatively over the next 5 years by developing a vibrant market for value chain finance in Mongolia.
World Bank Group’s Response to COVID-19 in Mongolia
The World Bank Group is moving quickly to help countries respond to the COVID-19 pandemic. In Mongolia, the Bank has been working closely with the government to address various challenges brought by COVID-19.
Non-performing loans in banking system make up 11.3 percent of total loans
At the end of August 2020, the total amount of outstanding loan to entities and individuals amounted to MNT 17.4 trillion, increased by MNT 53.2 billion (0.3%) from the previous month, while it is decreased by MNT 876.9 billion (4.8%) from the same period of the previous year. In the total outstanding loans, MNT 8.8 trillion (50.7%) was individual loans.
Term deposits in foreign currency rise by 58.6 percent from previous year
The national currency in circulation reached MNT 928.2 billion at the end of August 2020 increased by MNT 1.9 billion (0.2%) from the previous month, and MNT 2.5 billion (0.3%) from the same period of the previous year.
Vegetable production offers diet and poverty reduction benefits for Mongolia, says new book
Increased vegetable production in Mongolia would have a positive benefit on poverty reduction, as well as provide a more balanced diet for its citizens, according to a new book launched today by the Asian Development Bank (ADB) and the Government of Mongolia.
Project to increase farmer households' income to be implemented in Kherlen soum
‘Vegetable production and irrigated agriculture’ project is being implemented in Khovd, Gobi-Altai, Zavkhan, Bayan-Ulgii, Selenge, Tuv and Khentii aimags in 2020-2026.
Equilibrated balance shows deficit of MNT2.7 trillion
According to the preliminary results in the first eight months of 2020, the total revenue of the general government budget was MNT 6.1 trillion.
100 cheese factories to be built across the country
In late August, the Wealth Creators Support Association (WCSA) of Mongolia and Mongolian Artisan Cheesemakers Union (MACU) LLC signed a memorandum of cooperation to jointly build 100 cheese factories, thus creating new jobs, increasing the value of milk supplied from herders, and bringing the dairy product to international markets.
Mongolia-Singapore trade turnover reaches USD 176.8 million
On the occasion of the 50th anniversary of the establishment of diplomatic relations between Mongolia and Singapore, the Mongolian National Chamber of Commerce and Industry, the Ministry of Foreign Affairs, the Embassy of Mongolia in Singapore and Singapore Business Federation jointly organized Mongolia-Singapore webinar business discussion yesterday in aims to expand trade and economic cooperation of the two countries.
Online platform established for domestic manufacturers to promote their products
An online platform has been established for domestic manufacturers to promote their products internationally. The ‘Mongolian Brand’ association-based platform was made according to current international standards with the help of foreign market researchers.
Export Promotion Council holds its second meeting
The Export Promotion Council held its second meeting under topic “Measures to be taken in increasing exports of meat and meat products” on September 10 at the Ministry of Foreign Affairs.
Golomt Bank secures a medium term funding from Enabling Qapital
On September 2, Golomt Bank signed a 3 year loan agreement for USD 5 million with Enabling Qapital AG as part of our bank's commitment to support our clients and deliver diversified funding sources to harbor growth.
Exports decreased by 16.9 percent compared to previous year
In the first eight months of 2020, Mongolia traded with 139 countries from all over the world, and the total trade turnover reached USD 7.9 billion, of which USD 4.5 billion were exports and USD 3.5 billion were imports.
Startup business to be developed based on sub-centers
A discussion themed “Opportunities, solutions and cooperation in development of start-up ecosystem” was held on September 9 at Bayankhoshuu Business Incubator, Training and Production Center.
Speaker G.Zandanshatar meets Head of Swiss Cooperation Office in Mongolia
Speaker of the Parliament G.Zandanshatar met yesterday with Head of Cooperation, Swiss Cooperation and Consular Agency in Mongolia Ph.D. Stefanie Burri.
Foreign Minister meets WB Country Manager
Minister of Foreign Affairs N.Enkhtaiven received yesterday World Bank Country Manager for Mongolia Andrei Mikhnev.
Government coordination needed to reduce large amount of raw material waste
A discussion themed “Current state and development of leather and cashmere processing industry” for a project to establish Light Industrial Production and Technology Park of Emeelt on 160 hectares of Shar Huviin Khooloi, which locates at the 13th khoroo of Khan-Uul district took on September 8 at the Mongolian National Chamber of Commerce and Industry.
G.Tumurchuluun: I found out from my students that my book was being sold at Cuban bookstores