Benefits of being a country with good credit rating
For a country, good credit rating is a great opportunity to benefit from global financial markets. The international credit rating agency Fitch Ratings has assessed Mongolia's economic situation on a number of factors and announced that the country’s rating outlook is stable. The country has been assessed by the internationally renowned S&P from 1999 and by Fitch and Moody's since 2005.
Golomt Bank signs second 3-year loan agreement with Enabling Qapital Investment Fund
On June 17, 2021, Golomt Bank successfully completed second loan agreement with Enabling Qapital AG for medium term funding of USD 5 million. We are very happy that Enabling Qapital AG has bestowed trust in Golomt bank and continued to support our clients during the COVID-19 pandemic.
TOP-100 enterprises of 2020 announced
Today, June 28, the Government of Mongolia and Mongolian National Chamber of Commerce and Industry have organized an event for the 20th year to announce rankings of TOP-100 enterprises.
Financial Regulatory Commission of Mongolia assumes chair of AFI regional platform
Mongolia’s Financial Regulatory Commission (FRC) and the Alliance for Financial Inclusion (AFI) are co-hosting two days of virtual meetings, during which FRC Chairperson Bayarsaikhan Dembereldash will assume the chair of the global network’s Eastern Europe & Central Asia Policy Initiative (ECAPI).
Leading banking, finance and technology companies have announced that they are taking their strategic partnership to the next level
Ard Financial Group JSC (Ard), GrapeCity Mongol LLC (Grape), and MOST Fintech (MOST) signed a strategic partnership agreement in 2017. Today they confirmed this partnership and announced the start of thenext stage of cooperation.
Golomt Bank and International Investment Bank concludes a long-term loan agreement to support SME sector in Mongolia
Golomt Bank of Mongolia secured a USD 10 million loan with a tenor of five years from International Investment Bank (IIB) on 10 June 2021. Golomt Bank plans to utilize the loan proceeds to finance the SMEs, the projects with the participation of companies from IIB’s member states, as well as to support sustainable development initiatives in Mongolia.
Central bank decides to keep policy rate unchanged
At its meeting held today, the Monetary Policy Committee of the Bank of Mongolia took into consideration the current state and outlook of the economy and financial markets, as well as the uncertainties and risks inherent in the domestic and external environments, and reached a decision to:
Mongolian cashmere exported to Italy by land
Khanbogd Cashmere LLC shipped 20 tons of cashmere that meet international quality requirements and stardards to Italy on June 2 and the shipment arrived in Italy today, on June 22.
Gross industrial output increased by 43.6 percent from same period of previous year.
By the preliminary results, in the first 5 months of 2021, the gross industrial output reached MNT 7.7 trillion, increased by MNT 2.4 trillion (43.6%) from the same period of previous year.
Mongolia-Singapore Business matching webinar held
The Mongolia-Singapore online business meeting has been a success every year, and the two sides have constantly explored opportunities for business cooperation. In order to support local businesses, provide them with access to the Singaporean market, and thus increase the economic growth of Mongolia, the Ministry of Foreign Affairs of Mongolia and the Embassy of Mongolia in Singapore, in collaboration with the Mongolian National Chamber of Commerce and Industry and the Singapore Business Federation, successfully organized the online event “Singapore Mongolia Business Matching Webinar-Assessing Mongolia and Singapore Markets Virtually” on June 16, 2021.
Sea buckthorn farmers receive tractors
The Association of German Chambers of Industry and Commerce (DIHK) is implementing 'Pro Value' project to create sea buckthorn production clusters and support the country in producing and exporting final products.
Securities traded at national stock market increased by 37.5 times
In the first 5 months of 2021, 340.7 million pieces of securities worth MNT 612.1 billion were traded at the national stock market, increased by MNT 595.8 billion (37.5 times) and 234.1 million pieces of securities (3.2 times), compared to the same period of previous year.
Five greenhouses established in Gobi-Altai aimag through TIKA project
With funding from the Turkish International Cooperation Agency, five new greenhouses have been established with irrigation systems in Tsogt soum, Gobi-Altai aimag.
Intensive livestock farming and crop farming to be developed together in Khongor, Darkhan-Uul
Despite its small territory, Darkhan-Uul aimag is one of the country’s key animal and crop farming regions.
Student rural outreach –program to support financial literacy in local communities
As part of Ard's Student Rural Outreach program, participants will work at local communities between June 8 to July 7, 2021.
Primary market trading of ‘Invescore Bond’ went successfully
Primary market trading of the first tranche of ‘Invescore Bond’ with face value of MNT 100,000 with annual interest rate of 13% and 2-year maturity issued by ‘Invescore NBFI’ JSC, listed at Tier II at MSE went successfully. The subscription period of this bond was in period between June 14 and June 16, 2021.
A new regulation on 'Green Bond' approved to boost green finance in Mongolia
A major step forward has been taken to help Mongolia tackle its environmental challenges, with a new regulation approved by the Board of the Financial Regulatory Commission (FRC) to help grow green finance in the country.
Inflation rate reaches 6.2 percent in May 2021
As reported by the National Statistics Office, the nation's inflation was at 6.2 percent by May 2021. The inflation rate was 6.1% in May 2018, 8.0% in May 2019, 3.3% in May 2020 and reached 6.2% in May 2021, increased by 2.9 percentage points from the same period of previous year. The increase was mainly due to 13.1 percent price increase in food and non-alcoholic beverages, and a five percent price increase in housing, water, electricity, gas, and fuels.
Specialized laboratory established for hide and leather research
A specialized laboratory for hide and leather research has been established at the School of Industrial Technology of the Mongolian University of Science and Technology. Despite counting 60-70 million heads of livestock annually, only 10 thousand items of hide are processed each year.
Manual on reporting suspicious transactions published
A manual on Reporting Suspicious Transactions for financial and non-financial professional service providers and intermediaries was published by the Financial Regulatory Commission (FRC). The contents of the manual include the following:
B.Turmunkh: I illustrated 60 pieces for the updated version of ‘The Secret History of Mongols’
D.Sumiyabazar: Law on Legal Status of Ulaanbaatar City has been successfully amended after 27 years
P.Khaliun: I believe the relations between two countries will soon reach strategic partnership