Finance Minister to ensure implementation of IMF working group's recommendations
A working group of the International Monetary Fund (IMF) worked in Mongolia between April 28 and May 4. In its framework, the working group has conducted a study to define the current socio-economic situation of Mongolia and the country’s mid-term economic outlook.
Angana Banerji: IPOs of commercial banks should be postponed
On May 2, Speaker of the State Great Khural G.Zandanshatar received IMF representatives led by Ms. Angana Banerji.
MNCCI Representative Office opens in U.S.
The Representative Office of the Mongolian National Chamber of Commerce and Industry (MNCCI) was officially opened in Chicago, the U.S with aims to deepen trade and economic cooperation between the two countries, build partnerships with companies of the U.S., implement joint projects and programs, and bring concrete trade and economic benefits.
Industrial output drops by 24.4 percent in the first quarter
The sales of mining and quarrying output decreased by MNT 1.7 trillion (34.8%) compared to the same period of the previous year.
FRC Chairman holds meeting with the Asia Foundation
Asia foundation provided brief introduction and information about its project on illegal mining, which has commenced from 2020 and expressed wish to cooperate with the FRC on mining and combating money laundering and terrorism financing.
Tax revenue increased by 40.1 percent compared to same period of previous year
In the first quarter of 2022, 2022, tax revenue reached MNT 3.4 trillion, increased by MNT 962.3 billion (40.1 percent) compared to the same period of the previous year.
Capacity of international airport to be fully utilized
As a new CEO has been appointed at ‘New Ulaanbaatar International Airport’ LLC, Minister of Road and Transport Development L.Khaltar received executives of the airport management company on April 25.
Mongolia trades with 126 countries
The foreign trade balance was in surplus of USD 476.6 million in the first quarter of 2021 and while it was in surplus of USD 251.4 million in the first quarter of 2022, decreased by USD 225.3 million compared to the same period of the previous year.
96.3 million pieces of securities traded at national stock market
In March 2022, the average of indices of the top 20 financial markets was 38023.4 units, decreased by 2480.7 units from the previous month while it is increased by 4071.2 units from the same period of 2021.
Export of precious metals and foreign banknotes amounting to MNT 20 million to be restricted from today
In connection with the law on preventing the rise in price and shortage of key commodities caused by the international crisis and reducing their impact that was adopted last week, the State Great Khural made certain amendments to the Law on Anti Money Laundering and Combatting the Financing of Terrorism.
Foreign workers in Mongolia decreased by 2.7 percent
In terms of country of all foreign workers in Mongolia, 56.8 percent is from China, 5.1 percent -- from Russian Federation, 4.9 percent -- from India, 4.6 percent --from South Korea, 3.8 percent --from United States, 3.5 percent -- from Vietnam, 3.2 percent-- from Australia, 3.0 percent -- from Philippine and remaining 15.1 percent--from other countries.
‘Build Mongolia 2022’ expo taking place
At the 2nd edition of the expo, more than 100 businesses and companies are presenting their products and services. In particular, ‘Baganuur Electromechanical Plant’ LLC and ‘Ulaanbaatar Buk’ JSC, are participating in the expo.
Diesel fuel to be exempt from excise tax until July 1
At today's regular meeting of the Cabinet, a decision was made to exempt the excise tax on diesel fuel until July 1, 2022.
Reforms Crucial to Navigate Stronger Headwinds
The World Bank’s latest Mongolia Economic Update projects that the economy will grow by 2.5 percent in 2022, reflecting lingering border frictions with China and the impact of the war in Ukraine.
The Bank of Mongolia to support green and sustainable financing system
On April 18, the Bank of Mongolia and the Mongolian Sustainable Finance Association established a memorandum of understanding on cooperation.
Cooperation agreement for project to construct a crude oil pipeline signed
The Government made a decision on January 6, 2020 to transport the raw material of the oil refinery through a pipeline.
New challenge surfaced in making domestic stock market accessible
A forum took place under the theme, ‘IPO Mongolia: Accessible Stock Market’ on April 15. While there used to be a large number of retail investors in the Mongolian stock market, larger, institutional investors have now become more common, highlighted Director of the Securities Market Department at the Financial Regulatory Commission (FRC) B.Dulguun.
Daniel Kawczynski: UK Government will actively carry out works to invest in Mongolia
The Mongolia-UK business forum took place on April 13. Co-organized by the Ministry of Foreign Affairs, the British Embassy in Mongolia, and the Mongolian National Chamber of Commerce and Industry, the forum was attended by Trade Envoy of the UK Prime Minister, MP Daniel Kawczynski and Ambassador Philip Malone.
Export of seabuckthorn berries to be promoted
On the second day of the ‘Food supply and security – Crop farming’ forum, meetings of vegetable and fruit/berry farmers took place.
“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”
B.Turmunkh: I illustrated 60 pieces for the updated version of ‘The Secret History of Mongols’