Fitch affirms Mongolia at ‘B’; Outlook Stable
Fitch Ratings on May 18 announced that it kept Mongolia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) unchanged or at ‘B’ with a Stable Outlook.
Mongolia required to improve investment climate in order to utilize mineral resources
According to a study carried out on making investments in the mining sector, 79 percent of the participants have answered that they are ready to invest in Mongolia due to its abundant mineral resources.
Development plan for free economic zones to be jointly developed with private sector
As of today, companies and entities are using 130.5 hectares of land out of the 500 hectares of land available at Altanbulag free trade zone. While licenses are possible to be issued for 34.6 hectares, there are 188.4 hectares of land that have been reserved.
Cabinet approves new organizational structure of ‘Erdenes Mongol’ LLC
Today on May 11, the Cabinet approved the new organizational structure of ‘Erdenes Mongol’ LLC.
Copper concentrate export grows by 23.1 percent
Between April 29 and May 5, Mongolia has exported a total of 4,039.7 thousand tons of coal by shipping it on 2,891 containers through autoroad, and 499 containers through rail.
Discussion takes place on developing innovation and possible solutions
On May 5, a forum took place on opportunities to develop innovation in the capital city’s SME and services sector, and possible solutions.
Construction work kicks off at Thermal Power Plant to connect 10 thousand households to central heating
With a soft loan of USD 41 million for financing, the World Bank, the International Development Association, and the Government of Mongolia are jointly implementing the Ulaanbaatar Heating Sector Improvement Project from 2021 to 2025. Construction works to be carried out in the framework of the project kicked off at ‘Thermal Power Plant-3’ JSC on May 5.
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.