Mortgage repayment deferral support to continue until end of year
The Parliament of Mongolia, at its plenary session dated June 29, extended the effective period of the Law on Prevention, Combat, and Reduction of Social and Economic Impacts of the COVID-19 until the end of December 31, 2021.
BoM purchases 2.3 tons of precious metal
In June, the Bank of Mongolia (BoM) purchased 2.3 tons of precious metal. Thus, total amount of precious metal purchase has reached 9.3 tons since the beginning of this year, showing a decrease of 1.5 tons compared to the same period of previous year.
PM L.Oyun-Erdene: Progress must be made in large-scale projects in adherence with infection prevention guidelines
On July 3, Prime Minister of Mongolia L.Oyun-Erdene became acquainted with the progress of the construction work being carried out for the oil refinery in Altanshiree soum, Dornogobi aimag.
Fuel price increases by MNT 300
On July 2, the price of AI-92 fuel was increased by MNT 300 per liter. The relevant authorities reported that the rising price of the oil in foreign markets has led to this increase in the country, which is relatively dependent on the international market.
Exporters of non-mining products to receive financial support
Mining products accounted for 95 percent of the Mongolia’s USD 7.6 billion worth of exports sold in 2020.
Securities registration related package procedure approved
The 11th regular meeting of the Financial Regulatory Commission (FRC) was held on 11 June to discuss and resolve a number of important issues related to the sector's policies and decisions, as well as the business activities of legal entities.
Golomt Bank submits its plan to be publicly traded
The Parliament of Mongolia adopted amendments to the Banking Law on January 29, 2021. According to the amendments and the “Temporary regulation on developing, implementing, reporting, and monitoring, a bank’s plans to restructure of the bank as publicly traded company and change its shareholding structure, and plans” for the implementation of its restructuring, must be submitted for review to the Bank of Mongolia and Financial Regulatory Commission by July 1, 2021.
Mongolian crypto exchange DAX now available for customers in 200+ countries
Mongolia’s Digital Assets Exchange (DAX.mn) goes international with its newest update as it opens itself to customers from other countries. In its newest version, DAX has added more trading options: Classic and Pro Trading. With the update, customers can HODL their ArdCoins (ARDX) on the exchange for 6 to 24 months to earn 2-8 percent APY and earn rebates for trading and reduce their premiums from 0.5 to 0.2 percent.
Mining governance in Mongolia improves slightly, but public disclosures, governance of state-owned enterprises require attention
Mining governance in Mongolia remains “satisfactory,” with marginal improvements since a previous assessment, according to the 2021 edition of the Resource Governance Index (RGI).
Khan Bank submits plan to become public listed company
The Parliament of Mongolia adopted amendments to the Banking Law in January 2021, requiring the restructuring of systemically important commercial banks as public companies listed on the Mongolian Stock Exchange.
Primary market trading of ‘Lend Bond’ went successfully
Primary market trading of ‘Lend Bond’ with face value of MNT 100,000, 14% annual interest rate, 2-year maturity issued by ‘LendMN NBFI’ JSC, a tier I listed company of MSE went successfully. The subscription period of this bond was period between June 25, 2021 and June 30, 2021 and raised MNT 5.0 billion.
TRADE MONGOLIA-2021 taking place
Mongolian National Chamber of Commerce and Industry (MNCCI) is organizing TRADE MONGOLIA-2021 forum virtually on the occasion of the 100th anniversary of the start of trade sector in Mongolia.
Mongolia refinances its USD 1 billion Chinggis and Gerege debts with low interest bonds
On June 29, Tuesday, Minister of Finance B.Javkhlan delivered a presentation on the liability management taken by the government of Mongolia to refinance its bonds – Chinggis and Gerege maturing in 2022 and 2023 respectively – at all-time low interest rates.
Steppe Gold receives approval for the cross-listing on Mongolian Stock Exchange
Steppe Gold Ltd., Mongolia’s premier precious metals company, announced on June 24 that it has received the approval from the Financial Regulatory Commission of Mongolia in relation to its proposed cross-listing on the Mongolian Stock Exchange.
Ringing the bell ceremony organized for 'Lend Bond’ offer commencement
The 'LendMN NBFI' JSC, a constituent in the Top-20 index, is issuing the 'Lend Bond' and the ringing the bell ceremony organized at Mongolian Stock Exchange (MSE) on June 25.
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.
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