Regulation on requirements for Professional Association of Real Estate Brokers adopted
At the seventh meeting this year of the Financial Regulatory Commission (FRC) dated April 14, 2021, a total of 31 issues were discussed and resolved.
Independent review on the cost overruns and schedule delays of the Oyu Tolgoi underground expansion
In November 2020, at the initiative of the Government of Mongolia, Erdenes Oyu Tolgoi LLC, through their nominated board members of Oyu Tolgoi LLC, submitted draft resolutions for the establishment of a Special Committee of the board of directors of Oyu Tolgoi LLC whose mandate is to appoint independent experts to conduct an independent review of the cost overruns and schedule delays of the underground expansion of the Oyu Tolgoi project.
Bogdkhan Railway Bypass Line project progress presented
On April 27, working group members delivered a presentation on the implementation progress, general plan and preliminary design budget and plan of the Bogdkhan Railway Bypass Line.
Training regulation by Financial Regulatory Commission approved
The Financial Regulatory Commission (FRC) organizes a range of trainings to develop the capacity of participants; professionals working in regulatory sectors, such as: securities, insurance, and others.
Finance Minister takes part in World Bank/IMF Spring Meetings 2021
The 2021 Spring Meetings of the World Bank Group and the International Monetary Fund and related ancillary events took place virtually from Monday, April 5 to Sunday, April 11.
Shareholders meeting of Erdenes Tavantolgoi JSC held
On April 23, a shareholders’ meeting of Erdenes Tanatolgoi JSC was held a virtual format in line with guidance from the State Emergency Commission and Financial Regulatory Commission due to the coronavirus pandemic. The meeting was live broadcast on the company’s website - www.ett.mn and Facebook page dedicated for ‘Information center of 1,072 shares of Erdenes Tavantolgoi’.
Agricultural machinery, equipment and supplies exempt from VAT until 2025
On April 23, the parliament approved bills on value-added tax exemption and customs duty exemption.
Live webinar held on Bond Market Guide for Mongolia
On April 19, the Ministry of Finance of Mongolia and Asian Development Bank (ADB) organized a live webinar on Bond Market Guide for Mongolia. More than 180 participants took part in the online event, including ASEAN+3 Bond Market Forum members, ASEAN+3 officials, Asian Impact webinar participants, European investors, Mongolian financial institutions.
Three volume compilation of normative administrative acts published
A three-volume compilation of administrative acts, rules and regulations - issued by the Financial Regulatory Commission (FRC) - has been published with World Bank funding. The purpose of the compilation is to satisfy the needs of official regulators, professional associations, non-governmental organizations, and all the Commission’s members. The constituent volumes are:
Standing committee on economic affairs reviewed 2020 activities of FRC
The Financial Regulatory Commission (FRC) is required to report annually to Parliament's Standing Committee on Economic Affairs. The Commission’s annual report for 2020 was discussed and summed up at the latest meeting of the parliamentary standing Committee on economic affairs.
Foreign workers in Mongolia increased by 2.7 percent
In the first quarter of 2021, 4.4 thousand foreign citizens from 89 foreign countries were working in Mongolia with labor contract with purpose of earning wage and income or voluntarily without purpose of earning wage and income.
Total foreign trade turnover reaches USD 3.5 billion
In the first quarter of 2021, Mongolia traded with 121 countries from all over the world.
Loans worth MNT 525 billion issued for job promotion
At its regular meeting convened on April 14, the Cabinet members heard report on implementation process of MNT 10 trillion plan for the health protection and economic recovery.
FRC warns not to receive electronic payment, remittance services from non-licensed entities
The Asia/Pacific Group on Money Laundering is a FATF-style regional inter-governmental body, and Mongolia, as a member, is committed to implement international standards against money laundering, and the financing of terrorism.
Government pays off Mazaalai bond
The final USD 132.6 million repayment of the USD 500 million, 5-year maturity, 10.875 percent interest rate ‘Mazaalai’ bond the Government of Mongolia issued on the international financial market in 2016 was made on April 6, 2021, and the final USD 60 million repayment of the USD 250 million commercial loan borrowed from Credit Suisse Bank in 2016 was made on March 15, 2021.
First stage trading of Erdenes Tavantolgoi bond successfully completed
For the first time in Mongolia, Erdenes Tavantolgoi JSC has announced the issuance of ‘ETT Bond’ with a total value of up to MNT 2 trillion in three stages as part of the ‘MNT 10 trillion Comprehensive Plan for Economic Recovery’ under implementation by the Government of Mongolia.
AmCham Mongolia hosts How to Restore Investor Confidence Meeting
The American Chamber of Commerce in Mongolia (AmCham Mongolia) held a virtual April Monthly Meeting titled “How to restore investor confidence” on the 13th of April 2021.
Parliament reviews MNT 10 trillion economy recovery, health protection plan implementation
State Great Khural of Mongolia at its plenary session dated April 9 reviewed the ongoing implementation of the government comprehensive plan aimed at economic recovery and health protection amid the pandemic with total funding of MNT 10 trillion, as presented by Minister of Finance B.Javkhlan.
Ard Financial Group to invest in Bogd Bank
Whilst Bogd Bank had announced its plan for an IPO and is employing Ard Securities Brokerage (ArdSec), a wholly-owned subsidiary of Ard Financial Group (Ard), as its underwriter.
P.Khaliun: I believe the relations between two countries will soon reach strategic partnership
Mohammad Faisal Al-Mutairi: Transportation is the main problem in the expansion of Mongolia-Kuwait trade