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:
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.
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.
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:
Revenue from rail transport increases by 8.3 percent
In the first 5 months of 2021, 13.4 million tonnes of freight were carried by railway transport and increased by 1.4 million tonnes (11.9%) compared to the same period of the previous year.
Mongolia trades with 131 countries
In the first 5 months of 2021, Mongolia traded with 131 countries from all over the world, and the total trade turnover reached USD 5.9 billion, of which USD 3.3 billion were exports and USD 2.6 billion were imports. The total foreign trade turnover increased by USD 1.9 billion (48.2%), where exports increased by USD 1.3 billion (65.7%) and imports increased by USD 609.2 million (30.6%) compared to the same period of previous year. In May 2021, exports reached USD 827.3 million, increased by USD 331.0 million (66.7%) and imports reached USD 640.4 million, increased by USD 202.8 million (46.4%) compared to the previous month.
Total amount of outstanding loan increases
At the end of May 2021, the total amount of outstanding loan to enterprises and individuals amounted to MNT 18.3 trillion, increased by MNT 580.1 billion (3.3%) from the previous month, and increased by MNT 1.1 trillion (6.2%) from the same period of the previous year. In the total outstanding loans, MNT 9.2 trillion (50.2%) was individual loans.
Tax revenue increases by 49.4 percent
Ulaanbaatar /MONTSAME/. According to the preliminary results in the first 5 months of 2021, the total revenue of the general government budget was MNT 5.9 trillion. The equilibrated revenue of the general government budget was MNT 5.3 trillion and 90.6% of the total revenue of general government budget.
Germany to partner in technology and engineering
In May, the Government of Mongolia announced that 100 projects are planned to be implemented for recovering the economy after the pandemic. Some of the projects have been deemed possible to be implemented by establishing a joint company in charge of projects, management, and implementation based at the Mongolian National Chamber of Commerce and Industry.
Invitation for bid
“Mongol Refinery” State-Owned LLC invites sealed bids from eligible Bidders for supplying the Seismic interpretation software.
Ceremony organized to ring the bell for 'Invescore Bond' offer commencement
The 'Invescore NBFI' JSC, included in Mongolian Stock Exchange Top-20 index, is issuing the 'Invescore Bond', which is highest amount of debt instrument offered in the history of private sector, and the ringing the bell ceremony for Tranche 1 organized at the Mongolian Stock Exchange on June 14.
Mongolian small businesses getting ready to export to the European Union
The EBRD and EU, together with EuroChamber, are launching the ‘SME Export capacity building’ project to pave the way for Mongolian SMEs to enter the European market.
MNCCI organizes online discussion on revised draft of Foreign Investment Law
Within the framework of reforming the legal environment for investment, the Mongolian National Chamber of Commerce and Industry (MNCCI) organized an online discussion on the revised draft of the Foreign Investment Law.
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