Mongolia’s Stock Exchange celebrates 30th anniversaryVideo
January 18, 2021 marked the 30th anniversary of the establishment of the Mongolian Stock Exchange and the stock market in Mongolia. Prime Minister U.Khurelsukh yesterday visited the Mongolian Stock Exchange and its exhibition hall displaying the history of Mongolian’s stock market, and rang the market opening bell on the occasion of the anniversary.
In his remarks addressing all stock market participants in the country, including the Mongolian Stock Exchange, investors and traders and stock brokers, the Prime Minister highlighted that the stock market plays a crucial role in maintaining sustainable economic growth and creating multi-pillar infrastructure in the long term for economic revival.
“In particular, now it is of importance to enable trading of 1,072 shares of Erdenes Tavan Tolgoi LLC on stock market, implement open and transparent privatization policy while assuring fair distribution of wealth, and commercialize large scale mineral strategic deposits through stock market, improve governance of state owned enterprise in line with international standards, and carry out pension reform and lay the legal foundation for effective management of contribution for pension fund on the stock market” continued PM Khurelsukh.
Pursuant to the resolution No. 22 of the Mongolian Government, dated 18 January 1991, the Mongolian Stock Exchange was established within the framework of the transition from a centrally planned economy to market economy.
During the privatization period, every citizen of Mongolia started to own vouchers for the purchase of 475 state-owned companies through the Mongolian Stock Exchange. As a result of this, 96.1 million vouchers worth MNT 8.2 billion were distributed to half of the total population or 1.2 million citizens.
Stocks and bonds trading has been growing actively in Mongolia in recent years. With the aim of stock market development, payment and settlement system has been renewed in line with the international standards, and the Mongolian Stock Exchanges’ stock trading had been transferred to the DVP and T+2 payment system. Also, dual-listing system has been introduced, allowing trading of stocks of companies listed on other stock exchanges.