Ulaanbaatar, April 6, 2026 /MONTSAME/. Mongolia’s official foreign exchange reserves reached USD 7.19 billion as of the end of the first quarter of 2026, increasing by USD 182.5 million since the beginning of the year and attaining a historic high.

The MONTSAME National News Agency, in cooperation with MICC Mongolia International Capital Corporation LLC, has launched a weekly review of Mongolia’s domestic capital market and economic developments, to be published at the beginning of each week.

Weekly Capital Market and Economic Review (March 30 – April 5, 2026)

MONGOLIAN STOCK EXCHANGE

During the week, a total of 45.55 million securities worth MNT 24.73 billion were traded on the Mongolian Stock Exchange.

The highest trading values were recorded by Innovation Investment JSC, Khan Bank JSC, APU JSC, Golomt Bank JSC, and Mandal Insurance JSC.

Four block trades were conducted during the period:

• Invescore NBFI JSC (INV) — 26.7 thousand securities traded at MNT 11,110 per unit, totaling MNT 296.6 million;
• Tenger Insurance JSC (TGI) — 625 thousand securities traded at MNT 800 per unit, totaling MNT 500 million;
• Innovation Investment JSC (QPAY) — 33.1 million securities traded at MNT 270 per unit, totaling MNT 8.9 billion;
• Mandal Insurance JSC (MNDL) — 6.6 million securities traded at MNT 75 per unit, totaling MNT 495 million.

As of last week, all major indices of the Mongolian Stock Exchange closed lower:

TOP-20 Index: down 2.03%

MSE A Index: down 4.66%

MSE B Index: down 0.75%

The declines indicate broad market weakness. The sharper drop in the MSE A Index suggests stronger downward pressure on large- and mid-cap companies. Seasonal factors contributed to market movements during the week.

Companies entered ex-dividend periods as dividend distributions approached, which typically leads to technical price adjustments. In addition, announcements and registration for shareholders’ meetings influenced short-term investor decisions.

Overall, the decline in indices reflected seasonal and internal market adjustments rather than systemic market risk.

MONGOLIA’S FOREIGN EXCHANGE RESERVES REACH HISTORIC HIGH

Mongolia’s official foreign exchange reserves stood at USD 7.19 billion at the end of the first quarter of 2026, rising by USD 182.5 million since the beginning of the year and reaching a record level.

• This reserve level indicates improved external economic stability and meets international benchmark standards. Specifically, the reserves are sufficient to cover:
• 8.4 months of imports requiring foreign currency payments;
• 5.6 months of total goods and services imports;
• 275% of short-term external debt obligations.

The increase to a historic high supports macroeconomic stability and strengthens Mongolia’s capacity to absorb external shocks. Adequate reserve levels also help reduce short-term pressure on the tugrik exchange rate and the balance of payments.

SECURITIES MARKET TURNOVER RISES 74.4%, PRIMARY MARKET GAINS MOMENTUM

During the first two months of 2026, total turnover in Mongolia’s securities market reached MNT 188.3 billion, increasing by MNT 80.3 billion, or 74.4%, compared to the same period last year. The growth reflects rising market activity, driven primarily by a sharp expansion in primary market transactions.

Primary market: MNT 106.7 billion (56.7% of total turnover)

Secondary market: MNT 81.6 billion (43.3%)

This indicates that new issuances and financing activities dominated market developments.

The number of traded securities totaled 85.0 million units, declining by 60.6% year-on-year, suggesting that turnover growth was driven not by trading volume but by higher-value financial instruments.

By structure, total turnover consisted of:

• 41.5% - Asset-backed securities
• 23.8% - Equities
• 21.6% - Government bonds
• 13.0% - Corporate bonds

The figures show that debt instruments continue to occupy a significant share of the market.

Market capitalization reached MNT 14.0 trillion as of February 2026, increasing 4.3% year-on-year but declining 1.7% month-on-month. Although the TOP-20 Index increased annually, its monthly decline indicates a short-term market correction.

Key Indicators:

• Total turnover: MNT 188.3 billion (+74.4% YoY)
• Primary market: MNT 106.7 billion (56.7%)
• Secondary market: MNT 81.6 billion (43.3%)
• Securities traded: 85.0 million units (−60.6% YoY)
• Market capitalization: MNT 14.0 trillion (+4.3% YoY)

The sharp increase in turnover signals growing financing activity and an expanding role of the primary market. Meanwhile, the decline in trading volume reflects structural changes, with higher-value transactions dominating rather than a reduction in liquidity depth.

Overall, market growth continues, although relatively weak secondary market activity remains a factor requiring attention for sustainable long-term development.