Ulaanbaatar
Bill to prevent rise in price and shortage of key commodities submitted to Speaker
Politics
Ulaanbaatar /MONTSAME/. On April 5, Prime Minister of
Mongolia L.Oyun-Erdene submitted to the Speaker of the Parliament
G.Zandanshatar a Bill to prevent the rise in price and shortage of key
commodities caused by the international crisis and reduce their impact.
At its irregular meeting on April 4, the Cabinet made a
decision to submit the Bill to prevent risks as the world facing economic
difficulties caused by the international tensions. The Bill regulates eight
issues as follows;
-The State Great Hural /Parliament/ shall urgently discuss
relevant bills and draft resolutions
-The Bank of Mongolia shall take measures on providing meat
and flour suppliers and oil importers with the necessary funds on discounted
terms, and mitigating foreign exchange risk by using other financial
instruments
-With a purpose to increase the country's foreign exchange
reserves, the Bank of Mongolia shall provide gold mining companies with
financing and down payments, and purchase gold from foreign and domestic
markets at a 5 percent increase on the price of London Metal Exchange price.
- The government shall take measures against disruptions in
the supply of meat, flour, and gas, and implement a comprehensive plan, and is
authorized to regulate up to 5 percent customs duty on imports of oil products
- The government shall resolve an issue concerning
the interest rate subsidies required for issuing soft loans
to reserve meat and flour without increasing the total annual budget expenditures.
-The state administrative organization in charge of oil
products shall organize works to ensure the consistent supply of oil, sign
responsibility agreements with entities that have obtained corresponding
special permissions
-The state administrative organization in charge of Food and
Agriculture shall set the varieties and quantities of food products
to be exported in order to prevent food supply disruptions, and monitor
its implementation,
-It is prohibited to export precious metals and foreign
banknotes amounting to MNT20 million and more in cash across the Mongolian
border.
