Banks Lifted Their Limitations on USD Transactions
Commercial banks have set a daily limitation on USD transactions since May and restricted some long-term loans. Thereby, banks started lifting their daily limit on USD.
Number of Passenger Flights and Visas to be Increased
The government has announced 2023-2025 as “The Years to Visit Mongolia.” Within the framework of this context, the revised draft Law on Tourism included no restrictions on passenger flights to Mongolia following 3 years.
Mongolia pays off USD 1.5 billion Chinggis Bond
Ulaanbaatar /MONTSAME/. Today, on 6 December 2022, the Prime Minister of Mongolia, L. Oyun-Erdene announced that the Mongolian government has repaid in full its inaugural USD 1.5 billion Chinggis bond in a bid to manage its debt profile.
Central bank purchases 2.4 tons of precious metal in November
In November, the gold purchase of the Bank of Mongolia (BoM) was 2,667.0 kg, raising the BoM’s total precious metal purchase of 2022 to 19.9 tons.
Guarantee Insurance, Responsibility in the Economy and Methods of Implementation Training Meeting Held
On 29 Nov, the Financial Regulatory Commission of Mongolia (FRC), together with the National Reinsurance JSC and the Seoul Guarantee Insurance Company, organized a training meeting on "Guarantee Insurance, its role in the economy and methods of implementation" in order to expand the insurance market and develop insurance guarantees, which is a big impetus to the economic development. Mr. G.Temulen (Member of Parliament and Chairman of the Parliamentary Standing Committee on Budgets), the Financial Regulatory Commission, Ministry of Finance, Central Bank of Mongolia, Credit Guarantee Fund, Deposit Insurance Corporation of Mongolia, Mongolian Insurance Association, National Reinsurance JSC and other representatives of insurance companies attended the training meeting.
President U. Khurelsukh Receives Mongolia-Japan Economic Committee Members
Within the framework of his state visit to Japan, President of Mongolia U. Khurelsukh today received the members of the Mongolia-Japan Economic Committee headed by Tsubai Hiroyuki.
Tapan Mishra: Global crises affecting Mongolian society and the economy as a whole
The United Nations Resident Coordinator Office, the United Nations Development Programme, and the Ministry of Economy and Development of Mongolia jointly organized the “Socio-Economic Impact of Global Crises in Mongolia” seminar and workshop at Novotel Hotel on 21 November 2022.
Mongolia`s GDP expands by 3.7% in first 3 quarters
Ulaanbaatar /MONTSAME/. By production approach, Mongolia`s Gross Domestic Product (GDP) totaled MNT 35.2 trillion (over 10.3 billion U.S. dollars) in January- September period, which increased by MNT 5.3 trillion (17.7%) from the same period of the previous year.
“The first state budget to be implemented in a year of austerity”
Last week, on November 11, the State Great Hural approved the 2023 State Budget of Mongolia. At a time when the whole world is trying to strengthen its economy by switching to austerity mode, how Mongolia budgeted its budget is drawing people's attention. The current budget is unique in that it was approved at a time of uncertain risks, from the need to keep the inflation rate at a single digit in the next year to the impact of geopolitical and war issues.
Fintech lending debt-to-income ratio regulated to be 70 percent
Technology-based loaning or Fintech lending rose 40 percent, and fintech borrowers accounted for 88.8 percent of the 1.6 million Non-bank Financial Intuitions (NBFI) borrowers.
FRC delegation participate in IAIS annual conference
A delegation led by Vice-Chairman of the Financial Regulatory Commission of Mongolia N. Khuderchuluun attended the International Association of Insurance Supervisors (IAIS) Annual Conference, held in Santiago, Chile.
Parliament approves 2023 State Budget
The State Great Hural of Mongolia has approved the 2023 State Budget.
"Golomt Bank" LLC has registered shares to be issued as public offer
A total of 31 issues were discussed at the 20th regular meeting of the FRC (9 November 2022), and decided to register the ordinary shares of "Golomt Bank" LLC in the register of securities approved for public offering.
Commemorative coins released for the 50th anniversary of diplomatic relations with Japan and Australia
The Bank of Mongolia has issued commemorative coins for the 50th anniversary of the establishment of diplomatic relations between Mongolia and Japan, and Mongolia and Australia.
“Erdenes Tavantolgoi” company to not agree on upfront payment terms
During its regular meeting dated October 26, the Cabinet made a decision to impose an emergency regime for “Erdenes Tavantolgoi” state-owned enterprise for six months, assigning State Secretary of the Ministry of Finance J. Ganbat as the Government’s Special Representative to take relevant measures to improve the company’s operations and management and increase the revenue.
Mining Minister becomes acquainted with operations of Yancoal mining company
Representatives of the Ministry of Mining and Heavy Industry visited Mount Thorley Warkworth coal mine of Yancoal mining company, which operates in the Hunter Valley of New South Wales, Australia, on 04 November 2022.
Mining minister J. Ganbaatar met with Minister for Resources of Australia
Minister of Mining and Heavy Industry of Mongolia J. Ganbaatar, who is participating in the “International Mining and Resources Conference (IMARC) 2022", met with Madeleine King, Minister for Mineral Resources and Minister for Northern Australia.
Possibilities of attracting investment in geological exploration discussed
J. Ganbaatar, Minister of Mining and Heavy Industry, met with Demus King, General Manager of Trade, Investment, and Investor Relations of the Minerals Council of Australia.
Mining Minister delivers speech at IMARC Mines & Money Conference
During his working visit to Sydney, Australia, Minister of Mining and Heavy Industry of Mongolia J. Ganbaatar delivered a speech on "Resources and Opportunities of Mongolia's Mineral Resources Industry" at the IMARC Mines & Money Conference.
Mining Minister participating in IMARC 2022
Minister of Mining and Heavy Industry of Mongolia J. Ganbaatar is participating in the “International Mining and Resources Conference (IMARC) 2022. On the sidelines of his participation in the event, the Minister met with Mr. Bandar bin Ibrahim Alkhorayev, Saudi Arabia`s Minister of Industry and Mineral Resources, and Shri Vivek Bharadwaj, State Secretary of the Indian Ministry of Mines.