Herders’ consultation and pedigree breeding animal fair taking place in Zavkhan aimag
Zavkhan aimag herders’ consultation ‘Challenge and solution’ along with pedigree breeding animal fair trade is being organized by UNFAO and Zavkhan aimag Governor’s office between 18-19 September, 2020.
Prime Minister works in Darkhan-Uul, Selenge aimags
Prime Minister of Mongolia U.Khurelsukh has worked in rural aimags. During his working trip to Darkhan-Uul aimag on September 17, Prime Minister Khurelsukh said that Darkhan-Uul aimag will develop as an agrarian and food production region in accordance with the government’s resolution and visited some agricultural fields in the region.
Mongolian consumers’ understanding about sustainable wool and cashmere products
The AVSF Mongolia’s project on Sustainable Textile Production and Eco Labelling – SteP EcoLab organized a meeting to introduce the findings of a Survey to determine the Mongolian consumers’ perception about sustainable wool and cashmere products.
Accelerating Mongolia’s development requires shift “from Mines to Minds”: World Bank
A new report by the World Bank estimates that out of every dollar in mineral revenues Mongolia has generated over the past 20 years, only one cent has been saved for future generations. The report argues that to break this cycle, Mongolia should use its mineral wealth to invest in people and institutions, while gradually reducing its dependence on the sector.
COVID-19: Partnerships in Improving SME Access to Credit – 2021 forum held
On September 16, 2020, “COVID-19: Partnerships in Improving SME Access to Credit - 2021” forum was organized under the USAID Mongolia funded BEST program. The event served as a platform for private and public sector representatives to openly discuss and propose potential solutions to address current SME financing issues.
Subcenters to encourage SME development
A discussion themed ‘Solutions for the development of small and medium enterprises (SMEs)’ took place at Bayankhoshuu business incubator.
Gross industrial output drops by 18.4 percent from previous year
According to the preliminary results, the gross industrial output reached MNT 9.6 trillion in the first eight months of 2020, decreased by MNT 2.2 trillion (18.4%) from the same period of the previous year.
Central bank lowers policy rate by one percentage point
The Monetary Policy Committee of the Bank of Mongolia (BoM) has issued a decision to lower the policy rate by one percentage point to 8 percent and introduce long-term repo financing, reported the authorities of the BoM at the press conference on September 14.
ADB: Deeper 2020 contraction expected in Mongolia before 2021 rebound
Mongolia’s economic contraction continues to deepen due to the ongoing impacts of the coronavirus disease (COVID-19) pandemic, but it will recover in 2021 as regional economies rebound, says a new report by the Asian Development Bank (ADB).
IFC, MBA work to improve access to funding for MSMEs through developing value chain finance in Mongolia
A new agreement between IFC, a member of the World Bank Group, and the Mongolian Bankers Association (MBA) will help improve access to funding for 200,000 micro, small and medium enterprises (MSMEs) cumulatively over the next 5 years by developing a vibrant market for value chain finance in Mongolia.
World Bank Group’s Response to COVID-19 in Mongolia
The World Bank Group is moving quickly to help countries respond to the COVID-19 pandemic. In Mongolia, the Bank has been working closely with the government to address various challenges brought by COVID-19.
Non-performing loans in banking system make up 11.3 percent of total loans
At the end of August 2020, the total amount of outstanding loan to entities and individuals amounted to MNT 17.4 trillion, increased by MNT 53.2 billion (0.3%) from the previous month, while it is decreased by MNT 876.9 billion (4.8%) from the same period of the previous year. In the total outstanding loans, MNT 8.8 trillion (50.7%) was individual loans.
Term deposits in foreign currency rise by 58.6 percent from previous year
The national currency in circulation reached MNT 928.2 billion at the end of August 2020 increased by MNT 1.9 billion (0.2%) from the previous month, and MNT 2.5 billion (0.3%) from the same period of the previous year.
Vegetable production offers diet and poverty reduction benefits for Mongolia, says new book
Increased vegetable production in Mongolia would have a positive benefit on poverty reduction, as well as provide a more balanced diet for its citizens, according to a new book launched today by the Asian Development Bank (ADB) and the Government of Mongolia.
Project to increase farmer households' income to be implemented in Kherlen soum
‘Vegetable production and irrigated agriculture’ project is being implemented in Khovd, Gobi-Altai, Zavkhan, Bayan-Ulgii, Selenge, Tuv and Khentii aimags in 2020-2026.
Equilibrated balance shows deficit of MNT2.7 trillion
According to the preliminary results in the first eight months of 2020, the total revenue of the general government budget was MNT 6.1 trillion.
100 cheese factories to be built across the country
In late August, the Wealth Creators Support Association (WCSA) of Mongolia and Mongolian Artisan Cheesemakers Union (MACU) LLC signed a memorandum of cooperation to jointly build 100 cheese factories, thus creating new jobs, increasing the value of milk supplied from herders, and bringing the dairy product to international markets.
Mongolia-Singapore trade turnover reaches USD 176.8 million
On the occasion of the 50th anniversary of the establishment of diplomatic relations between Mongolia and Singapore, the Mongolian National Chamber of Commerce and Industry, the Ministry of Foreign Affairs, the Embassy of Mongolia in Singapore and Singapore Business Federation jointly organized Mongolia-Singapore webinar business discussion yesterday in aims to expand trade and economic cooperation of the two countries.
Online platform established for domestic manufacturers to promote their products
An online platform has been established for domestic manufacturers to promote their products internationally. The ‘Mongolian Brand’ association-based platform was made according to current international standards with the help of foreign market researchers.
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