Bill to prevent rise in price and shortage of key commodities submitted to Speaker

2022-04-07 10:40:24

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.