Measures to be taken to increase foreign exchange reservesPolitics
Ulaanbaatar/MONTSAME/. At its regular meeting today, October 5, the Cabinet made a resolution to take the following measures in order to increase the foreign exchange reserves.
The measures include the issuance of electronic payment receipts to all stages of mineral extraction, processing and transportation; introduction of a system for determining the origin of products by registering all related contracts in the unified tax system within the fourth quarter of 2022, introduction of a system for electronic customs clearance. Mining activities will only be conducted by using this system from the first day of 2023, and in case of not being registered in the electronic system, they shall not be allowed for export.
The resolution also states that automatic customs clearance system, coal testing laboratory and smart gateway facilities will be put into operation at Shiveekhuren port in 2022, Gashuunsukhait and Zamyn-Uud ports in the third quarter of 2023. It will enable to carry out laboratory tests quickly at the border, automatically record the test results in the customs clearance and transfer the results to the system promptly.
By implementing reforms of the system for increasing the country’s foreign exchange reserves and measures to increase real foreign exchange earnings from exports in the short and medium term, it is considered that the sale of minerals will become transparent, it will become possible to trade resources at international prices, registration of electronic receipts will be made at all stages from extraction to export, the system will be introduced for automatic performance of mineral analysis conclusions and customs clearance, and there will be a possibility to increase the country’s foreign exchange reserves.