Ulaanbaatar
Measures to be taken to increase foreign exchange reserves
Politics
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.
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