Ulaanbaatar, March 31, 2026 /MONTSAME/. The MONTSAME National News Agency, in cooperation with MICC Mongolia International Capital Corporation LLC, has launched a weekly review of Mongolia’s domestic capital market and economic developments, to be published at the beginning of each week.

MONGOLIAN STOCK EXCHANGE

During the week, a total of 6.99 million securities worth MNT 15.07 billion were traded on the Mongolian Stock Exchange (MSE). Golomt Bank JSC, Khan Bank JSC, Invescore NBFI JSC, APU JSC, and Erdene Resource Development Corporation led trading by transaction value.

Two block trades were conducted during the period, specifically:

• 80,000 shares of Invescore NBFI JSC (INV) were traded at MNT 9,870 per share, totaling MNT 789.6 million;
• 1.7 million shares of Golomt Bank JSC (GLMT) were traded at MNT 1,301 per share, totaling MNT 2.2 billion;
• 233,000 shares of Golomt Bank JSC (GLMT) were traded at MNT 1,293 per share, totaling MNT 302 million.

Over the past seven days, MSE indices demonstrated relatively low volatility and stable dynamics. The TOP-20 Index declined by 0.37 percent, while the MSE A Index decreased by 0.15 percent. In contrast, the MSE B Index increased by 0.59 percent.

The decline in the TOP-20 and MSE A indices reflects minor price weakening among companies with significant weight in overall market capitalization. Meanwhile, the growth of the MSE B Index indicates that positive movements were maintained within other market segments.

Overall, the limited scale of index changes suggests that the market experienced no sharp movements or high volatility, maintaining relatively stable conditions throughout the week.

TUGRUG WEAKENED AGAINST THE U.S. DOLLAR AND OTHER MAJOR CURRENCIES IN FEBRUARY

According to the National Statistics Office, the Mongolian tugrug continued to weaken against the U.S. dollar and other major currencies in February 2026. The average monthly exchange rate against the U.S. dollar reached MNT 3,565.87, depreciating by MNT 4.8 compared to the previous month and by MNT 106.7 year-on-year.

The tugrug also weakened significantly against the euro, reaching MNT 4,221.12, representing a depreciation of MNT 41.6 month-on-month and MNT 619.7 year-on-year—the largest change among major currencies.

A similar trend was observed against other currencies. The ruble reached MNT 46.31 (up MNT 0.7 month-on-month and MNT 8.7 year-on-year), while the yuan rose to MNT 516.38 (up MNT 5.4 month-on-month and MNT 41 year-on-year), indicating continued depreciation of the tugrug.

Key indicators:

• USD/MNT: 3,565.87 (+4.8 MNT MoM, +106.7 MNT YoY)
• EUR/MNT: 4,221.12 (+41.6 MNT MoM, +619.7 MNT YoY)
• RUB/MNT: 46.31 (+0.7 MNT MoM, +8.7 MNT YoY)
• CNY/MNT: 516.38 (+5.4 MNT MoM, +41 MNT YoY)

In February, the tugrug showed broad-based depreciation against major currencies, signaling continued pressure in the foreign exchange market. Although monthly fluctuations remained moderate, annual data show clearer weakening trends, particularly against the euro. This suggests relatively stable short-term exchange rate movements but a continued depreciation trend over the medium term.

“CAPITAL CITY BOND” PRIMARY MARKET OFFERING CLOSED WITH 100 PERCENT SUCCESS

In accordance with Resolution No. 25/145 of the Citizens’ Representative Khural of the Capital City dated December 26, 2025, and Resolution No. 49 of the Government of Mongolia dated February 11, 2026, a total of 200,000 “Capital City Bonds” were publicly offered and successfully subscribed in the primary market.

The bonds have a three-year maturity, an annual interest rate of 14 percent, and a nominal value of MNT 1 million per bond, raising a total of MNT 200 billion.

The funds raised will be allocated to the first phase of the Thermal Power Plant No. 5 (TPP-5) project, aimed at expanding Ulaanbaatar’s energy supply capacity. The first block of the project is planned to be commissioned in the first quarter of 2028, with the subsequent block scheduled for completion within the same year, significantly improving heat and electricity supply in the northwestern part of Ulaanbaatar.

This bond issuance serves as a practical example demonstrating that major infrastructure projects can be successfully financed through Mongolia’s domestic capital market.