Ulaanbaatar
Promissory Notes to Be Issued to Ensure Continuous Cashmere Production
Politics
Ulaanbaatar, April 25, 2025 /MONTSAME/. To stabilize the income of herders and increase domestic production, promissory notes will be issued for additional financial resources to purchase cashmere nationwide in 2025.
Within the framework of the “White Gold” National Movement initiated by the President of Mongolia, more than 30 companies have received working capital loans worth MNT 230 billion for this year’s cashmere preparation and have bought 1,525 tons of cashmere. Domestic processing plants are working to export 3,500 tons of combed cashmere and sell 2.5 million pieces of finished products this year to increase sales revenue by MNT 600-700 billion, bringing the total revenue of the sector to MNT 1.8 trillion.
To ensure smooth production operations and not reduce the income of herders, it is necessary to prepare 5,600 tons of raw cashmere. Promissory note issuance will be an important driving force in overcoming financial problems and allowing constant production without losing the opportunity to compete in the global cashmere market. During its regular session, the Cabinet recommended that the Bank of Mongolia issue promissory notes.
By gradually improving the level of processing of wool and cashmere, the main non-mining export products, and fully processing them domestically, the production of value-added final products and export income will increase.
