Mongolian Economy and Finance

  China and Russia are exporting gasoline to Mongolia on an emergency basis to assist the country to cope an energy supply shortage. An oil train departing from China arrived at Mongolia through the China-Mongolia border on Sunday, carrying 2,750 tons of AI-92 gasoline, according to a notice issued by Ministry of Mining and Heavy Industry of Mongolia.  It is also reported that an oil train from Russia has arrived in Altanbulag, Mongolia on Sunday, carrying 1,212 tons of AI-92 gasoline. With the arrival of the oil tankers Mongolia said it will resume the normal supply of gasoline in the country from Monday, Mongolian fuel management authorities announced on Sunday. At the request of the Mongolian government, China is to increase fuel oil exports. Due to the shortage, gas stations in Mongolia have been limiting supply to the public. Mongolia consumes 38,000 to 40,000 tons of AI-92 gasoline each month, with the landlocked nation entirely dependent on outside supply, of which more...

Mongolian Foreign Minister Battsetseg Batmunkh has said that Russia and China are willing to increase fuel exports to the East Asian country to combat the domestic fuel shortage, Mongolian Ikon News reported on Thursday MOSCOW (UrduPoint News / Sputnik - 23rd September, 2021) Mongolian Foreign Minister Battsetseg Batmunkh has said that  Russia  and  China  are willing to increase fuel  exports  to the East  Asian  country to combat the domestic fuel  shortage , Mongolian Ikon News reported on Thursday. Speaking on the sidelines of the 76th session of the  UN  General  Assembly  in  New York , the official told the  news  outlet that both  Moscow  and  Beijing  had promised to ramp up their fuel  exports  to  Mongolia . Mongolia imports roughly 90% of its fuel  from   Russia , with  China  covering the rest. In  April ,  Moscow  decreased f...

The servicemen have also accomplished a complex combat training operation within specified time limits for unloading military hardware from a railway platform and conducted a march about 60 km long to the Doytym An proving ground ULAN-UDE, September 23. /TASS/. The Selenga 2021 international counter-terror drills with the participation of Russian military personnel kicked off in Mongolia, the press office of Russia’s Eastern Military District told TASS on Thursday. "The Russian troops have arrived for their participation in the Selenga 2021 annual joint Russian-Mongolian drills at the Doytym An training ground, and their opening ceremony has been held today. Overall, the exercise will involve up to 1,500 personnel and over 200 items of armament and military hardware from both sides," the press office said in a statement. The servicemen have also accomplished a complex combat training operation within specified time limits for unloading military hardware from a railway platfor...

  Any mention of Mongolia’s candidacy was notably absent from President Khurelsukh’s U.N. speech. Does that pave the way for Japan to win a nonpermanent seat in the U.N. Security Council? September 24 (The Diplomat) The annual U.N. General Assembly is a grand stage for foreign policy announcements, along with the opportunity for world leaders to meet up on the sidelines. This opportunity has been especially meaningful for Mongolian President Khurelsukh Ukhnaa, as he was only elected in June. Khurelsukh has embraced this opportunity for an in-person visit and has been making the rounds in New York to meet counterparts and U.N. officials. His  September 22 speech  to the General Assembly reviewed Mongolia’s relationship with the United Nations. However, he did not mention Mongolia’s candidacy for a nonpermanent seat on the Security Council in next year’s election, suggesting that Mongolia is not actively pursuing election and instead ceding the seat to Japan. Khurelsukh’s s...

The last 60 days have been a brutal stretch for iron investors. As a result of China cutting back on iron ore production as a means of reducing pollution, the iron and steel sectors have both been walloped. Iron ore prices have collapsed about 60% since a record in May. And in less than two months, three of the world's largest ore miners, Rio Tinto, BHP and Vale have lost roughly $110 billion in market value. What can we say? It’s tough being Iron Man. But if you’ve been sniffing around the ore space waiting for the right time to get in, this could be it. China’s restrictions may provide short-term pain for investors, but the planet’s need for iron ore and steel isn’t going away. Here are four iron-related investments that might be worth pouncing on ⁠— maybe even with  your spare change . 1. Rio Tinto (RIO) Rio Tinto, despite its stock being down almost 30% since the end of July, may be the most intriguing option out there. As one of the world’s largest producers of iron ore, Rio’s...

ULAN BATOR, Sept. 22 (Xinhua) -- Mongolia's GDP is expected to grow 4.6 percent in 2021 on the back of continued economic rebound, the Asian Development Bank (ADB) said Wednesday. The latest growth projection is slightly lower than the 4.8 percent forecast by the ADB in April. Major drivers of the country's economic growth include robust export demand, increased private outlays as well as strong economic recovery of its neighbor China, the ADB said in its Asian Development Outlook 2021 Update. "Despite over 65 percent of the country's total population becoming fully vaccinated, public health concerns and economic uncertainty remain high, and Mongolia has faced a significant challenge to mitigate COVID-19 risks to ensure sustainable economic recovery," said Pavit Ramachandran, ADB country director for Mongolia. "Continuing health responses, maintaining macroeconomic stability, ensuring accommodative policies, targeting social protection, and fostering investme...