Tuesday, April 22, 2014

Mongolia Brief April 22, 2014 Part II

DBM has given loans of MNT 2.5 trillion
Ulaanbaatar, April 22 (MONTSAME) Having a responsibility for being apart from commercial banks, the Development Bank of Mongolia (DBM) has granted loans to 2.56 trillion togrog since its establishment in 2011, said an executive director of the DBM Mr N.Monkhbat at a tie-free meeting held on Monday.

The DBM is considered is one of the some 500 developmental banks around the world, and the DBM held very first time its open meeting after a long-time silence in difficult time of the country's economy. Some people said it was a social order.
Until today, the DBM has made financing for 22 projects, and some of these projects have started to repay the loans, Mr Monkhbat noted. With a key purpose to back the national economic growth and finance the development, the DBM is successfully developing through its "classic" standards, he said, adding that the bank's authorized capital has doubled, reaching MNT billion.
By the previous year, the DBM's pre-tax profit reached MNT 35 billion therefore the bank has become able to carry out its activities without taking subsidy from the state, Mr Monkhbat said. As of today, the bank has a financial resource of MNT 1.83 trillion, and loans of MNT one trillion will be given through commercial banks to projects focusing on the import substitution industries and augmenting the export, he said.
The DBM's basic capital is MNT 169.3 billion, and any violations were not determined in the bank after conducting an audit examination last year.

Stock exchange news for April 22
Ulaanbaatar, April 22 (MONTSAME) At the Stock Exchange trades held Tuesday, a total of 17 thousand and 542 shares of 18 JSCs were traded costing MNT 17 million 412 thousand and 943.10.
"Genco tour bureau" /4,718 units/, "E-trans logistics” /3,000 units/, "Ulaansan” /2,459 units/, "Merex” /2,400 units/ and "Tavantolgoi” /1,763 units/ were the most actively traded in terms of trading volume, in terms of trading value--"Tavantolgoi” (MNT nine million 262 thousand and 530), "Ulaansan" (MNT two million 128 thousand and 595), "Gobi" (MNT one million 334 thousand and 200), "APU” (MNT one million 242 thousand and 600) and "Makh impex" (MNT one million 019 thousand and 597).
The total market capitalization was set at MNT one trillion 605 billion 598 million 543 thousand and 206. The Index of Top-20 JSCs was 15,757.34, increasing by MNT 100.77 or 0.64% against the previous day.

Public transport officials to gather
Ulaanbaatar, April 22 (MONTSAME) A forum on a developmental way for the public transport in Mongolia will be held Wednesday in Ulaanbaatar city.
Co-organized by 25 state-run and private public transport organization and the sector’s administrative body, the forum will take place for the first time on occasion of the 60th anniversary of the “Avtobus-1” company, the oldest public transport entity of Mongolia. The “Tenuun-Ogoo” LLC, the “Electric transport” and the Developmental Consortium for Mongolian Public Transport also will participate in it as general organizers.
Within the forum, an expert from the Ministry of Road and Transportation T.Myagmarsuren will introduce a draft state policy on auto road transport; and a head of the City’s Department of Public Transport Ch.Enkhbat will present the state policy on public transport until 2016.
Participants will deliver reports with titles “Human resources policy and standard”, “Yesterday, today and tomorrow of public transport”, “Forming and developing a sustainable and smart system for the Mongolia’s public transport”, “Route planning” and “Partnership between state and private sector”.      

Para-judokas win medals
Ulaanbaatar, April 22 (MONTSAME) Judokas with disabilities at the Mongolia’s national selected team have grabbed medals in the Para-Judo Grand Prix tournament that gave qualification points for the Rio De Janeiro Summer Paralymoics.
The competition took place on April 18-20 in Sro Paulo, Brazil. An international master of sports B.Uugankhuu won a gold medal in the men’s 60 kg contest; and A.Monkhbat--a silver medal in the men’s 66 kg weight category. Other judokas Z.Khosbayar (men’s 60 kg), E.Davaadagva (73 kg), D.Ganbat (-100 kg) and P.Bolortuya (women’s 52 kg) won bronze medals.
As the team result, the Mongolian team took fourth place in the Grand Prix tournament. For the time being, the para-judokas are having a joint training in Brazil, and this international training will continue until Wednesday.

Mongolia and USA to have transparency agreement
April 22 (business-mongolia.com) The cabinet has proposed to overcome the current financial distress by inviting foreign banks. In relation to that, the cabinet is also planning to request advisory service from the United States. Specifically, half a year ago an agreement was signed between Mongolia and the United States concerning the Transparency of International Trade and Investment between the countries. However, some politicians are concerned if the agreement is in alignment with the national interest of Mongolia. It has been said that MPRP group in the parliament requested a discussion on the issue. The agreement was originated back in 2007 when Mongolia requested to establish a free-trade agreement. In return, the U.S. responded with the agreement. The agreement requires that interested entity would be able to express their official opinion in the draft laws that is being discussed in the parliament. Also, the opinions will be required to be accepted in English. Moreover, the laws must be translated into English whithin 90 days. The question whether the agreement is going to be approved by the parliament remains open.

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