Mongolian Economy and Finance

KEY FINDINGS The Mongolian economy is facing challenges from persistent economic imbalances

( live-PR.com ) - Synopsis Seasonings, Dressings & Sauces Market in Mongolia: Databook to 2017 is the result of extensive market research covering the Seasonings, Dressings & Sauces market in Mongolia.

( live-PR.com ) - Synopsis Soups Market in Mongolia: Databook to 2017 is the result of extensive market research covering the Soups market in Mongolia.

A local Rotary Club effort improved rural Mongolian birthing technology by bringing maternal and pediatric suites to five clinics in the developing country’s outskirts last month.

Number of Livestock Reaches almost 52 Million Heads By B. Khuder Ulaanbaatar, December 30 (MONTSAME) The National Statistical Committee (NSC) Tuesday released preliminary results of livestock census of this year.

Government decides to dissolve 26 foundations December 30 (news.mn) The government has decided to dissolve 26 foundations including the Clean Air Foundation, the Fund to Support Mongolian Studies, the State Education Training Fund, the Human Development Fund, Mongolian Health Promotion Fund, and Road Fund of Mongolia following research on funding.

Turkish Ambassador Meets Minister Oyunkhorol By B. Amarsaikhan Ulaanbaatar, December 29 (MONTSAME) Ambassador Extraordinary and Plenipotentiary of the Republic of Turkey to Mongolia Mr Murat Karagoz has met the newly appointed Ministers of Defense, of Food and Agriculture, of Environment Green Development and Tourism and of Foreign Affairs.

The iron ore price plummeted again on Tuesday with Northern Chinese import prices including freight and insurance dropping 3.5% to $65.60 a tonne, down more than 50% this year to levels last seen May 2009.

A woman was killed and over 20 protestors injured on Monday in clashes with police over a copper mine in Myanmar after a Chinese company announced it would resume construction at the site.

Herders in the Mongolian Gobi Altai mountains are facing pollution and displacement by an iron ore mine.

The Roman Empire did it. The British Empire copied it in style. The Empire of Chaos has always done it.

A 17th century Mongolian bronze figure was sold for 3.46 million euros ($4.3 million) at an auction in Paris today despite the Mongolian government’s efforts to block the sale.

Summary Profits have increased eight-fold since 2009. With GDP growth for 2014 expected to be approximately 7%, Mongolia remains one of the fastest-growing economies in the world. Mongolia's largest and oldest bank. 

Former USC Aiken men’s basketball standout Alvin Brown will begin his international career in Mongolia with the Erdene Drilling Rigs of the National Super League. Brown left Sunday evening for his new team.

ULAANBAATAR, December 18, 2014—Vulnerabilities in the Mongolian economy demand actions to bolster its resilience, according to the World Bank’s latest Mongolia Economic Update.

Trans. by D.SERGELEN

( live-PR.com ) - Synopsis Fortified Wine Market in Mongolia: Databook to 2017 is the result of extensive market research covering the Fortified Wine market in Mongolia.

Trans. by B.DULGUUN

Toronto, Ontario (FSCwire) - Mongolia Growth Group Ltd. (YAK ‐ TSXV and MNGGF - USA) (“MGG”) or (“the Company”) a commercial real estate investment and development company participating in the dynamic growth of the Mongolian economy announces a corporate re-alignment in order to dramatically reduce costs in-line with current Mongolian economic realities.

KUWAIT, Dec 17 (KUNA) -- Kuwaiti Ambassador to Mongolia Khaled Al-Fadhli discussed with Mongolia's Foreign Minister Purevsure Lundeg means of promoting and developing bilateral cooperation in all domains.

(The following statement was released by the rating agency)

(The following statement was released by the rating agency)

Infrastructure in Mongolia’s sprawling capital Ulaanbaatar has not kept up with the rapid growth of unplanned ger areas within the city, leading to harsh conditions for newcomers.

DUBLIN--(BUSINESS WIRE)--

AUSTIN, Tex. — Early next year, John Barton will step off a plane and look out over the snow-capped foothills surrounding the Mongolian capital of Ulan Bator.

Standing Committee Head Receives World Champion J.Nurlan By B. Khuder Ulaanbaatar, December 26 (MONTSAME) Head of the parliamentary Standing committee on state structure A.Bakei Friday received J.Nurlan, a gold medalist of the 2014 Bodybuilding World Championships held this month in Mumbai, India.

Speaker asked to apologize to MNB December 26 (news.mn) The State Great Khural appointed members of the National Council of Mongolian National Broadcaster Television and Radio (MNB) during Thursday's plenary session meeting. But the Speaker of Parliament made remarks against MNB that outraged staff and workers of the broadcasting company.

Minister Erdene Receives Volunteers By B. Amarsaikhan Ulaanbaatar, December 26 (MONTSAME) The Minister of Population Development and Social Welfare Mr S.Erdene received Thursday the members of the “Mongolian Ray-Union of Youth” NGO.

Banks in Mongolia are facing weaker profits this year as one of Asia’s fastest growing economies cools, triggering a downpour of higher borrowing costs and an increase in non-performing loans, while credit rating agencies are watching the banks’ vulnerability to China’s continued economic slowdown.

An official said that the Mongolian government will start talks with an international consortium on giant coal project Tavan Tolgoi on January 5th 2015.

A group comprising Mongolia's Energy Resources, China Shenhua Energy and Sumitomo have won the right to develop one of Mongolia's largest metallurgical-coal deposits, beating a bid from US miner Peabody Energy.

A Consortium of China's Shenhua Energy, Japan's Sumitomo and Mongolia's Energy Resources has won the tender to develop the Tavan Tolgoi deposit in Mongolia.

A group comprising Energy Resources LLC, China Shenhua Energy Co. and Sumitomo Corp. (8053) won the right to develop one of Mongolia’s largest metallurgical-coal deposits, beating a bid from U.S. mining company Peabody Energy Corp.

In the days after his 5-year-old daughter died from a rare brain disease, Gan-Erdene Ganbat’s desperate focus turned to his younger child, Nomin.

Early next year, John Barton will step off a plane and look out over the snow-capped foothills surrounding the Mongolian capital of Ulaanbaatar.

Commercial bank transfer charges found to be illegal December 25 (news.mn) Commercial banks filed suit against a report by auditors from the Authority for Fair Competition and Consumer Protection revealing that commercial banks violated the law by charging fees for transfers.

Banzuke for 2015 January Grand Sumo Tournament Released December 25 (infomongolia.com) On December 25, 2014, the Japan Sumo Association has released the Banzuke - rankings of professional sumo wrestlers for 2014 Hatsu Basho or Grand Sumo January Tournament to take place in Tokyo on January 11-25, 2015.

Management Academy Receives State Prize By B. Khuder Ulaanbaatar, December 25 (MONTSAME) By a decree of the President, the Management Academy has been awarded the Red Flag Order of Labour Merit.

Mongolia to Celebrate Insurance Day Annually on November 24th December 24 (infomongolia.com) In 2010, the Government of Mongolia issued an Ordinance No.172 that cites, “Regulation to celebrate anniversaries of historical events, bestowing honored individuals and perpetuate its memories”.

State's highest awards presented December 24 (news.mn) President Ts.Elbegdorj issued a decree and presented public figures who have achieved success in politics, culture, sports, education and agriculture with state awards today, December 24th.

National Consultation of Miners Takes Place By B. Amarsaikhan Ulaanbaatar, December 24 (MONTSAME) Such consultation is running Wednesday at the Central Cultural Palace of Trade Unions, themed “Labour Safety and Hygiene”. The Minister of Mining R.Jigjid gave the opening remarks.

Cabinet Supported IMF Amendments Ratification By B. Amarsaikhan Ulaanbaatar, December 24 (MONTSAME) The cabinet of Ministers decided on Monday to present to parliament a draft resolution on ratifying the amendments to the General Agreement of the International Monetary Fund (IMF). The amendments have been made in regard of the recent change to the Board of the IMF.

Falling RUB exchange rate to benefit Mongolia December 24 (UB Post) The USD to RUB exchange rate fell by some 45 percent this year due to the drastic decline in global oil prices and the prolonged crisis in Ukraine. The exchange rates of the RUB and MNT have shown some similar characteristics.

2015 budget cuts December 24 (UB Post) Parliament is set to make amendments to the 2015 budget of the Mongolian government. Parliament previously approved the 2015 budget revenue at 7.15 trillion MNT (29.8 percent of GDP), total expenses at 7.59 trillion MNT (31.7 percent of GDP), and the total deficit at 439.2 billion MNT (1.8 percent of GDP).

O.Nasanburmaa receives three-room apartment By B. Khuder Ulaanbaatar, December 23 (MONTSAME) A State Honored Sportswoman O.Nasanburmaa has been awarded with a three-room apartment for her sport success, grabbing third medal from the FILA Wrestling World Championships.

Mongolia and Japan to Establish Economic Partnership Agreement in First Half of 2015 December 23 (infomongolia.com) On December 22, 2014 the regular Cabinet meeting was held and one of the issues discussed and resolved was to renew members of Mongolia’s working group to establish Economic Partnership Agreement (EPA) with the Government of Japan.

Fossilized dinosaur eggs discovered in Mongolian Gobi December 23 (news.mn) Petrified dinosaur eggs were discovered this past September in Zuunbayan in Sainshand sum of Dornogovi Province.

Peacekeepers Awarded By B. Amarsaikhan Ulaanbaatar, December 22 (MONTSAME) A ceremony ran Monday to hand prizes to the military personnel who had served in peacekeeping operations in Afghanistan and Sudan.

Mongolia and India to Deepen Cooperation in Better Management of Border Security December 22 (infomongolia.com) According to Ministry of Home Affairs of the Government of India, Mongolian delegates led by Head of General Authority for Border Protection (GABP), Brigadier General Sharkhuu LKHACHINJAV have conducted a working visit to India on December 14-21, 2014.

Turkish Investors Ready to Develop Mongolia’s Greenhouse Cultivation by Investing 100 Million USD December 22 (infomongolia.com) On December 19, 2014, Minister of Food and Agriculture, Mrs. Radnaa BURMAA received in her office the Ambassador Extraordinary and Plenipotentiary of the Republic of Turkey to Mongolia, Mr. Murat Karagoz.

(The following statement was released by the rating agency)

Infrastructure in Mongolia’s sprawling capital Ulaanbaatar has not kept up with the rapid growth of unplanned ger areas within the city, leading to harsh conditions for newcomers.

Simon Cowell has taken another step forward to gaining full control of Planet Earth, after one of the last regions in the world where Got Talent didn't have a presence... now does.

The Got Talent franchise is heading to Mongolia.

Sharav Otgontsetseg, 37, from Ulaanbaatar’s Songino-Khairkhan district in Mongolia considers herself very lucky.

New Delhi, Dec. 19 ( ANI ): Union Home Minister Rajnath Singh has said that India and Mongolia need increased cooperation for effective prevention and detection of crime with the growth of global terrorism , transnational crimes like drug trafficking, smuggling of illegal arms and ammunition.

New Delhi, Dec 19 (IANS): Union Home Minister Rajnath Singh Friday said India and Mongolia should increase their cooperation for "effective prevention and detection" of issues like terrorism and trans-national crimes.

India today assured all help to Mongolia in increasing its capabilities in areas of special operations, cyber security and weapons and tactics as a delegation of the east-central Asian country's border guarding force met Union Home Minister Rajnath Singh here.

Each Friday, Roads & Kingdoms and Slate publish a new dispatch from around the globe. For more foreign correspondence mixed with food, war, travel, and photography, visit their online magazine or follow @roadskingdoms on Twitter.

Toronto, Ontario, Dec 22, 2014 (Filing Services Canada via Comtex) - Mongolia Growth Group Announces Grand Opening Of Tuguldur Center Toronto, Ontario (FSCwire) - Mongolia Growth Group Ltd. (YAK [[18]] TSXV and MNGGF - USA) (MGG) or (the Company) a commercial real estate investment and development company participating in the dynamic growth of the Mongolian economy is proud to announce that the Tuguldur Center had its grand opening celebration on Friday December 19th.

Promising no more business as usual, Mongolia’s new Prime Minister Saikhanbileg Chimed said his priority is to resolve a dispute with the country’s biggest foreign investor, Rio Tinto Group, over developing one of the world’s largest copper and gold mines.

WASHINGTON, Dec. 3 (UPI) -- "The Korean Peninsula's stability is crucial for maintaining regional peace and security," Mongolia's Ministry of Foreign Affairs emphasized Wednesday at a forum examining Mongolia's role in Korean diplomacy co-hosted by the Global Peace Foundation and CSIS in Washington, D.C.

A 17th century Mongolian bronze figure was sold for 3.46 million euros ($4.3 million) at an auction in Paris today despite the Mongolian government’s efforts to block the sale.

At the end of October it was announced that Mongolia will host the 2016 Asia-Europe Meeting (ASEM).

Since Mongolia became a global partner of NATO less than two years ago, the NATO Science for Peace and Security (SPS) Programme has supported a number of projects in the field of science and innovation. An event to review these efforts and identify ways to further enhance collaboration took place in Ulaanbaatar, Mongolia on 27 November.

Peabody Energy Corp. (BTU) and a group consisting of Energy Resources LLC (975) , China Shenhua Energy Co. (1088) , and Sumitomo Corp. (8053) are the two remaining bidders for a contract to develop Tavan Tolgoi, one of Mongolia’s largest coking coal deposits.

A group comprising Energy Resources LLC, China Shenhua Energy Co. and Sumitomo Corp. (8053) won the right to develop one of Mongolia’s largest metallurgical-coal deposits, beating a bid from U.S. mining company Peabody Energy Corp.

Minister of Roads and Transportation Meets Ambassador of Japan to Mongolia December 19 (infomongolia.com) On December 18, 2014, Minister of Roads and Transportation Mr. Namkhai TUMURKHUU received in his office the Ambassador Extraordinary and Plenipotentiary of Japan to Mongolia Mr. Takenori Shimizu.

Ambassador of Mongolia to Vatican City State, V.Purevdorj Presents Credentials to Sovereign of State, His Holiness Pope Francis December 19 (infomongolia.com) On December 18, 2014, a non-resident Ambassador Extraordinary and Plenipotentiary of Mongolia to Vatican City State, Mr. Vaanchig PUREVDORJ has presented a Letter of Credence to the Sovereign of State, His Holiness Pope Francis.

Three Key Drafts Approved By B. Amarsaikhan Ulaanbaatar, December 19 (MONTSAME) Parliament passed on December 18 the 2014 budget clarification draft law and related to it draft amendments to the laws on budgets of Human Development Fund and Social Insurance Fund, with 83.3 percent approval vote.

Location Arranged for New Hospital By B. Amarsaikhan Ulaanbaatar, December 18 (MONTSAME) The cabinet meeting on December 17 discussed again an issue of establishing a new hospital for children with 150 beds. A decision was made that the hospital will occupy a Government Building No.13, the former building of Ministry of Road and Transport.

Russian national bestowed Mongolia's Polar Star December 17 (news.mn) In accordance with a Presidential decree, Russian national Anatoly Ivanovic Matern was awarded the Order of the Polar Star for his contribution to bilateral friendly relations between Mongolia and Russia, particularly in education in Mongolia, on Tuesday.

"Reducing Hep-C in Mongolia" Program Draft Submitted By B. Amarsaikhan Ulaanbaatar, December 16 (MONTSAME) Health and sports Minister G.Shiilegdamba received on December 16 a draft of the "National program on reducing incidence of hepatitis C in Mongolia" from his Vice J.Amarsanaa. 

Ch.Saikhanbileg Meets Russian Deputy PM By B. Khuder Ulaanbaatar, December 14 (MONTSAME) The Prime Minister Ch.Saikhanbileg received Friday Mr Yu.P.Trutnev, the Deputy Premier and Presidential envoy to the Far Eastern Federal District of Russia.

Zanabazar's rare Shyama Tara sold for 4.3 million USD December 12 (news.mn) An invaluable artwork by Undur Gegeen Zanabazar in the 17th century, a rare bronze figure of Buddhist goddess Shyama Tara, was sold for 4.3 million USD at a Sotheby's auction in Paris, on December 12th, reports Bloomberg.

Ulaanbaatar Development Strategy to Be Adopted By B. Amarsaikhan Ulaanbaatar, December 11 (MONTSAME) Department for Economic Development of the capital city held a steering committee meeting on Wednesday to discuss an issuing of the Ulaanbaatar’s economic development strategies.

All Ministers Appointed By B. Khuder Ulaanbaatar, December 10 (MONTSAME) At the plenary meeting of the parliamentary session that lasted until 0.50 am on Wednesday, new Ministers for the cabinet for solutions were appointed.

Standing Committees Back Ministers Candidatures By B. Khuder Ulaanbaatar, December 9 (MONTSAME) At its meetings on Tuesday, the parliamentary Standing committees on Security and Foreign Policy and on Social Policy, Education, Culture and Science discussed matters on appointing new Ministers proposed by the "Justice" coalition's faction.

Mongolia-France Intergovernmental Working Group Meeting Approaches By B. Amarsaikhan Ulaanbaatar, December 8 (MONTSAME) The second meeting of this group will run December 8 at the Ministry of Foreign Affairs and Economic Cooperation.

Structure of New Cabinet Approved By B. Khuder Ulaanbaatar, December 5 (MONTSAME) A plenary meeting of the parliamentary session on Thursday evening adopted draft laws on a structure of the cabinet, on a composition of the cabinet, and related to them other draft laws and resolutions.

PM submits draft on government structure By Ch. Khaliun December 4 (UB Post) On Wednesday, Prime Minister Ch.Saikhanbileg submitted drafts on governmental structure, the new government’s components, an amendment to the law on government, and a Parliamentary resolution on adopting the general structure of state administrative bodies to Speaker Z.Enkhbold for approval.

Aimag's Delegation Visits Czech Republic and Slovakia By B. Khuder Ulaanbaatar, December 3 (MONTSAME) A delegation led by Mr S.Od-Erdene, the governor of Dundgobi aimag, and Mr S.Budjav, the head of the Citizens’ Representative Khural of the aimag paid a working visits to the Czech Republic and the Slovak Republic on November 27-December 2 with aims to establish brotherhood friendly ties with some states and cities of these countries.

P.Tsagaan Meets Founder of Oxford Business Group By B. Khuder Ulaanbaatar, December 2 (MONTRSAME) Head of the Presidential Office Mr P.Tsagaan Monday received Andrew Jeffreys, a founder and chief executive officer of the Oxford Business Group (OBG).

Mongolian Ambassador Contributes to Recollection of Cultural Heritage By B. Amarsaikhan Ulaanbaatar, December 1 (MONTSAME) The Ambassador Extraordinary and Plenipotentiary of Mongolia to the Russian Federation Mr Sh.Altangerel and a head of the Russian Republic of Kalmykia Aleksei Orlov have made personal contributions to a fund-raising called "Heritage".

P.Tsagaan Participates in Int’l Conference and Business Forum By B. Khuder Ulaanbaatar, November 28 (MONTSAME) Head of the Presidential Office P.Tsagaan took part in international conference themed “Eurasia week–improving the competitiveness of Eurasian region”, organized by the Organization for Economic Co-operation and Development (OECD) November 24-27 in Paris of France.

Turkish Defense Attaché Visits By B. Amarsaikhan Ulaanbaatar, November 27 (MONTSAME) Concurrent to Mongolia, the Turkish defense attache to China Colonel Ayhan Erhan is paying visit to Mongolia November 25-28.

Negotiation talks to form the new government in progress November 26 (news.mn) The DP caucus in parliament has created a task force of 6 members in charge of negotiating with political parties and coalitions in parliament on the formation of the new government, and appointed MP M.Batchimeg as head of the task force.

Mongolia-Finland Business Forum Runs By B. Khuder Ulaanbaatar, November 25 (MONTSAME) A Mongolia-Finland business forum took place on November 19 in Tampere, Finland.

State budget for 2014 to be altered By B. Khuder Ulaanbaatar, November 23 (MONTSAME) At the cabinet meeting--the very first one after the new Prime Minister Ch.Saikhanbileg was elected on Friday--amendments were discussed to the law on 2014 state budget.

Parliament Ratifies Nomination for Prime Minister of Mongolia as Chimed Saikhanbileg November 21 (infomongolia.com) Despite of unsuccessful negotiation with its opposition political force (MPP), the Democratic Party continues to promote a winning-candidate Ch.Saikhanbileg for the Prime Minister of Mongolia.

Mongolia at "Beijing+20" Conference on Gender Equality By B. Amarsaikhan Ulaanbaatar, November 20 (MONTSAME) A delegation led by the Secretary of the Ministry of Population Development and Social Welfare B.Otgonjargal is participating in the Asian and Pacific Conference on Gender Equality and Women’s Empowerment-Beijing+20.

MPs Visit Russian Buryatia By B. Khuder Ulaanbaatar, November 19 (MONTSAME) Members of the State Great Khural (parliament) L.Bold, D.Ganbat and Ts.Arvin have paid a visit to the Buryatia Republic of the Russian Federation, the gogo.mn website said Wednesday.

Acting PM Receives Vice FM of Vietnam By B. Amarsaikhan Ulaanbaatar, November 18 (MONTSAME) Acting Prime Minister and Deputy PM D.Terbishdagva received Monday a delegation led by the Vice Minister of Foreign Affairs of Vietnam Mr Dong Minh Hoi.

President Meets Participants of “New Leader in Politics” By B. Amarsaikhan Ulaanbaatar, November 17 (MONTSAME) The President Ts.Elbegdorj met with the participants of the target project “New Leader in Politics” on November 14 to answer their questions in the UBS TV's live show.

About "Politics of Green Development and Financial System" Meeting By N. Khaliun Ulaanbaatar, November 14 (MONTSAME) This theme was a focus at a breakfast at the Ministry of Environment and Green Development on November 11, arranged by the organization's head S.Oyun.

Main Guidelines of Monetary Policy 2015 Approved By B. Amarsaikhan Ulaanbaatar, November 13 (MONTSAME) A plenary meeting of parliament ran on November 13 a final discussion of a parliamentary draft resolution on enacting the main guidelines of the state monetary policy of 2015 and approved them with a majority.

President returns home from Beijing November 12 (news.mn) President of Mongolia Ts.Elbegdorj arrived home Tuesday after attending the Dialogue on Strengthening Connectivity Partnership at the Asia-Pacific Economic Cooperation (APEC) summit in Beijing, China, upon the invitation of China's leader Xi Jinping,.