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Central Bank of Mongolia raises policy interest rate to 12 percent

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Trans. by B.MENDBAYAR The Central Bank of Mongolia has announced its Monetary Policy Council’s decision to increase the bank’s policy interest rate by 1.5 percent, an increase to 12 percent. The policy interest rate has been at 10.5 percent since June 2013. The Governor of the Central Bank, N.Zoljargal, explained that the Bank of Mongolia [...]

August 1st, 2014 | Posted in Business & Economics | Read More »

120 projects to be financed by the Chinggis and Samurai bonds

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Trans. by B.MENDBAYAR The Development Bank of Mongolia is working to finance a total of 120 projects with its first Eurobond of 580 million USD, the Chinggis Bond, Samurai Bond, and its own assets. The projects cover eight sectors, namely transportation, construction, infrastructure, energy, mining, small and medium-sized enterprises, agriculture and light industry. The bank [...]

July 29th, 2014 | Posted in Business & Economics | Read More »

Mining adds 481.2 billion MNT to the State Budget

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Trans. by B.MENDBAYAR The mining sector accounts for 18.5 percent of Mongolia’s gross domestic product (GDP), 66 percent of its industry, 83.2 percent of overall exports, 17.5 percent of contributions to the state budget and 81 percent of foreign investment. As of the first half of 2014, Mongolia’s mining industry exploited 479,900 tons of copper [...]

July 27th, 2014 | Posted in Business & Economics | Read More »

Ovoot coal to be supplied to Zavkhan Power Station

According to proactiveinvestors.com, Aspire Mining Ltd, registered with the Australian Stock Exchange, established a non-binding memorandum of understanding (MoU) to sell up to 250,000 tons of oxidized (non-coking coal) coal per year to Zavkhan Power Station. Notably, this provides a potential revenue stream from a product that would otherwise be considered a waste material. Small [...]

July 27th, 2014 | Posted in Business & Economics | Read More »

USD exchange rate remains unstable after 38.6 million USD supplied

Despite Mongolbank’s attempt to stabilize exchange rates, the rate of the MNT keeps decelerating. Mongolbank supplied 26.4 million USD and 10.6 million CNY (1.6 million USD) at their currency auction, and 10.6 million USD through a swap agreement on July 22. On the same day, the MNT-USD exchange rate at the Naiman Sharga currency exchange [...]

July 27th, 2014 | Posted in Business & Economics | Read More »

More than 87,000 citizens to receive food coupons

For five years, the Government of Mongolia has implemented a food coupon program for citizens with income below the nation’s subsistence level. The Ministry of Population Development and Social Protection conducted a study to determine the subsistence level this year, and will grant 87,778 members of 15,137 families food coupons. With the monthly coupons, 10,000 [...]

July 27th, 2014 | Posted in Business & Economics | Read More »

Khoshoot mine coal to be exploited

Mongolia Energy Corporation, registered with the Hong Kong Stock Exchange, announced its decision to start exploiting coal from its Khoshoot mine located in Darvi soum of Khovd aimag. In 2014, the company sold 15,300 tons of coal, which is three times less than sales of the previous year. The company also said its pre-tax loss [...]

July 27th, 2014 | Posted in Business & Economics | Read More »

Oil & Oil Shale Mongolia 2014 scheduled for September

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Oil & Oil Shale Mongolia 2014 international investment conference is back with a newly scheduled program on September 10 and 11, in Ulaanbaatar. The official decision to change the date was made by the hosts of the event, the Ministry of Mining, and Petroleum Authority of Mongolia and Minex Mongolia LLC, after the Parliament of [...]

July 27th, 2014 | Posted in Business & Economics | Read More »

Mining and petroleum activities updates

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Trans. by B.MENDBAYAR The Ministry of Mining held the monthly Transparent Mining press conference on July 23. Deputy Minister of Mining O.Erdenebulgan and other officials attended the press conference and provided updates on the nation’s mining and petroleum activities. O.Erdenebulgan said, “Draft bills to make amendments to the Minerals and Petroleum Law were approved on [...]

July 24th, 2014 | Posted in Business & Economics | Read More »

The pace of Mongolia’s economic growth to slow

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Trans. by B.MENDBAYAR The World Bank Group has lowered its previous forecast of Mongolia’s economic growth from double-digits to 9.5 percent, coinciding with an April forecast by the Asian Development Bank which predicted a growth rate of 9.5 percent. Two international financial organizations that actively operate in Mongolia have now predicted that Mongolia’s economic growth [...]

July 24th, 2014 | Posted in Business & Economics | Read More »

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