FIRST CREDIT INFORMATION BUREAU LAUNCHED
The creative disruption of the fourth industrial revolution echoes across every sector of the economy, especially apparent in the financial industry. Private companies are evolving to provide efficient, transparent, and smart ecosystems for their customers, enabling lower costs and more timely financial services. Following the start of several successful fintech and cyber services, the first Credit Bureau license was granted by Mongolbank (Central bank of Mongolia) to Buren Score LLC.
Representatives of 30 entities participate in Mongolia-Ukraine business meeting
During the Mongolia-Ukraine business meeting themed ‘Bilateral cooperation prospect’ held virtually at the Mongolian National Chamber of Commerce and Industry (MNCCI) on October 19, it was highlighted that it has become necessary to bring cooperation between the two countries to a new level.
8th meeting of Eastern Europe, Central Asia Policy Initiative held virtually
Alliance for Financial Inclusion (AFI) organized the 8th Eastern Europe Central Asia Policy Initiative (ECAPI) Expert Group on Financial Inclusive Policy (EGFIP) meeting, on October 14, 2021. The meeting focused on providing feedback and updates on the development of 2021 deliverables, and finalizing the 2022 action plan.
Coal export increased by 60 percent
Coal export to China is constantly growing. In the last three weeks, a total of 6,919 trucks and 2,017 wagons of coal crossed the border, which means it has risen by about 60 percent compared to the three weeks in August to September.
Balance of payments to be in surplus of USD200 million
The central bank considers that the economy is expected to have a 5.9 percent growth next year, which will be mainly due to the post-pandemic recovery of non-mining sector. It is also stated in a draft Basic Guidelines for 2022 State Monetary Policy that direct foreign investment and export earnings will support internal circulation, highlighted Governor of the Bank of Mongolia B.Lkhagvasuren at the meeting with the press on October 18.
Coal trucks passing through Shiveekhuren border checkpoint increases
The border committee reported that further agreements are planned to be reached on ensuring the normal operations of coal transport, and increasing coal export in phases.
EBRD and EU support Mongolian flour producer’s exports
Asia is home to diverse and vibrant culinary cultures.
The number of foreign workers increased by 9.4 percent from the previous quarter
In the third quarter of 2021, 5.8 thousand foreign citizens from 74 foreign countries were working in Mongolia with labor contract with the purpose of earning wage and income or voluntarily without purpose of earning wage and income.
Equilibrated revenue increased by 52.2 percent compared to previous year
According to the preliminary results in the first 9 months of 2021, the total revenue of the general government budget was MNT 11.1 trillion, increased by MNT 3.8 trillion (52.2%) compared to the same period of previous year. The equilibrated revenue of the general government budget was MNT 9.7 trillion increased by MNT 3.0 (44.2%) trillion compared to the same period of previous year.
Securities worth MNT 1.1 trillion traded at national stock market in first nine months
In the first 9 months of 2021, 523.6 million pieces of securities worth MNT 1.1 trillion were traded at the national stock market, increased by MNT 1058.1 billion (31.4 times more) and 313.5 million pieces of securities (2.5 times more) compared to the same period of the previous year.
Gross industrial output increased by 22 percent from previous year
By the preliminary result of the first 9 months of 2021, the gross industrial output reached MNT 13.7 trillion, increased by MNT 2.5 trillion (22.0%) from the same period of the previous year. This increase was mainly due to MNT 1.7 trillion (22.0%) increase in mining and quarrying gross output and MNT 655.5 billion (25.4%) increase in manufacturing output. Also, the electricity, thermal energy and water supply production output increased by MNT 100.3 billion (11.8%) and the water supply, and sewerage, waste management, and remediation activities production output increased by MNT 18.3 billion (18.4%) from the same period of the previous year.
Export decreased by 8.9 percent compared to previous month
In the first 9 months of 2021, Mongolia traded with 147 countries from all over the world, and the total trade turnover reached USD 11.5 billion, of which USD 6.4 billion were exports and USD 5.1 billion were imports.
Asia Pharma LLC joins ‘Blue Ribbon’ programme
On October 14, the EBRD welcomed Asia Pharma LLC to the ‘Blue Ribbon’ programme. With their entry into the programme, AsiaPharma LLC became the 59th company to join the Blue Ribbon globally and 4thfrom Mongolia.
Mongolia Shows Improvement in Management of Public Finances
Ulaanbaatar /MONTSAME/. Mongolia’s management of public finances has improved, but further reforms are needed in some areas to achieve international best practice standards, a recent World Bank assessment finds.
51 percent of Tavan Tolgoi Tulsh LLC transferred to Erdenes Tavantolgoi JSC
On October 13, the Cabinet made the decision to transfer 51 percent of the shares of Tavan Tolgoi Tulsh LLC to Erdenes Tavantolgoi JSC, obliging the Erdenes Tavantolgoi Board of Directors to resolve issues regarding the accumulated payments to be made for taxes and social insurance fees as according to corresponding legislations.
Mongolia is One Step Closer to Sustainable Production
Mongolia, known worldwide for its finest cashmere and unique nomadic culture, has approved the National MNS 6926:2021 - Standard for Sustainable Textile Production, in line with key government policies, including the country’s long-term development policy Vision 2050 and the 2030 Global Agenda for Sustainable Development. Furthermore, the National Standard indicators are in line with international standards, boosting the competitiveness of sustainably produced Mongolian genuine wool and cashmere products in foreign markets. The National Standard was officially approved by the Textile Technical Committee of the Mongolian Agency for Standardization and Metrology, with the main objective to make the textile sector environmentally friendly, socially responsible and ethical. It covers a wide range of issues such as the rational use of natural resources, energy consumption, the use of chemicals, industrial waste, social responsibility, labor protection, and animal rights.
BoM purchases 2 tons of precious metal in September
In September, the Bank of Mongolia (BoM) purchased 2 tons of precious metal. Thus, total amount of precious metal purchase has reached 15.0 tons since the beginning of this year, showing a decrease of 2.2 tons compared to the same period of previous year.
Repo financing of MNT 160 billion disbursed to commercial banks
According to the Monetary Policy Committee's decision to provide long-term repo financing in the fourth quarter of this year, a total of MNT 160 billion was disbursed by the Bank of Mongolia to four commercial banks.
Mongolian SDG Finance Taxonomy Development discussed at 2021 GFLP Webinar on Sustainable Finance
The UN Joint Programme ‘Rolling Out an Integrated Approach to the SDGs (Sustainable Development Goals) Financing in Mongolia’ has shared the current progress on developing SDGs Finance Taxonomy in Mongolia in the 2021 GFLP (Global Green Finance Leadership Program) Webinar ‘GFLP in Support of Net Zero: Roadmap for Sustainable Finance’, in a panel with the Climate Bonds Initiative, International Capital Markets Association, Sustainable Finance Institute Asia, World Wide Fund for Nature and Green Finance Centre, Tsinghua University.
B.Turmunkh: I illustrated 60 pieces for the updated version of ‘The Secret History of Mongols’
D.Sumiyabazar: Law on Legal Status of Ulaanbaatar City has been successfully amended after 27 years
P.Khaliun: I believe the relations between two countries will soon reach strategic partnership