ETT suspends mining at East Tsankhi from March 31


On March 30, ETT CEO D.Ariunbold announced ETT has fully settled the US$350 million debt to Chalco, which was received in 2011. Although the debt to Chalco has settled, the cooperation agreement between the two companies are still in effect.   During the repayment of US$350 million, 100% of coals mined from East Tsankhi was… Read more »

Finance Minister B.Choijilsuren expects IMF deal to be finalized in early May


On Friday, Finance Minister B.Choijilsuren submitted 2017 Budget Amendment to the Speaker M.Enkhbold. journalist interviewed Finance Minister in relation to the submitted draft law.   “Parliament approved the Economic Revitalization Program in November 2016. First step stated to implement a program with the IMF. From the three requirements by the IMF, budget amendment is… Read more »

BoM press release: Further policy rate cuts will be dependent on IMF Board decision


Today, BoM department executives held a press release and gave the latest information on the Monetary Policy Committee’s decision, audit on commercial banks’ asset in relation to IMF’s EFF program and other timely matters.   Starting the press release, D.Gan-Ochir, director of Research and Statistics Department of BoM, provided the latest information on financial sector… Read more »

BoM: Monetary policy rate to remain at 14%


On last Friday or March 17, Bank of Mongolia’s Monetary Policy Committee convened and decided to keep the monetary policy rate at current level or 14%.   As of February 2017, inflation rate measured by the CPI reached 2.1% nationwide and 1.4% in Ulaanbaatar city. Inflation is expected to rise gradually, but will not exceed… Read more »

PM J.Erdenebat: Chalco debt will be paid off within this month


Earlier today, PM J.Erdenebat delivered a speech in an event attended by public officials, ministers, and heads of government agencies. Starting his speech, he remarked “We had combined the five different budgets into one, and applied one financial policy and discipline. When we took the office, Mongolian budget deficit was being discussed as a bad… Read more »

Government to continually protect investors’ interest

GoM press

Investor Rights’ Protection Council held its first meeting yesterday and heard information on current state of investments, developments of major Investment Agreements, cases and disputes in the International Arbitration Court.   There is a study done that almost 50% or half of the total investors left Mongolia in the last 4 years. Certain part of… Read more »

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