On June 6, 2016, Gobi JSC (MSE: GOV) announced at a press conference that the company will produce 100,000 cashmere coats by 2021, as opposed to production of only 30 cashmere coats in 2007. On April 3 2017, GOV opened its 2 textile plants with a capacity to produce 100,000 cashmere coats to achieve… Read more »
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 »
In the ratified 2017 Budget, the copper price was estimated around US$4,800 per ton and coal price was projected to be around US$32-52 per ton. In January 2017, copper prices at the London Metal Exchange averaged around US$5,736.9 per ton and copper prices varied around US$58.8-127.7 per ton, depending on the location and contents. … Read more »
Today, ETT CEO D.Ariunbold announced the company has fully paid off US$350 million debt to Chalco. CEO said “US$350 million debt to Chalco is paid 100% as of March 30. Therefore, East and West Tsankhi mine coal sales revenue will go to the budget. Debt prolonged for 6 years was paid off in 7 months…. Read more »
An interview with the BoM Governor N.Bayartsaikhan was published on gogo.mn, where he talked about the IMF program and its implications on the economy in medium-term. Governor said “In relation to the IMF program, we will implement 4 measures to support budget, financial sector, economic competitiveness and economic diversification. As a result, budget deficit will… Read more »
On Friday, Finance Minister B.Choijilsuren submitted 2017 Budget Amendment to the Speaker M.Enkhbold. News.mn 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 »
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 »
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 »
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 »
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 »
