Mongolia hikes diesel price by 300 MNT www.news.mn

Oil prices have increased from $70 to $110 due to the Middle East crisis. In response to this situation, the Prime Minister of Mongolia ordered the establishment of a working group to assess potential developments and address related challenges.

Currently, Mongolia has sufficient reserves of petroleum products. For example, reserves of AI-92 gasoline are sufficient for 42 days, while diesel fuel reserves are sufficient for 28 days.

AI-92 gasoline is currently priced at a fixed rate of $705 and will not increase as of today. However, a price rise in diesel fuel is considered unavoidable. Initially, diesel prices will increase by 300 MNT. Industry experts believe this increase will not have a significant impact on inflation. They aim to raise prices gradually rather than implementing a sharp increase of 1,000–1,500 MNT at once. A sudden, steep rise could lead to shortages and further pressure on inflation.

Government to liberalize energy prices by end of year www.gogo.mn

The government led by Prime Minister G.Zandanshatar is working to liberalize energy prices by the end of this year. Under the plan, prices will be freed from fixed setting by the state and the Energy Regulatory Commission.

Cabinet members say the long-debated issue is expected to be resolved once and for all.

The Energy Regulatory Commission last raised consumer electricity tariffs on November 15, 2024. At that time, the average electricity price for households and businesses was set at MNT 216 per 1 kWh, bringing it closer to actual costs.

In November 2024, the Energy Regulatory Commission also increased heating prices by an average of 85%. The decision was scheduled to take effect on May 16, 2025, but was later postponed until 2027 due to concerns that it would raise inflation and negatively affect citizens’ livelihoods.

If heating prices are adjusted to actual costs, the price in the capital alone would reach MNT 1,012.

In a statement on March 24, Minister of Economy and Development J.Enkhbayar said the increase in energy prices is estimated to raise inflation by 1.5-2.4%. “The share of energy costs in a household’s monthly income has decreased. Compared with other countries, our energy prices are low. In the future, energy demand will increase every year,” he said.

Despite higher electricity prices, new power sources and expanded capacity, the energy sector continues to operate at a loss of trillions of tugriks. Liberalizing prices would help reduce losses and attract investment into the sector.

Mongolia’s meat exports to Middle East reach USD 60 million www.gogo.mn

J.Enkhbayar, First Deputy Prime Minister and Minister of Economy and Development, made a statement on March 24, 2026, regarding the possible impact of the tense situation in the Middle East on Mongolia’s economy, as well as the measures to be taken and current issues.

Minister J.Enkhbayar said the risk of a direct impact on Mongolia’s economic relations with China and Russia is high, particularly in connection with key export products. However, he noted that the impact on economic relations with Middle Eastern countries is minimal.

He said Mongolia exports about USD 60 million worth of meat to the Middle East, with Iran and Qatar among its main markets. According to him, measures will be taken to stabilize these exports and shift them to other regions if necessary. He added that the risk is expected to remain low, as Mongolian livestock meat has a relatively strong reputation in the region and demand remains high.

Mongolia exports 64 types of products to the Middle East, accounting for 0.42 percent of total exports. Imports from the region are also limited, at about USD 8.8 million, meaning the overall impact on Mongolia’s economy is expected to be small, Minister J.Enkhbayar said.

No Disruptions in Fuel Supply; Domestic Reserves at Normal Levels www.montsame.mn

First Deputy Prime Minister of Mongolia and Minister of Economy and Development Enkhbayar Jadamba received representatives of the “Fuel Price Council” at the Ministry of Economy and Development, where they exchanged views on the current situation and policy measures to be implemented.

During the meeting, participants discussed policy solutions to mitigate the risks and impacts on Mongolia’s economy stemming from rising international petroleum prices, driven by the ongoing conflict in the Middle East.

The Ministry of Industry and Mineral Resources provided an update on the current status of fuel reserves and procurement, noting that there have been no disruptions in supply and that domestic reserves remain at normal levels.

Representatives of the “Fuel Price Council” emphasized that the increase in global oil prices, as well as the rise in border prices of fuel supplied from the Russian Federation, are creating conditions that directly affect retail fuel prices in the domestic market. They presented several proposals aimed at reducing the adverse impact of sharp price increases.

In his remarks, First Deputy Prime Minister Enkhbayar emphasized that rising international oil prices are a key factor driving imported inflation in Mongolia. He highlighted the importance of easing short-term pressure from price increases while maintaining market stability in the medium term. He also stressed that government policy should be based on principles that do not disrupt normal market functioning and that protect fiscal and financial stability.

As a result of the meeting, it was decided to consolidate the proposals of relevant organizations and present them at a Cabinet meeting.

S. Korea, Mongolia discuss accelerating economic partnership negotiations www.english.kyodonews.net

SEOUL - South Korea and Mongolia discussed Tuesday ways to accelerate negotiations for a bilateral comprehensive economic partnership agreement (CEPA), Seoul's trade ministry said, with the agreement expected to deepen critical minerals cooperation between the two countries.

Kwon Hye-jin, director general for trade negotiations at the Ministry of Trade, Industry and Resources, visited Mongolia to meet with trade and resources officials, including Batkhuu Idesh, who heads Mongolia's CEPA negotiation team.

South Korea and Mongolia had held four rounds of CEPA negotiations until November 2024, but the talks have stalled due to concerns within Mongolia over market opening and differences over details in agreement on goods and rules of origin, according to the ministry.

In Tuesday's meeting, Kwon called for efforts to bridge difference in those areas, while proposing that the two countries include critical mineral supply chain cooperation in CEPA talks, the ministry said.

Mongolia holds abundant deposits of critical minerals, such as copper, molybdenum and rare earths, making the country a promising partner for Seoul's supply chain cooperation, according to the ministry.

"Mongolia is an emerging market where Korean companies are actively expanding their business and also an important partner for resource cooperation," Kwon said in a press release, vowing efforts to accelerate CEPA negotiations with the country.

South Korea Changes Korean Spelling of Mongolian Capital to Respect Local Pronunciation www.en.sedaily.com

The official Korean-language spelling of Mongolia's capital will change from "Ulanbator" to "Ulaanbaatar," South Korea's Ministry of Culture, Sports and Tourism announced Wednesday.

The ministry, led by Minister Choi Hwi-young, and the National Institute of Korean Language reviewed a request from the Ministry of Foreign Affairs (led by Minister Cho Hyun) to change the Korean spelling of the Mongolian capital and decided to finalize the change from "Ulanbator" to "Ulaanbaatar."

According to the culture ministry, the Korean spelling of Mongolia's capital had customarily been written as "Ulanbator (UlanBator)." However, this spelling differs from the local Mongolian spelling and pronunciation, causing administrative inconveniences. The Ministry of Foreign Affairs, reflecting the opinions of Korean citizens and Mongolian locals, requested the culture ministry to review changing the Korean spelling from "Ulanbator," a form long used based on the Russian transliteration, to "Ulaanbaatar," based on the Mongolian spelling. In the currently used Russian language (Cyrillic script), the name is written as "Улаанбаатар."

The culture ministry and the National Institute of Korean Language convened the "First 2026 National Institute of Korean Language Foreign Proper Noun Review Committee" to resolve confusion surrounding the Korean spelling of the Mongolian capital. The committee reviewed the Korean spelling based on local pronunciation and local script, and decided to adopt "Ulaanbaatar."

A Ministry of Foreign Affairs official said, "Mongolia had requested the spelling change considering the close relationship between Korea and Mongolia, and there have been steady inquiries from citizens due to spelling confusion, so we welcome this review decision. We believe this decision will contribute to the future-oriented development of bilateral relations and the spread of friendly perceptions between the peoples of both countries," the culture ministry conveyed.

From forecasts to foresight: Strengthening Mongolia’s climate intelligence through partnership www.undp.org

As Mongolia marks World Meteorological Day, attention turns to the science and systems that help the country anticipate climate risks, protect lives, and plan for a more resilient future. This year also coincides with 50 years of partnership between UNDP and Mongolia, a milestone reflected in long-standing collaborations that have strengthened national institutions over decades. At the heart of this partnership stands National Agency for Meteorology and Environmental Monitoring (NAMEM), whose long-standing cooperation with UNDP has played critical role in advancing Mongolia’s meteorological and environmental monitoring systems.

Mongolia’s vast geography and extreme climate make reliable meteorological and environmental information essential for national development. From droughts and dzuds to floods and heatwaves, weather and climate patterns shape livelihoods, ecosystems, and economic stability. From the outset of its engagement in Mongolia, UNDP supported national efforts to strengthen meteorological and environmental monitoring capacities, at a time when such systems were still emerging.

During the early years of cooperation, working alongside NAMEM, UNDP supported the establishment of an information and computing center, which strengthened centralized data processing, long-term climate records, and systematic environmental analysis. This effort improved the accuracy and reliability of weather forecasting nationwide, benefiting people across the country.

As the country’s development context evolved, so did the partnership. Climate risks intensified, and national planning increasingly relied on timely, high-quality data. UNDP’s support expanded to institutional strengthening, technical advisory services, and support for integrating climate and environmental information into national policies, early warning systems, and decision-making processes.

A major recent milestone in this long-standing collaboration has been the introduction of high-performance computing capacity to support climate and environmental modeling in Mongolia. NAMEM received a next-generation computing system from UNDP’s ADAPT project, funded by the Green Climate Fund, which significantly improved the country’s capacity to handle complex climate data. This capacity enables more accurate forecasting, improved risk analysis, impact-based forecasting, and stronger early warning, particularly for rural communities whose livelihoods are most exposed to climate variability.

For NAMEM, this development represents more than a technological upgrade. It reflects forward-looking risk management, where science and data guide decisions before hazards escalate into crises. “Our partnership with UNDP has been valuable in strengthening Mongolia’s meteorological and environmental monitoring system. It has reduced uncertainty, improved the accuracy of weather forecasts, and enabled robust modeling of future climate trends, supporting more informed planning and risk management across agriculture, infrastructure, and disaster preparedness,” said the Director General of NAMEM, Battulga Erkhembayar.

The UNDP Resident Representative in Mongolia, Matilda Dimovska, emphasized that this cooperation reflects the UNDP’s long-term commitment to supporting national institutions. “Strong institutions are essential for sustainable development, and they are built through long-term partnerships. Building on five decades of collaboration, UNDP looks ahead with a continued commitment to strengthening national capacities that support evidence-based, climate-resilient, and future-fit development in Mongolia.”

As UNDP marks 50 years of partnership with Mongolia, this collaboration with NAMEM stands as a clear example of how long-term support for national capacity can deliver lasting impact. On World Meteorological Day, it serves as a reminder that behind every forecast lies decades of investment in knowledge, institutions, and trust and that building resilience is a continuous journey grounded in partnership.

Mongolia wants to increase imports of oil, petroleum products from Kazakhstan www.interfax.com

The authorities of Mongolia and Kazakhstan have signed a memorandum of understanding with the aim of developing cooperation in the energy and mining sectors, according to a statement on the website of the Mongolian Industry and Natural Resources Ministry.

Mongolian Industry Minister Gankhuyagiin Dambinyam held a meeting with Kazakh First Deputy Trade and Integration Minister Aizhan Bizhanova to discuss the expansion of bilateral cooperation, the statement said.

"The sides discussed opportunities for cooperation in the areas of mineral exploration and mining, petroleum products and nuclear energy, with Mongolia proposing a long-term agreement on the import of crude oil and petroleum products from Kazakhstan," it said.

It was noted that Kazakhstan expressed support for this initiative.

The sides also discussed potential joint projects in the manufacturing industry, particularly in the area of gold refining. The authorities of both countries agreed to cooperate in the aforementioned areas by signing a memorandum of understanding.

Kazakhstan is one of Mongolia's main economic partners in Central Asia. According to data from the Mongolian General Customs Administration, total trade turnover with Kazakhstan in 2025 amounted to $58.4 million, up 7.7% compared to the previous year. Petroleum products account for only 1.5% of the import structure.

As reported, in summer last year, the authorities of Mongolia and Kazakhstan announced their intention to increase bilateral trade turnover to $500 million. To achieve this goal, the sides agreed to create new short transport routes and logistics corridors.

It was also reported that Mongolia is looking for ways to diversify its imports amid the military operation being carried out by the United States and Israel against Iran, which prompted a rise in global oil prices. In order to mitigate the impact of rising oil selling prices in the country, the Mongolian authorities decided to adjust customs duties on imports of petroleum products from Russia. Russia is the main supplier (95%) of petroleum products to Mongolia.

Chairman Uchral Holds Talks with Chairman Zhao Leji www.montsame.mn

Chairman of the State Great Khural and Chairman of the Mongolian People’s Party, Uchral Nyam-Osor, is paying an official visit to the People’s Republic of China from March 22–24, 2026, at the invitation of the Communist Party of China.

During the visit, he met and held talks with the Chairman of the Standing Committee of the National People’s Congress and Member of the Political Bureau of the CPC Central Committee, Zhao LejiZhao LejiZhao LejiZhao LejiZhao LejiZhao Leji.

Chairman of the State Great Khural Uchral expressed his pleasure at commencing his first official foreign visit, in his capacity as Chairman of the Mongolian People’s Party, with China. He congratulated Chairman Zhao Leji, noting that the National People’s Congress, under his leadership, plays an important role in strengthening China’s position globally and advancing political reforms.

He also congratulated the successful convening of the Fourth Session of the National People’s Congress and the final approval of the 15th Five-Year Plan for Economic and Social Development of the People’s Republic of China. Chairman Uchral conveyed greetings from President of Mongolia Khurelsukh Ukhnaa to President of the People's Republic of China Xi Jinping, and expressed Mongolia’s readiness to welcome President Xi Jinping at a time convenient for him.

Furthermore, he reaffirmed Mongolia’s consistent support for the “One China” policy and emphasized that relations, cooperation, and mutual trust between the ruling parties and legislative bodies of the two countries hold an important place in the Comprehensive Strategic Partnership between Mongolia and China. He noted with satisfaction the active exchanges, reciprocal visits, and the longstanding friendly relations between the two legislatures.

Chairman of the Standing Committee of the National People’s Congress Zhao Leji expressed his pleasure at meeting Chairman Uchral and noted with satisfaction that relations and cooperation between China and its close neighbor Mongolia have deepened and expanded across all sectors in recent years.
He also reaffirmed that China respects Mongolia’s independence, sovereignty, and the development path chosen by its people.

Mongolia-UK Roundtable Meeting Held www.montsame.mn

The 16th Mongolia-UK Roundtable Meeting was held on March 23 in Ulaanbaatar.

The meeting was co-chaired by Deputy Minister of Foreign Affairs Amartuvshin Gombosuren and Parliamentary Under-Secretary of State for Indo-Pacific in the Foreign, Commonwealth and Development Office of the United Kingdom of Great Britain and Northern Ireland, Seema Malhotra, with participation from representatives of relevant ministries.

During the meeting, the two sides highlighted that Mongolia-UK relations and cooperation have been actively developing thanks to the efforts of both parties. They emphasized the importance of maintaining the frequency of political dialogue, elevating relations to a Comprehensive Partnership, fully utilizing the potential of trade, economic, and investment cooperation, and further expanding collaboration, particularly in culture, education, and people-to-people exchanges.

In this context, the parties agreed to strengthen cooperation in the following areas: civil society, Ulaanbaatar metro project, English language education, trade and investment, and critical minerals.

They also exchanged views on climate change, energy transition, and other issues attracting international attention, and expressed their commitment to continue cooperating to successfully host the 17th Conference of the Parties (COP17) to the United Nations Convention to Combat Desertification, which will take place in Mongolia this August.

The two sides reaffirmed their commitment to regular political dialogue between Mongolia and the UK and exchanged views on certain regional and international issues.