RBI Notifies $700 Million Exim Bank LoC to Mongolia for Crude Oil Refinery Project www.taxscan.in

The Reserve Bank of India (RBI) has released a new circular on May 16, 2025, informing banks and exporters about a major financial agreement between India and Mongolia. According to the circular, the Export-Import Bank of India (Exim Bank) has signed a deal with the Government of Mongolia to offer a Line of Credit (LoC) worth $700 million (about 5,800 crore rupees). This money will be used by Mongolia to build a crude oil refinery in their country. A crude oil refinery is a facility that processes raw oil into useful products like petrol, diesel, and other fuels. This project is expected to help Mongolia reduce its dependence on imported fuel.  What does this mean for Indian exporters? Indian companies can now export goods and services needed for the refinery project. But only those items that are allowed under India’s Foreign Trade Policy can be exported under this credit line. Exim Bank will decide what goods and services are approved. When does it start and end? The agreement was effective from May 6, 2025. The last date to use the funds is 48 months (4 years) after the scheduled completion date of the refinery project. Important rules for exporters: No commission allowed: Exporters are not allowed to receive any commission for these exports under this credit line. Use of own funds: If exporters still want to pay commission to agents or partners, they must use their own funds or money from their Exchange Earners’ Foreign Currency (EEFC) account, and only after the full payment for the exports is received. Export reporting: All shipments under this credit must be properly declared using official export documents as per RBI rules. Balance Sheet Audit with AI: Transforming Traditional Reviews with Intelligent Automation, Register Today Role of Banks: The RBI has asked all Authorised Dealer (AD) Category-I banks (these are banks allowed to deal in foreign exchange) to: Inform their exporter clients about this opportunity. Guide them to contact Exim Bank for full project and credit line details. Exporters can visit Exim Bank’s office in Mumbai or check their website www.eximbankindia.in for more information. Legal Note: This circular has been issued under the Foreign Exchange Management Act (FEMA), 1999, and exporters must also follow any other rules or laws that apply.

100 autonomous electric trucks begin work in giant Mongolia mine www.thedriven.io

PH, Mongolia deepen bilateral ties in landmark diplomatic talks www.pna.gov.ph

MANILA – The Philippines and Mongolia strengthened their economic and strategic partnership in a historic visit by Mongolian Foreign Minister Batmunkh Battsetseg on Monday, after over four decades.
In his speech on Monday, Foreign Affairs Secretary Enrique Manalo described the visit as a milestone in the Philippines-Mongolia relationship, noting the productive bilateral meeting with Battsetseg, that led to the issuance of the two nations’ first bilateral statement since 2000.
Battsetseg also paid a courtesy call on President Ferdinand R. Marcos Jr.
“The Philippines and Mongolia are two of the fastest-growing economies not only in Asia but in the world. The future of our bilateral partnership finds strength in our two resource-rich economies,” Manalo said.
“As middle-income countries, we share an interest in pursuing cooperation to sustain our promising development trajectories,” he added.
In a joint statement, Manalo and Battsetseg reaffirmed the enduring bonds of friendship between the Philippines and Mongolia, emphasizing that bilateral ties are founded on a shared commitment to peaceful coexistence and mutually beneficial cooperation. 
The two officials also highlighted common values such as freedom, democracy and human rights, as they stressed the importance of an open, inclusive and rules-based international order grounded in international law, equity and justice. 
The two sides agreed to advance cooperation in trade and investment, food security, English language training and regional security.
“The Secretary and the Minister reaffirmed their shared commitment to strengthening trade and investment ties by fostering sustainable economic growth and private sector collaboration, while advancing comprehensive trade cooperation, expanding trade volume, and promoting mutually beneficial market access,” the joint statement read.
Both nations expressed satisfaction with the progress on a memorandum of understanding on agricultural cooperation that aligns with the priorities of both President Marcos and Mongolian President Ukhnaa Khurelsukh, who have each declared food security as a national agenda.
Meanwhile, recognizing Mongolia’s designation of English as its second official language, the Philippines launched a pilot program for Mongolian civil servants and rural officials to study English in the Philippines, to be organized by the Technical Cooperation Council of the Philippines and Technical Education and Skills Development Authority.
Labor cooperation also featured prominently in the discussions, as Manalo thanked the Mongolian government for ensuring the protection of the rights and welfare of around 500 Filipino workers in Mongolia.
“I discussed with her our desire to forge cooperative frameworks that will better protect Filipinos in Mongolia,” he said.
The two countries identified potential cooperation in tourism, science and innovation, disaster risk reduction, and defense.
On regional security, they reaffirmed their commitment to international law, particularly the 1982 United Nations Convention on the Law of the Sea (UNCLOS), and underscored the importance of the 1982 Manila Declaration on the Peaceful Settlement of Disputes.
The Philippines and Mongolia noted their shared vision of a world free of nuclear weapons as they advance regional security and global disarmament goals. 
“The two sides decided to continue cooperating to promote nuclear weapons-free zones in the context of the review process of the Treaty on the Non-Proliferation of Nuclear Weapons,” the joint statement read. 
Mongolia expressed strong interest in becoming a Sectoral Dialogue Partner of the Association of Southeast Asian Nations, a move supported by the Philippines. In turn, Mongolia backed the Philippines’ bid for a non-permanent seat at the UN Security Council for 2027–2028.
Both sides emphasized the importance of collective action to address climate change, focusing on building resilience and prioritizing disaster risk reduction, while the Philippines expressed its full support for Mongolia’s hosting of the 17th Session of the Conference of the Parties of the UN Convention to Combat Desertification, to be held in Ulaanbaatar in 2026. (PNA)

Fifth Mongolian woman conquers Mount Everest www.qazinform.com

The Mongolian National Climbing Federation announced that International Master of Sports in Mountaineering Ariunzul Chuluunbaatar has reached the summit of Mount Everest, which rises 8,848 metres above sea level, MONTSAME reports. 
This achievement makes her the 17th Mongolian climber, and fifth Mongolian woman, to stand atop Everest. She is now descending toward Camp IV.
Honored Athlete B. Gangaamaa was the first Mongolian woman to scale Everest successfully. Since the first Mongolian set foot on the “Roof of the World” in 2005, a total of 17 Mongolian climbers have reached Everest’s summit over the past 20 years.
Noteworthy, Kazakh climbers conquered Mount Kilimanjaro, the highest peak in Africa, rising 5,895 meters.

Draft Law on Ratifying the Loan Agreement between Mongolia and IBRD Submitted to Speaker of Parliament www.montsame.mn

On May 16, 2025, Minister of Finance of Mongolia Javkhlan Bold submitted the draft Law on Ratifying the Loan Agreement between Mongolia and the International Bank for Reconstruction and Development to Chairman of the State Great Khural Amarbayasgalan Dashzegve.
If the draft Law is adopted, funding from the Loan Agreement will be channeled to the “Energy-3 Project,” which aims at upgrading the Baganuur–Choir 110 kV overhead transmission line to a 220 kV double-circuit line and expanding the Baganuur and Choir substations.
Finance Minister Javkhlan Bold highlighted that the Project is vital for meeting the rapidly growing demand for reliable, stable electricity.

Mongolian banking sector's net foreign assets decline 49.9 pct in April www.xinhuanet.com

The Mongolian banking sector's net foreign assets declined by 49.9 percent year-on-year to reach 4.9 trillion Mongolian tugriks (1.37 billion U.S. dollars), local media reported on Monday, citing data from the National Statistics Office (NSO).
During the period, the net domestic assets of Mongolia's banks reached 36.6 trillion tugriks (10.24 billion dollars), which represents an increase of 29.1 percent compared to the same period of 2024.
Meanwhile, the cumulative savings within Mongolian commercial banks demonstrated a robust performance, reaching a total volume of 21.9 trillion tugriks (6.12 billion dollars) by the end of April 2025.
It is noted that the dollar savings experienced a substantial uptick, surging by 20.1 percent, while Mongolian tugrik savings exhibited a more modest increase of 17.5 percent.
Currently, there are about 1,500 branches of 11 commercial banks operating in Mongolia.

Bank of Mongolia Ends 5-Year Losses with 2024 Profit www.insidemongolia.mn

Mongolia launches 5G Nationwide www.insidemongolia.com

Mongolia has officially launched its 5G network, marking a major step forward in the country’s digital transformation. Licenses for 5G deployment have been granted to the 5 major telecom operators, Unitel, Mobicom, Skytel, GMobile, and ONDO.
🚶 Unitel Leads the Way
Mongolians first experienced 5G in 2022 when Unitel introduced the country’s very first 5G pilot site in Ulaanbaatar. A year later, the company expanded its efforts by rolling out pilot networks across all 21 provincial centers, laying the groundwork for today’s full-scale nationwide launch. Today, Unitel remains one of the country’s most extensive network operators, with an average of 79% of the population across the 21 provinces using its services in some form.
📃 A Vision for the Future: As the leading player in Mongolia’s 5G expansion, the CEO of Unitel Group said, “This launch marks the beginning of a new business ecosystem. 5G isn’t just about speed. It offers low-latency and high-capacity connectivity that opens new opportunities in manufacturing, logistics, healthcare, and education. It enables innovation, reduces costs, and supports broader economic growth.”
 ✅ Target for 2027
With this rollout, Mongolians now join over 2 billion people worldwide who have access to 5G services. As the technology becomes a key driver of innovation, Mongolia aims to achieve 5G coverage for 70% of its population by 2027.
🤲 5G technology promises dramatically faster speeds, lower latency, and greater reliability compared to previous generations. It is expected to revolutionize sectors such as healthcare, education, logistics, and manufacturing by enabling advanced technologies like artificial intelligence, automation, the Internet of Things (IoT), and remote operations.
Overall... Although Mongolia may be a latecomer to 5G compared to more developed nations, the opportunities and advancements following the rollout of this next-generation network promise significant progress and transformation ahead. With this milestone, Mongolia positions itself not just as a technology adopter but as a future-ready, connected nation prepared to harness the full potential of the digital age.

Mongolian Mountaineers Battogtokh Altangerel and Batkhishig Baldorj Triumphantly Summit Mount Everest www.montsame.mn

Mongolian mountaineers, International Masters of Sport Battogtokh Altangerel and Batkhishig Baldorj, began their ascent of Mount Everest, which is regarded as the highest point on Earth at 8,848 meters above sea level, last week and successfully reached the summit on May 18, 2025.
With this achievement, Battogtokh and Batkhishig became the 15th and 16th Mongolians to summit Everest’s peak. The duo climbed from the Nepalese side, with their expedition lasting about half a month, and the decisive summit push was made last week. A Mongolian mountaineer first set foot on Everest twenty years ago, and since 2022, Mongolian climbers have successfully reached the summit every year.
Meanwhile, International Master of Sport Ariunzul Chuluunbaatar is currently on Everest and is scheduled to make her decisive summit attempt tonight, May 19, 2025.

Mongolian FM to visit PH for bilateral meeting on Monday www.mb.com.ph

Mongolian Foreign Minister Battsetseg Batmunkh will be in the Philippines from May 19 to 20 for an official visit, the Department of Foreign Affairs (DFA) said.
Foreign Minister Battsetseg Batmunkh of Mongolia (Photo from Ministry of Foreign Affairs of Mongolia)
In a statement on Sunday, May 18, the DFA shared that Foreign Affairs Secretary Enrique Manalo and Battsetseg will hold a bilateral meeting to assess Philippines-Mongolia relations “and to chart ways forward to further enhance the two countries’ diplomatic relations, which have entered their sixth decade.”
Aside from bilateral ties, the two officials are also expected to “discuss strategic issues of mutual concern.”
Also part of Battsetseg’s itinerary are the courtesy calls to President Marcos and Senate President Francis Escudero.
An announcement about the foreign minister’s visit to Manila was also posted on the X (formerly Twitter) account of Mongolia’s Ministry of Foreign Affairs (MFA).
In 2023, the two nations commemorated the golden anniversary of the establishment of their bilateral relations.
Battsetseg’s visit was made possible by an invitation from Manalo, who visited Mongolia’s capital city of Ulaanbaatar last August 2024.
Similar to how Manalo was the first foreign secretary from the Philippines to travel to Mongolia in an official capacity, Battsetseg’s visit this week will also mark the first official visit of a Mongolian foreign minister to the Philippines since 1984.
In October 2024, Mongolian Deputy Prime Minister Amarsaikhan Sainbuyan visited the Philippines, recommending available facilities so Philippine companies can penetrate into the Central Asian market.
Potential areas for collaboration include investments promotion, agriculture, minerals, infrastructure development, and renewable energy, among others.