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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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GS25 launches 100th outlet in Mongolia, eyes 500 stores by 2025 www.insideretail.asia

GS Group’s convenience store chain GS25 said Monday it has opened its 100th outlet in Mongolia since its entry into the East Asian country 16 months ago.
GS25 aims to expand the number of outlets in Mongolia to more than 500 by 2025 by launching more customized food products.
For its expansion in Asia, the company entered Vietnam in 2018 and currently operates 186 outlets in the Southeast Asian country.
BGF Retail’s CU was quick to enter the Mongolian convenience store market.
CU opened its 200th convenience store outlet in Mongolia in April as it seeks to strengthen its presence there.
Mongolia is seen as a promising market for Korean convenience store operators, with the number of people aged under 35 taking up more than 60 per cent of the total population.
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Mongolia confirms 107 COVID-19 cases in past 24h www.akipress.com

Mongolia confirmed 107 COVID-19 cases in past 24 hours.
55 of them were contacts in Ulaanbaatar, and 52 were recorded in the regions. No imported cases were found.
The number of coronavirus related deaths remained 2,131.
 
 
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Minsk Automobile Plants considering new supplies to Mongolia www.eng.belta.by

MINSK, 3 October (BelTA) – Minsk Automobile Plant is considering new supplies of machinery to Mongolia, BelTA learned from the press service of the enterprise.
Minsk Automobile Plant hosted representatives of the Ministry of Road and Transport Development of Mongolia. The delegation was led by head of the international transportation department Jargalsaikhan Endonsuren. The delegation studied the MAZ chassis assembly process on the main conveyor and expressed their interest in a more detailed study of MAZ passenger and special vehicles.
According to the press service, the company has already established contacts with Mongolia. For example, in the spring of 2021 MAZ delivered 42 units of special equipment to this country.
Minsk Automobile Plant (MAZ) is one of Belarus' largest mechanical engineering companies. It specializes in making heavy-duty trucks, special-purpose vehicles, buses, trolleybuses, and trailing units. MAZ vehicles are compliant with the environmental standards Euro-3, 4, 5, and 6. The company makes a total of over 500 models and 3,000 modifications of tractor units, dropside trucks, and chassis for mounting various kinds of equipment.
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Autumn session of Mongolian parliament opens amid economic woes www.xinhuanet.com

The autumn session of Mongolia's State Great Khural, the country's parliament, opened here on Monday amid economic woes.
"This autumn session is starting in the difficult time of global price increase and drastic changes in monetary and financial policy caused by pandemic and geopolitical tension," parliamentary speaker Gombojav Zandanshatar said at the opening ceremony of the session.
"Therefore, during the session, we need to focus more on the implementation of political and economic reforms and post-pandemic New Revival Policy in order to overcome the current social and economic challenges and pressing problems of the country," said Zandanshatar.
Mongolia's gross domestic product grew by 1.9 percent in the first half of 2022, which is relatively weak compared to the same period of years before the pandemic, he said.
The inflation rate has remained at double-digit levels for the past 10 months in the country, and the real incomes and wages of workers, households and businesses are decreasing due to price increases.
In addition, the country's current account deficit stood at 1.5 billion U.S. dollars as of late August, resulting in a 2-billion-dollar decrease in the country's foreign exchange reserves to 2.4 billion dollars.
 
 
 
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Chinese Steelmakers Turn Away From Coking Coal Risking Mongolia’s Key Earning www.mongoliaweekly.org

The launch of the Tavan Tolgoi rail line in mid-September was heralded as a win for coal exports to China. President Khurelsukh said it could lift exports to 50 million tonnes per year, up from 28.6 million tons in 2020 and just 15.9 million tons last year as truck routes were affected by pandemic-related border closures.
But some experts are warning that coking coal exports in particular will begin declining from the end of this decade as China increases its self-sufficiency in steel making, thanks to its improving ability to re-use scrap steel.
Coking coal is a primary ingredient in steel-making. According to Khangai Tserenraash – a co-founder of market intelligence firm Mira Mongolia – the next eight years could mark the peak of Mongolian coking coal exports, which will then begin to drop.
“The future of coking coal is not as bright as we thought a couple of years ago,” Tserenraash said to Mongolia Weekly.
“China’s green policies are already shifting the country’s technologies to use less coking coal in steel-making. It doesn’t look like Chinese steel consumption is going to rise. For Mongolia, that could potentially mean there won’t be a market for our coking coal.”
There are two main types of steel production: electric arc furnaces, which use an electric current to melt scrap steel and direct reduced iron to produce molten steel; and traditional blast furnaces, which melt coke, limestone and iron ore together to produce pig iron, which is then mixed with carbon to make steel.
Blast furnaces consume coking coal and currently account for the majority of Chinese steel production. But electric arc furnaces do not consume coking coal. These account for more than 70 percent of steel production in the United States and have the advantage of recycling existing steel and reducing carbon emissions.
“In the past five years, China has committed to reducing carbon emissions from steel production. They have shifted substantial portions of steel production capacity into electric arc furnaces,” Tserenraash says.
“Blast furnaces produce four times more carbon than electric arc furnaces, so the conversion is likely to accelerate as China increases its recycling targets in scrap steel. In five years, for example, there will be a 30 percent increase in China’s steel recycling target.”
Mongolia is more dependent on coking coal exports than any other country on the planet; 24 percent of total exports consist of coking coal, which directly translates into approximately 10 percent of total government revenue.
“There are a number of suppliers as well - trucking companies, explosives providers, equipment providers – who pay taxes and thus indirectly contribute to government revenue as well,” Tserenraash says. “So the true contribution is substantially larger.”
Teserenraash and Mira Mongolia say they are publicizing this risk to spark a discussion on alternatives for Mongolia.
“There is untapped potential in coal-bed methane, for example,” Tserenraash says. “We could bring in positive exploration and regulatory measures to encourage industry.
If China is reducing coking coal consumption, we could also target new markets such as India; their coking coal consumption is growing. We could also try and penetrate east coast Chinese markets with lower prices and higher quality coking coal.”
Tserenraash also points to several mining-dependent Australian states, that are looking to develop critical mineral industries and other forms of mining income.
“We don’t have the answer yet,” Tserenraash says. “But we need the government and the market to think about it now, because it could become a huge issue in the future.”
by Ewen Levick | Editor
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Central bank purchases 2.4 tons of precious metal in September www.montsame.mn

In September, the gold purchase of the Bank of Mongolia (BoM) was 2,416.4 kg, raising the BoM’s total precious metal purchase of 2022 to 15.0 tons. The figure shows an increase of 1 percent as compared with the same period of the previous year.
Since the beginning of this year, the BoM branches in Darkhan-Uul and Bayankhongor aimags have bought 1,695.7 kg and 1,046.9 kg of precious metals respectively.
In September, the average price of BoM’s purchase of 1 gram of gold was MNT 184,565 last month.
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Central Bank to finance 80 percent of mortgage loan www.montsame.mn

Bank of Mongolia made the following amendments to the regulation on mortgage loans. Therein:
The Bank of Mongolia will finance 80 percent of the total funds for the mortgage program, and commercial banks will provide the remaining 20 percent starting this October.
The increased amount of a loan to be issued through the source of BoM does not exceed MNT150 million in Ulaanbaatar and MNT100 million in rural areas starting from October 1, 2022.
It was decided that If families moving to rural areas get a mortgage loan with an annual interest rate of 6 percent, the Loan Guarantee Fund can give a guarantee on a certain part of their 30 percent advance payments
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Mongolian Banks Curb FX Flows to Fight Worsening Cash Crunch www.bloomberg.com

Mongolia is facing a worsening foreign currency crunch following Russia’s war with Ukraine and a slump in China’s economy, forcing local banks to restrict the amount of dollars customers can buy.
Khan Bank, the country’s largest bank measured by total
assets, limited the daily amount of cash that can be converted
into foreign currencies to 1 million tugrik ($300) from this
month, Vice President of Wholesale Banking Uuganbayar Terbish
said in an interview on Thursday. That’s down from as much as
300 million tugrik under normal banking conditions and 100
million tugrik in June, he said.
Multiple bank customers who’ve tried to transfer funds at
four different commercial banks in recent weeks confirmed they
were limited to a daily foreign exchange amount of 1 million
tugrik.
“These are not capital controls, but market liquidity
issues,” said Uuganbayar, adding that the restrictions were a
response to the increased demand for dollars and to guard
against speculation. He said the bank wasn’t limiting payments
for the import of goods such as food and fuel, and exceptions
could be made with approval from the treasury department.
Golomt Bank, Xacbank and Trade and Development Bank of
Mongolia didn’t respond to requests for comment.
Mongolia is facing an increasingly serious foreign currency
crunch, with foreign exchange reserves down 40% in August from a
year earlier to $2.7 billion and the current account deficit
ballooning. In addition, the tugrik has taken a beating due to
interest rate hikes overseas, losing 16% of its value against
the dollar this year. The central bank has repeatedly hiked
interest rates this year in an attempt to rein in high inflation
and curb the currency outflows.
The nation’s economic problems stem in part from its two
huge neighbors: Russia and China. Beijing’s Covid Zero policies
have disrupted trade across the border, while the war in Ukraine
has not only driven up the price of imported fuel and goods but
also blocked access to some Russian banks, which had been an
important part of the nation’s financial system.
The situation is somewhat reminiscent of the crisis in
2016, when a slump in global commodity markets forced Mongolian banks to ration foreign currency and the country eventually had to ask the International Monetary Fund for a bailout.
“There’s always risk” of the country needing another
bailout from the IMF, according to Adrienne Lui, an economist at
Citigroup Inc. in Hong Kong, although there are many more
positives now. Commodity prices are still high, and the
government is stable, she said.
While Lui said she didn’t think the situation in Mongolia
was comparable to the crises in Pakistan or Sri Lanka, the
tugrik’s “depreciation will continue as long as balance of
payments stress remains,” she said.
Dollar bonds issued by Mongolia and due in 2023 and 2024
fell about 4 cents Friday, according to prices compiled by
Bloomberg, on pace for their biggest declines since March 2020.
The tugrik also weakened and was trading at 3,337.7 to the
dollar at 4:30 local time.
Rising costs combined with stagnant wages drove young
people to protest outside the parliament house in April,
although inflation has since moderated after hitting a high of
16.1% in June.
Currency Weakens
The central bank hasn’t instructed lenders to restrict
foreign currency transactions, according to Tumentsengel
Baterdene, a spokesman for the Bank of Mongolia. Pressure on the
local currency wasn’t unique to Mongolia, given the turmoil in
foreign exchange markets after the US Federal Reserve’s
aggressive interest rate hikes, he said.
The country’s balance of payments should return to pre-
pandemic levels by the end of the year “with exports regaining
momentum owing to easing of border restrictions” by China, he
added.
The Asian Development Bank approved a $100 million
emergency loan for the country in August to “help it weather the
impacts of severe economic shocks.”
However further risk could come toward the end of the year
when almost $140 million in sovereign debt will mature in early
December and need to be repaid, according to data compiled by
Bloomberg. That’s followed by more than $1.2 billion in debt
which is due next year.
The war has also damaged the country’s access to the
international financial system, with sanctions on Russian banks
after the invasion of Ukraine disrupting payments and blocking
access to the foreign exchange trading platforms they host,
according to Javkhlantugs Ganbaatar, the policy and advocacy
director at the American Chamber of Commerce in Mongolia.
Current Account Deficit
Mongolia posted a $2.2 billion current account deficit so
far this year, partly due to some state-owned companies taking
payment for exports before they’d actually shipped out the coal
and other goods. This has meant that even as exports have hit
records since May in the customs data, there’s little new
foreign currency coming into the economy.
In the spring, coal miners accepted early payments to
bolster the nation’s foreign currency reserves, Javkhlantugs
said. At the time, the central bank governor “spoke of a mass
exit of hard currency” following the invasion of Ukraine, and
the outflow of foreign currencies over three months exceeded
that of the last three years, Javkhlantugs added.
One example of this is state-owned coal producer Erdenes
Tavan Tolgoi, which was told by the government in March to pre-
sell coal to help finance an almost $400 million oil pipeline
development.
Another factor in the deficit is the jump in freight costs
due to the war in Ukraine pushing up petrol prices. Most coal is
exported via truck and the deficit in transport services jumped
to almost $260 million this year due to the increased cost of
foreign fuel. Mongolia recently signed a deal with Russia to cap
imported fuel prices and a new rail line from coal mines in the
Gobi desert to the border with China is expected to expand
export volumes and reduce costs.
How long the dearth of foreign currency lasts will depend
on the term-length of the coal deliveries paid for up front as
well as any further easing of restriction at the border to
China. In addition, as well as the rate cuts announced last
week, the central bank announced a loosening of the reserve
requirements on banks’ foreign-denominated assets, which should
free up some their holdings.
The Asian Development Bank this month lowered its growth
forecast for Mongolia this year to 1.7% from the 2.3% it saw in
April. The World Bank also cut its forecast for growth and noted
that Mongolia was one of the nations in Asia most vulnerable to
capital outflows and a falling exchange rate due to inflation
abroad.
--With assistance from Kevin Kingsbury.
To contact the reporter on this story:
Terrence Edwards in Ulaanbaatar at tedwards100@bloomberg.net
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The following measures to be taken to reduce traffic congestion in the capital city www.montsame.mn

At the Cabinet meeting on September 29, Minister and Chairman of the National Committee on Traffic Congestion J. Sukhbaatar presented some measures to reduce traffic congestion in the capital city. In connection with the presentation, corresponding ministers were given the following tasks;
- To draft a bill on reducing traffic congestion in Ulaanbaatar city and its negative impacts
- To develop and present a proposal on creating specific public transport lanes on carriageways and introducing short-turn routes of buses within the framework of public transport reforms,
- To not issue permits to construct residential and office buildings in the ‘Ikh Toiruu’ area (Big Ring Road) of the capital city until the general development plan of ‘Ulaanbaatar City 2024’ is approved.
- To ensure the implementation of the Law on Auto Transport, prohibit motor vehicles that have not undergone technical inspection for more than one year, have not passed the inspection, and have not paid fines and charges, from participating in the traffic.
- To organize the work of issuing electronic certificates that constitute the National Smart Transport System within the fourth quarter of this year, start its implementation from January 2023, as well as not to allow motor vehicles without electronic certificates to take part in the traffic from March 2023.
- And to approve the work plan for reducing traffic congestion in Ulaanbaatar city and take measures to ensure its implementation.
In brief
-The Cabinet discussed and supported a draft protocol to amend the ‘Memorandum of Understanding between the government of Mongolia and the government of the Kingdom of Thailand’ established on April 28, 2013 in Ulaanbaatar, and authorized Mongolia’s Ambassador to the Kingdom of Thailand to sign the protocol.
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Bill on state budget 2023 to be submitted to the Parliament www.montsame.mn

The Cabinet discussed at its last week’s regular meeting bills on the Budget Framework Statement for 2023 and Budget Assumptions for 2024-2025, 2023 State Budget Law of Mongolia, 2023 Budget Law of the Social Insurance Fund, 2023 Budget Law of Health Insurance Fund, 2023 Budget Law of the Future Heritage Fund and accompanying bills. As proposed by the Prime Minister and members of the cabinet, it was decided to reconsider the bills this week after including the policies and measures to be implemented in the next year. Accordingly, the Cabinet discussed bills again at this week’s meeting and decided to submit them to the Parliament.
Following the Cabinet meeting, Minister of Finance B.Javkhlan gave information about the cabinet’s decision. He said, “At a time when international organizations predict that the global economic crisis will continue until 2024, the Government aims to pursue strict monetary policy and fiscal austerity policy towards the reduction of the balance of payments deficit and protecting foreign currency reserves.
Therefore, the government's budget policy for 2023 is directed towards the following objectives, aiming to implement state austerity policy, promote the New Revival Policy, reduce the import pressure and stabilize macro economy through the optimal distribution of resources.
One. To implement legislations regarding state austerity,
Two. To intensify reforms in the budget financing system in health and education sectors aimed at the quality, performance, and outcomes of public services; to introduce the reform in other sectors; and to improve the civil service salary system in line with productivity,
Three. To implement debt management strategies optimally,
Four. To direct social protection to target groups within the framework of the policy ‘from-welfare-to-work’,
Five. And implement policies to decentralize by ensuring the balance of urban and rural development, reduce traffic congestion, as well as to carry out tax policies towards the creation of favorable environment for investment, jobs and doing business in rural areas.
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