1 MONGOLIA JOINS THE PEACE COUNCIL INITIATED BY PRESIDENT DONALD TRUMP WWW.MONTSAME.MN PUBLISHED:2026/01/23      2 DAVOS 2026: TRUMP SIGNED HIS GAZA ‘BOARD OF PEACE’ INTO BEING. HERE’S WHO’S ON IT — AND WHO ISN’T WWW.CNBC.COM PUBLISHED:2026/01/23      3 PM ZANDANSHATAR MEETS FORMER UK PM TONY BLAIR WWW.MONTSAME.MN PUBLISHED:2026/01/23      4 TUUL WATER COMPLEX PROJECT TO ENABLE STORAGE OF 50 MLN CUBIC METERS OF WATER WWW.MONTSAME.MN PUBLISHED:2026/01/22      5 SECURITIES WORTH 8.8 TRILLION MNT TRADED OVER 35 YEARS WWW.UBPOST.MN PUBLISHED:2026/01/22      6 DOES A CITY OF 1.6 MILLION REALLY NEED ANOTHER SPORTS COMPLEX? WWW.UBPOST.MN PUBLISHED:2026/01/22      7 DAMAGE TO TPP-4’S EIGHTH BOILER REPAIRED WWW.GOGO.MN PUBLISHED:2026/01/22      8 BUSINESS & HERITAGE PROGRAM IN PAKISTAN MARCH 30- APRIL 05. 2026 WWW.MONGOLIANBUSINESSDATABASE.COM PUBLISHED:2026/01/22      9 GENERAL GOVERNMENT REVENUE AND GRANTS INCREASE BY MNT 1.2 TRILLION WWW.MONTSAME.MN PUBLISHED:2026/01/22      10 MONGOLIA'S INDUSTRIAL OUTPUT INCREASES 4.8 PCT IN 2025 WWW.XINHUANET.COM PUBLISHED:2026/01/22      НӨАТ-ЫН БУЦААН ОЛГОЛТ ИРЭХ ДОЛОО ХОНОГТ ИРГЭДИЙН ДАНСАНД ОРНО WWW.EAGLE.MN НИЙТЭЛСЭН:2026/01/23     МОНГОЛ УЛС АНУ-ЫН ЕРӨНХИЙЛӨГЧ ДОНАЛД ТРАМПЫН САНААЧИЛСАН "ЭНХИЙН ЗӨВЛӨЛ"-Д АЛБАН ЁСООР НЭГДЭЖ, ҮҮСГЭН БАЙГУУЛАГЧ ГИШҮҮН УЛС БОЛОВ WWW.ITOIM.MN  НИЙТЭЛСЭН:2026/01/23     ЕРӨНХИЙ САЙД Г.ЗАНДАНШАТАРЫН НЭГДЭЭД БУЙ ТРАМПЫН “ЭНХИЙН ЗӨВЛӨЛ” ГЭЖ ЮУ ВЭ WWW.ITOIM.MN НИЙТЭЛСЭН:2026/01/23     ЦЭРГИЙН ОНЦ БАЙДАЛ ЗАРЛАХЫН ӨМНӨ ХОЁР ТАГНУУЛЫН АЖИЛТНЫГ МОНГОЛ РУУ ИЛГЭЭСЭН НЬ ЮН СОК ЁЛТОЙ ХОЛБООТОЙ WWW.EGUUR.MN НИЙТЭЛСЭН:2026/01/23     ЕРӨНХИЙ САЙД Г.ЗАНДАНШАТАР БРИТАНИЙН ЕРӨНХИЙ САЙД АСАН ТОНИ БЛЭЙР НАР УУЛЗАВ WWW.MONTSAME.MN НИЙТЭЛСЭН:2026/01/22     МОНГОЛД ЗОХИОГДОХ СОР 17 ХУРАЛД 10 МЯНГАН ГАДААДЫН ЗОЧИН ИРНЭ ГЭЖ ТООЦООЛЖ БАЙНА WWW.EGUUR.MN НИЙТЭЛСЭН:2026/01/22     2025 ОНЫ 12-Р САРД МӨНГӨНИЙ НИЙЛҮҮЛЭЛТ 47.1 ИХ НАЯД ТӨГРӨГТ ХҮРЧ, ӨМНӨХ ОНООС 8.7 ХУВИАР ӨСЖЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2026/01/22     БИЗНЕС & ӨВ СОЁЛЫН ХӨТӨЛБӨР 2026 ОНЫ 03 САРЫН 30- НААС 4 САРЫН 05 ПАКИСТАН УЛС WWW.MONGOLIANBUSINESSDATABASE.COM НИЙТЭЛСЭН:2026/01/22     ОЮУ ТОЛГОЙН ОЛБОРЛОЛТ ТЭЛЖ, "РИО ТИНТО"-ГИЙН ЗЭСИЙН ҮЙЛДВЭРЛЭЛ ӨСЛӨӨ WWW.ITOIM.MN НИЙТЭЛСЭН:2026/01/22     БӨӨРӨЛЖҮҮТ ЦАХИЛГААН СТАНЦ 256 МВТ ЭРЧИМ ХҮЧ ҮЙЛДВЭРЛЭЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2026/01/22    

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2025 London UK MBCCI London UK Goodman LLC

NEWS

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Tugrug Weakens Against Euro, Ruble, and Yuan on Monthly Average www.montsame.mn

 According to the Bank of Mongolia, the monthly average exchange rate of the tugrug against the euro stood at MNT 4,155.07 in December last year, weakening by MNT 575.5 year-on-year and by MNT 26.4 compared to the previous month.
The National Statistics Office reported that during the same period, the monthly average exchange rate of the tugrug against the US dollar was MNT 3,549.18, weakening by MNT 131.3 year-on-year, but strengthening by MNT 22.5 compared to the previous month.
Meanwhile, the monthly average exchange rate of the tugrug against the ruble was MNT 45.26, weakening by MNT 12 year-on-year and by MNT 0.8 month-on-month. The monthly average exchange rate against the yuan stood at MNT 503.91, weakening by MNT 34.5 year-on-year and by MNT 1.5 compared to the previous month.

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Mongolia’s Coal: Record Volumes, Tough Prices — 2025 Review & 2026 Outlook www.capitalmarkets.mn

Coal remains the backbone of Mongolia’s economy, reflected in its outsized role in industrial output, exports, fiscal revenue, and the logistics value chain. The mining sector contributes roughly 70% of total industrial output, with coal accounting for about 43% of that output. Mining also dominates Mongolia’s export basket, making coal a key driver of foreign-exchange inflows and external liquidity.
Beyond export receipts, coal activity supports services through trade, transport, and employment. The sector’s throughput underpins rail and road freight demand, while higher mining activity typically transmits into broader labor-market strength and consumption.
Needless to say, coal performance affects the economy as a whole. As year end numbers are out, let's look into sector performance in 2025 and what we can expect in and what investors should monitor in 2026. Let’s dive in.
2025 Review: What actually happened?
Total coal export volumes rose 7% YoY, increasing from 83.8 Mt in 2024 to 89.7 Mt in 2025, and surpassing the government’s annual target of 85 Mt. In contrast, export value fell to $5.8 billion, down 34% YoY. Overall, 2025 was characterized by a widening gap between volume and value: shipments increased, but coal prices weakened materially.
According to the draft law on the 2026 State Budget of Mongolia, weaker activity in China’s steel and industrial sectors in 1H 2025 contributed to higher stockpiles and depressed pricing at the border. Prices then rebounded in 3Q as supply-side tightening measures and inspections reduced mining output in China, improving sentiment and lifting market pricing.
Importantly, 2025 marked the fourth consecutive year of rising export volumes — suggesting that logistics capacity and export execution efforts have been paying its dividends.
H1 vs. H2 Dynamics: The "V-Shaped" Recovery
Coal-sector performance in 2025 followed a “V-shaped” pattern: a weak first half (H1) followed by an acceleration into the second half (H2).
H1 contraction: 1H 2025 was marked by a slowdown, with total coal production reaching 43.7 Mt—an 7% decline versus 1H 2024 (46.7 Mt). Coking coal exports to China also fell materially during the period.
H2 rebound: Activity recovered meaningfully in H2. By September 2025, monthly output had swung back into growth to 89.7 Mt (+15.2% YoY).
This pattern underscores a key theme for investors: Mongolia’s export system is increasingly capable of ramping when demand/pricing conditions improve, but it remains highly sensitive to China-driven demand signals and border market microstructure.
Chinese Demand Conditions
With China purchasing nearly all of Mongolian coal exports, China’s macro and industrial cycle remained the decisive variable in 2025.
Resilient coking coal intensity: Even as China’s crude steel output softened in H1, the implied intensity of metallurgical coal usage remained relatively supported—consistent with demand for higher-quality inputs in certain production chains.
Strategic import shift toward land-based supply: China has increasingly favored proximate, land-based suppliers—particularly Mongolia and Russia—over seaborne supply in certain market conditions, reflecting delivered-cost advantages and shorter logistics chains.
Macro headwinds: China faced broader economic slowdown during 2025, including disinflationary pressures and uneven manufacturing momentum, which contributed to weak pricing conditions across the bulk commodity complex.
Logistics Breakthroughs
The H2 recovery was reinforced by infrastructure progress and ongoing efforts to reduce Mongolia’s historical overreliance on truck-based transport. In particular, construction activity on the Gashuunsukhait–Gantsmod cross-border railway is positioned as a medium-term catalyst that could increase annual transport capacity and improve cost competitiveness for exporters. 
For investors, the key implication is that logistics constraints—while easing—remain a gating factor for monetizing volumes during upcycles. Capacity additions can amplify export responsiveness, but they can also contribute to localized oversupply at the border if demand softens.
The Impact of Coal on the 2025 and 2026 Budgets
Coal remains the one of the most important swing factor for Mongolia’s fiscal outcomes—primarily through price and volume assumptions embedded in budget planning.
2025: Price-driven fiscal stress
In 2025, the budget absorbed a material shock from weaker-than-expected coal pricing relative to assumptions:
Price collapse vs. budget assumptions: The 2025 budget assumed coal prices near $105/ton, while realized pricing was materially lower during the year.
Revenue shortfall and adjustment: The pricing gap reduced coal-linked revenues, forcing expenditure and revenue revisions and increasing deficit uncertainty.
2026 Budget Projections and Reliance
Despite 2025 volatility, the 2026 budget framework remains heavily reliant on coal export performance:
Revenue and expenditure targets: The 2026 consolidated budget is planned with revenues of around MNT 31.6 trillion and expenditures of about MNT 33.0 trillion, implying a deficit near 1.4% of GDP. 
Ambitious volume target: The Mongolian government is projecting 90 Mt of coal exports—an all-time-high target that would imply another record-year outcome.
For foreign investors, the takeaway is straightforward: coal prices and border execution will remain the primary determinants of fiscal performance, liquidity conditions, and FX dynamics in 2026.
2026 Outlook: What to expect and what to watch?
Mongolia’s coal sector forecast for 2026
The Ministry of Economy and Development projects 90 Mt of coal exports in 2026 at an average price of ~$70/t, implying export proceeds of ~$6.3bn. Looking ahead, the partial implementation of China’s “276 working days” policy (effective August 2025)—together with Beijing’s push for higher-quality steel output to support priority sectors (green energy, advanced technology, biomedicine)—is expected to underpin demand for Mongolian coking coal, helping keep prices broadly stable versus the 2025 price.
Domestic projections cite several supportive factors: maintaining/increasing export volumes, more stable pricing, and incremental supply gains (including operational developments at Erdenes Tavan Tolgoi). Diversification efforts—such as discussions around supplying coking coal to India—could add longer-term optionality, although China will remain the anchor market in the near term.
At the macro level, the base case for 2026 is steady growth, moderating inflation, a slightly easier policy stance, and a weaker currency versus the USD—with coal and copper still acting as Mongolia’s primary transmission channels to fiscal revenues, FX inflows, and activity.
Longer-term reference point (IEA)
Looking beyond 2026, the IEA projects Mongolia’s coal output to ease toward ~97 Mt and exports toward ~84 Mt by 2027, while metallurgical coal exports remain broadly stable at ~56 Mt as Chinese demand plateaus. This supports the base-case view: volumes can stay high, but price and end-demand growth are likely to be the binding constraints.

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Exports of Combed Cashmere Reach USD 330 Million Under the 'White Gold”' Movement www.montsame.mn

President of Mongolia Khurelsukh Ukhnaa visited national manufacturing enterprises operating under the “White Gold” movement.
The President first visited Gobi Erdene Cashmere LLC, established in 2010. The company employs 108 people and has the capacity to produce more than 200,000 items annually. It manufactures a full range of knitted products for men, women, and children, exporting around 70 percent of its output to 12 countries.
Within the framework of the “White Gold” movement, the company received an investment loan of MNT 2 billion. As a result, its production capacity increased by more than 10 percent, while both tax payments to the state and the number of employees rose by 20 percent each compared to the previous year. In 2025 alone, the company created 30 jobs in rural areas. It has set a goal to triple its production capacity in the coming years.
In 2025, a total of MNT 52 billion in investment loans was provided to cashmere manufacturers, increasing spinning capacity by 400 tonnes to more than 2,000 tonnes. In addition, MNT 322 billion in working capital loans enabled the purchase of raw cashmere to reach 60 percent of the total national output.
Whereas Mongolia previously exported cashmere mainly in raw form, it has now shifted to combed cashmere processing. Compared to the previous year, exports of combed cashmere increased sixfold, reaching 4,000 tonnes, equivalent to USD 330 million in export revenue.
“White Gold” Movement to Enable Annual Production of Two Million Pairs of Shoes
Founded in 2018, Lugati LLC produces work footwear for the mining, transport, construction, and heavy and light industry sectors. The company has the capacity to manufacture 100,000 pairs of shoes annually. Under the “White Gold” movement, it received MNT 900 million in working capital loans, expanded its capacity, and set a target to produce 250,000 pairs of shoes per year.
To protect domestic production, company representatives emphasized the need to increase tariffs on similar imported footwear, provide stronger support through loan and tax policies, promptly commission the Emeelt Industrial Complex, and place particular emphasis on training skilled workers.
Currently, more than 40,000 students study at 69 vocational education and training centers nationwide, yet fewer than 100 specialize in footwear manufacturing. Therefore, sector ministry representatives noted that policies are being implemented to create conditions for “learning while working and working while learning,” with training programs lasting from six months to one year.
Under the “White Gold” national movement, MNT 54 billion in working capital and investment loans have been provided nationwide to the leather and hides processing sector alone. As a result, within just one year, capacity was created to fully process 1.2 million small hides and 500,000 large hides annually, while capabilities for recycling waste and producing gelatin and pressed leather products were also expanded.
Footwear factories now have the capacity to produce 1.5 million pairs of shoes per year. Mongolia currently produces around one million pairs annually, with a target under the “White Gold” movement to reach two million pairs by 2028.
President Khurelsukh expressed his appreciation to herders, suppliers, and national manufacturers who cooperate to create jobs, supply value-added products to domestic and foreign markets, pay taxes, and contribute to national wealth creation.
Since the launch of the “White Gold” national movement in 2025, 66 enterprises engaged in wool, cashmere, leather, and hides processing and final product manufacturing have received MNT 520 billion in concessional loans. This year, an additional MNT 425 billion in low-interest, long-term concessional loans will be provided.

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Local leaders agree on decentralization and reform priorities for 2026 www.ubpost.mn

A joint meeting of government members, provincial chairpersons, governors, and representatives of the Capital City was held at the State Palace to present the government’s 2026 policies and ensure a unified understanding between central and local authorities. Prime Minister G.Zandanshatar delivered a detailed report titled “One Mongolia – One Direction: Order and Reform Movement,” outlining the government’s achievements, current challenges, and reform agenda.
The PM noted that when the government was formed six months ago, Mongolia faced urgent challenges including weakened state capacity, declining public trust, slowed economic growth, falling foreign exchange reserves, rising inflation, and a potential budget shortfall. To address these issues, an emergency regime was imposed at Erdenes Tavan Tolgoi JSC, resulting in a 1.6-fold increase in coal production and sales and a rise in foreign exchange reserves by about 2 billion USD within months. He emphasized that the economy has revived and now requires proper direction to sustain growth.
The government has set eight major reform directions for 2026–2030, including human development, economic restructuring, social values, environmental and green development, governance and digitalization, national competitiveness, regional development, and science and AI. It has also launched a “300-Day Action Plan” aimed at ensuring economic growth benefits citizens directly, including managing the National Wealth Fund and ensuring fair wealth distribution. The prime minister stressed that the state must be disciplined and efficient, and announced plans to abolish over 1,000 unlawful regulations that cause bureaucracy and delays.
Addressing local authorities, the PM urged them to work closely with citizens and take an active role in implementing reforms. He called for decentralization of authority, allowing local governments to manage budget savings, and transferring decision-making powers from Ulaanbaatar where possible. He also said the government would address unresolved issues such as land allocation for soum residents and herders’ camps and the restructuring of development funds to improve access to concessional loans for small businesses.
Following the premier’s speech, Speaker of the Parliament N.Uchral and Secretary General L.Ulziisaikhan discussed key legal reforms and budget priorities. The speaker highlighted that the 2026 budget focuses on human development, health, and education, while reducing state intervention and supporting private enterprise. He also emphasized reforms under the “Let’s Free” initiative, which aims to reduce bureaucracy and simplify regulations, and noted upcoming draft laws on economic freedom, insolvency, commerce, and state-owned enterprise reform.
The speaker called for increased regional investment through public-private partnerships, supported expanded renewable energy development, and reiterated efforts to protect citizens from price increases and improve energy independence. He also announced that 2026 is declared the Year of Child Protection, with plans to revise family and victim protection laws.
Overall, local leaders supported the reform agenda, particularly renewable energy and decentralization, and called for regional discussion of procurement and tax system reforms. They emphasized the need to reduce state intervention in the economy and strengthen local autonomy, according to the Parliamentary Press and Public Relations Department.

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Prime Minister of Mongolia to Attend World Economic Forum Annual Meeting www.montsame.mn

 The 56th World Economic Forum Annual Meeting is being held in Davos, Switzerland, from January 19 to 23 under the theme “A Spirit of Dialogue.”
Prime Minister of Mongolia Zandanshatar Gombojav will deliver remarks and share views at several sessions during the meeting, including the High-Level Meeting on Global Tourism, Accelerating Global Cooperation for the Environment, and The Use of Artificial Intelligence in Circular Value Chains. He will also take part in some discussions among global economic leaders.
On the sidelines of the forum, the prime minister will hold working meetings with political, social, and economic leaders from around the world, as well as heads of international organizations, to present the policies, activities, and projects of the Government of Mongolia.
The World Economic Forum has been held annually since 1971. This year’s 56th meeting brings together heads of state and government from more than 70 countries and over 2,700 participants in total.

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Money Supply Rises by 8.7 Percent www.montsame.mn

According to the National Statistics Office, Mongolia’s money supply (M2) reached MNT 47.1 trillion at the end of December 2025, up by MNT 3.8 trillion, or 8.7 percent, year on year. The growth was mainly driven by a MNT 4.0 trillion (18.3 percent) increase in deposits in domestic currency.
Preliminary results show that money supply (M1) stood at MNT 11.2 trillion, down 3.9 percent from the previous year but up 1.0 percent from the previous month. Of the M1 total, 91.1 percent was held in current accounts, while 8.9 percent was currency outside depository institutions.
Quasi-money reached MNT 35.8 trillion at the end of December, marking a 13.4 percent increase from a year earlier and a 3.3 percent rise from the previous month. Time deposits in domestic currency accounted for the largest share, 72.7 percent, of the quasi-money.  
Meanwhile, currency in circulation totaled MNT 1.2 trillion, increasing by 1.8 percent year on year and 3.0 percent from the previous month.

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Mongolian PM G.Zandanshatar responds to citizens in live on-air Q&A www.news.mn

“Ask the Prime Minister,” a live discussion and interview, was broadcast on MNB Television on January 17, 2026. For the live discussion, questions were collected from citizens starting January 13. A total of 9677 questions and suggestions were gathered.
Of the total questions, 35.5% were health-related, 22.2% concerned the business and tax environment, 24.6% focused on wages, pensions and price increases, 8.2% addressed housing and the living environment, 6.4% related to education, 3.5% to children and people with disabilities, and 1.6% to mining.
When asked why deputy ministers were appointed, Prime Minister G.Zandanshatar replied that no country in the world operates without them. He added that integrating over 200 managers and 1,000 public servants, along with appointing 16 deputy ministers, will improve efficiency and oversight.
He also noted that increasing pensions by 50 percent would require 2 trillion MNT, while raising the minimum pension to 1.5 million MNT would require 4.5 trillion MNT.
Citizens asked the Prime Minister about who is responsible for the coal theft in Tavantolgoi and what policies should be adopted to address it. The Prime Minister emphasized that combating the theft of wealth is the government’s top priority. He said that since the government was established, coal exports have increased 16.6 times and efficiency has doubled, thanks to the special regime imposed on Erdenes Tavantolgoi JSC.

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In Ulaanbaatar, citizens of Mongolia and South Korea arrested for organizing online gambling www.open.kg

The Cybercrime Department of the Main Police Department reported the dismantling of an illegal online gambling network and the arrest of nine individuals on January 8, 2026: three citizens of South Korea and six citizens of Mongolia. This was reported by MiddleAsianNews.
The police stated that this network used internet platforms to organize illegal gambling and generated huge profits from it.
In coordination with the prosecutor's office, investigative authorities conducted searches in the homes of the suspects, during which various items were seized, including mobile phones, powerful computers, bank cards, bank books, Vasco devices intended for international transactions, as well as cash in both foreign and national currencies.
Based on the collected evidence and witness testimonies, the suspects are under investigation for organizing gambling and related offenses, such as tax evasion and money laundering, according to the relevant articles of the Criminal Code of Mongolia. The Cybercrime Department intends to file charges after the investigation is completed.
The police warned the public that the use of payment systems, electronic currencies, virtual assets, phone numbers, or other electronic identifiers for organizing or assisting in gambling is a crime under Articles 20.17, 20.18, and 20.19 of the Criminal Code, and may result in imprisonment for a term of one to three years.

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Long-Term Agreement to Be Concluded to Increase Fuel Supplies www.montsame.mn

Mongolia has agreed to conclude a long-term agreement with the China National Petroleum Corporation (CNPC) to increase fuel supplies.
The issue of expanding fuel supplies, ensuring stable supply, and broadening bilateral energy cooperation was discussed during a meeting between Minister of Industry and Mineral Resources Damdinyam Gongor and representatives of the state-owned CNPC, according to the Ministry of Industry and Mineral Resources. The sides also agreed to actively cooperate in the implementation of the project to construct a natural gas pipeline transporting gas from the Russian Federation to the People’s Republic of China via the territory of Mongolia.
During the meeting, Minister Damdinyam emphasized that Mongolia is pursuing a policy aimed at ensuring a stable supply to meet its domestic fuel demand.
Representatives of the China National Petroleum Corporation presented their plans and opportunities to stabilize and increase fuel supplies to the Mongolian market and expressed their readiness to strengthen cooperation in the coming years.
Currently, Mongolia imports approximately 95 percent of its fuel consumption from the Russian Federation and the remaining 5 percent from the People’s Republic of China.

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Conclusion Reached to Construct Multi-Level Interchanges at Five Locations www.montsame.mn

Plans are underway to implement the “Multi-Level Interchange” project as part of efforts to develop an efficient road and transport network in the Capital city.
Specifically, the Capital City Governor’s Office reported that a general feasibility conclusion has been reached to implement the project in the first phase at five locations. These include the Monos intersection, the MITS area, the Officers’ Palace roundabout, the pedestrian overpass along Naadamchdyn Road, and the bridge structure on the eastern embankment near the Nart residential complex.
By separating traffic flows through grade separation and creating multi-level interchanges, the project is expected to significantly reduce vehicle conflict points, shorten waiting times caused by traffic signals, and markedly increase road capacity. For instance, in the area surrounding the “Nart” residential complex in Bayanzurkh district, the flood protection embankment currently disrupts road connectivity, forcing drivers to detour via Narny Road and Peace Avenue. This situation increases the load on main roads and also limits rapid response readiness during emergencies.
Therefore, constructing a bridge structure over the embankment would restore road connectivity, shorten travel distance and time for residents, and help alleviate congestion on the city’s major thoroughfares. In other words, implementation of the “Multi-Level Interchange” project is expected to increase the average traffic speed by 7.1 percent.

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