1 MONGOLIA PM FACES LIKELY CONFIDENCE VOTE AMID CORRUPTION CLAIMS WWW.AFP.COM PUBLISHED:2025/06/02      2 RIO TINTO FINDS ITS MEGA-MINE STUCK BETWEEN TWO MONGOLIAN STRONGMEN WWW.AFR.COM PUBLISHED:2025/06/02      3 SECRETARY RUBIO’S CALL WITH MONGOLIAN FOREIGN MINISTER BATTSETSEG, MAY 30, 2025 WWW.MN.USEMBASSY.GOV  PUBLISHED:2025/06/02      4 REGULAR TRAIN RIDES ON THE ULAANBAATAR-BEIJING RAILWAY ROUTE TO BE RESUMED WWW.MONTSAME.MN PUBLISHED:2025/06/02      5 MONGOLIAN DANCE TEAMS WIN THREE GOLD MEDALS AT THE WORLD CHAMPIONSHIP CHOREOGRAPHY LATIN 2025 WWW.MONTSAME.MN  PUBLISHED:2025/06/02      6 RUSSIA STARTS BUYING POTATOES FROM MONGOLIA WWW.CHARTER97.ORG PUBLISHED:2025/06/02      7 MONGOLIA BANS ONLINE GAMBLING, BETTING AND PAID LOTTERIES WWW.QAZINFORM.COM PUBLISHED:2025/06/02      8 HOW DISMANTLING THE US MILLENNIUM CHALLENGE CORPORATION WILL UNDERMINE MONGOLIA WWW.THEDIPLOMAT.COM PUBLISHED:2025/05/30      9 ORBMINCO ADVANCES BRONZE FOX PROJECT IN KINCORA COPPER PROJECT IN MONGOLIA WWW.DISCOVERYALERT.COM.AU PUBLISHED:2025/05/30      10 MONGOLIA SOLAR ENERGY SECTOR GROWTH: 1,000 MW BY 2025 SUCCESS WWW.PVKNOWHOW.COM PUBLISHED:2025/05/30      ЕРӨНХИЙЛӨГЧ У.ХҮРЭЛСҮХ, С.БЕРДЫМУХАМЕДОВ НАР АЛБАН ЁСНЫ ХЭЛЭЛЦЭЭ ХИЙЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/02     Н.НОМТОЙБАЯР: ДАРААГИЙН ЕРӨНХИЙ САЙД ТОДРОХ НЬ ЦАГ ХУГАЦААНЫ АСУУДАЛ БОЛСОН WWW.ITOIM.MN НИЙТЭЛСЭН:2025/06/02     Л.ТӨР-ОД МҮХАҮТ-ЫН ГҮЙЦЭТГЭХ ЗАХИРЛААР Х.БАТТУЛГЫН ХҮНИЙГ ЗҮТГҮҮЛЭХ ҮҮ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     ЦЕГ: ЗУНЫ ЗУГАА ТОГЛОЛТЫН ҮЕЭР 10 ХУТГА ХУРААЖ, СОГТУУРСАН 22 ИРГЭНИЙГ АР ГЭРТ НЬ ХҮЛЭЭЛГЭН ӨГСӨН WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     УУЛ УУРХАЙН ТЭЭВЭРЛЭЛТИЙГ БҮРЭН ЗОГСООЖ, ШАЛГАНА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     ГАДНЫ КИБЕР ХАЛДЛАГЫН 11 ХУВЬ НЬ УИХ, 70 ХУВЬ НЬ ЗАСГИЙН ГАЗАР РУУ ЧИГЛЭДЭГ WWW.ZINDAA.MN НИЙТЭЛСЭН:2025/06/02     НИЙТИЙН ОРОН СУУЦНЫ 1 М.КВ-ЫН ДУНДАЖ ҮНЭ 3.6 САЯ ТӨГРӨГ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/02     ГОВИЙН БҮСИЙН ЧИГЛЭЛД УУЛ УУРХАЙН ТЭЭВЭРЛЭЛТИЙГ БҮРЭН ЗОГСООНО WWW.EAGLE.MN НИЙТЭЛСЭН:2025/05/30     СОР17 УЛААНБААТАР ХОТНОО 2026 ОНЫ НАЙМДУГААР САРЫН 17-28-НД БОЛНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/05/30     НИЙСЛЭЛИЙН ТӨР, ЗАХИРГААНЫ БАЙГУУЛЛАГЫН АЖИЛ 07:00 ЦАГТ ЭХЭЛЖ 16:00 ЦАГТ ТАРНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/05/30    

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Events

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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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Mongolia records lowest daily COVID-19 cases in a year www.xinhuanet.com

March 27 (Xinhua) -- Mongolia recorded 25 new COVID-19 local infections over the past 24 hours, the lowest since March 6, 2021, when eight daily cases were reported, the Health Ministry said on Sunday.
The country's COVID-19 tally has now increased to 469,041, and its COVID-19 death toll stands at 2,108, with no new deaths reported in the last day, the ministry said in a statement.
Currently, there are 1,588 active COVID-19 cases across the country.
Almost 67 percent of Mongolia's population of 3.4 million has received two COVID-19 vaccine doses, 1,031,637 people have received a third dose and 113,896 have received a voluntary fourth shot.
With a high vaccination coverage and declining daily infections, Mongolia has essentially returned to normal life. It has resumed in-person classes for all educational institutions and fully opened its borders to foreign tourists.
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Former judoka departs to the US for her first UFC match www.montsame.mn

On March 24, Olympic bronze medalist, Hero of Labour, State Honored Athlete M.Urantsetseg departed for her first UFC match in the US.
During an event that was held in January this year for her Hero of Labour title, the athlete announced that she is retiring from the sport of judo in which she continuously trained for 17 years, and making her debut in UFC.
From all of the large-scale international judo competitions and tournaments she competed in, Urantsetseg won 21 gold, 16 silver, and 21 bronze medals - a total of 47 medals.
During her judo career, she also set a Guinness record for the most medals won on the International Judo Federation (IJF) World Tour by winning 39 medals between 2010 and 2021.
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Commodity price spikes could signal lasting market changes – report www.mining.com

Market analyst Wood Mackenzie warns that the ongoing metals and mined commodity price spikes, combined with heightened geopolitical tensions, could result in long-lasting market changes.
In recent months, factors including the Russia-Ukraine conflict, stimulated economies, thriving post-pandemic demand, and ongoing covid constraints on logistics have put supply chains under immense stress, triggering multiple price records for metals and mined commodities.
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WoodMac’s vice president, Robin Griffin, said in a press note the drastic divergence of price and production cost could not last indefinitely, even if there were an enduring stranding of Russian production.
“A look at notional margins miners enjoy suggests that the price rises are fragile at best. Margins are way above historical norms, and such a drastic divergence of price and production cost cannot last indefinitely,” said Griffin.
“The disruption to regional and product price relationships also points to price fragility. For example, Asian steel prices remaining flat while iron ore and metallurgical coal prices continue to soar is incongruous, given their influence on steel production costs,” said Griffin.
According to WoodMac, the conflict “will undoubtedly” leave an indelible mark on some commodity markets.
“A prolonged shift in some Russian trade from Europe to China and India, and a lack of western participation in the Russian metals and mining sector are near certainties. But even if we ignore for a moment the serious geopolitical impacts on trade, the price shocks themselves will also engender potentially long-lasting change,” said Griffin.
WoodMac flagged several potential outcomes explicitly stemming from the current commodity price spikes. These include buyers taking a more conservative, risk-averse approach which could entail a preference shift towards longer-term contracts with less spot trade.
Some buyers are also expected to seriously consider vertical integration into supply chains once the uncertainty subsides, while governments may move to increase regulation to manage volatility.
WoodMac also suggested that price spikes could result in capital expenditure uncertainty. While project incentive prices have been well and truly left behind in the current price spike, the analyst noted that producers and investors typically needed to believe that changes were structural before committing. “The extreme volatility may, in fact, have the reverse effect as investors delay decisions until clarity improves,” said WoodMac.
Meanwhile, an immediate shift to alternative fuels is possible, particularly thermal coal and pulverized coal injection. Accelerated penetration of alternative technologies is also possible in the power and steel sectors if high prices persist, including the early advent of low carbon technologies such as hydrogen-based direct reduction iron.
Battery chemistry competition may also increase as exorbitant prices for lithium-ion battery raw materials drive manufacturers toward alternative chemistries such as lithium-iron-phosphate.
“There are, of course, a range of risks to global consumption from high energy prices that could affect demand for metals and mined commodities,” said WoodMac.
Further, WoodMac noted that mine inflation was surging as high prices shifted the focus from cost control and the rise of input costs.
“This is true across all mined products, where higher labour, diesel and power costs are already taking a toll. Some participants are privately forecasting that cost inflation will hit record highs.”
Further, price indices are coming under pressure. The London Metal Exchange’s recent decision to suspend nickel trading, and nullify completed transactions, had sent shivers down the spines of exchange users.
WoodMac expects it would take time to rebuild trust, and traded volumes are unlikely to recover immediately. “All price indices in affected commodities will see increased scrutiny,” said WoodMac.
Nickel nuance
Meanwhile, Fitch Solutions Country Risk & Industry Research reports high-grade nickel consumers seek alternatives to Russian supplies as battery-making costs surge with nickel prices.
Russia is the leading provider of Class 1 nickel mining, while China is the most significant player for refining.
Fitch said in its new report automakers, battery manufacturers, and industrial consumers would likely forge new business partnerships to source alternatives to high-grade nickel, as Russian supply remained constrained on the back of the Ukraine war.
Commodity price spikes could signal lasting market changes – report
Automakers, battery manufacturers, and industrial consumers would likely forge new business partnerships to source alternatives to high-grade nickel, as Russian supply remains constrained. Credit: Fitch Solutions.
To this end, China-based Tsingshan Group and other companies actively developing the capacity to refine lower-grade nickels are set to benefit.
Fitch also flagged shifting importer preferences, self-sanctioning, and a desire to minimize sanctions risks were affecting purchases of Russian nickel exports.
As a result, mining and refining operations in ‘safe’ countries with more stable regulatory and trade regimes were likely to benefit.
According to Fitch, Indonesia is likely to see increased interest in refining projects due to domestic policy and Tsingshan’s example but suffers from policy uncertainty. The changing preferences between higher and lower grades will also affect the medium to long-term market forecasts as the market settles and more deals are announced, said Fitch.
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Miner backed by Gates & Bezos to start drilling in Greenland www.rt.com

US-based mineral exploration company KoBold Metals said on Thursday it is ready to start drilling for nickel and other raw materials used in electric vehicles, amid skyrocketing prices brought about by Ukraine-related sanctions on Russia.
The company secured a 51% stake in the Disko-Nuussuaq project on Greenland’s west coast last year, operated by UK-based Bluejay Mining. In their joint venture, the mining firms plan to drill a total of 3,000 meters in 2022 at depths of between 150 to 400 meters to get to where the metals are located.
“The objective is to target massive nickel, copper, cobalt and platinum group metals,” Bluejay CEO Bo Stensgaard told Reuters.
The ambitious project comes as prices for metals, especially nickel, used in electric vehicle batteries more than doubled earlier in March amid Western sanctions imposed on Russia following its military operation in Ukraine. Russia supplies around 10% of the world’s nickel needs, as well as 4% of cobalt. It is also the world’s 8th largest copper producer and 4th largest supplier of platinum.
Void left by ban on key metal from Russia can't be filledREAD MORE: Void left by ban on key metal from Russia can't be filled
“The recent unfortunate geopolitical developments clearly show that the Western world needs new deposits of these critical metals,” Stensgaard said.
KoBold is famous for utilizing artificial intelligence and cloud computing techniques to predict the composition of the subsurface in the hunt for raw materials. The firm says its goal is to “fully electrify the global economy” and start an “electric vehicle revolution.” The project is backed by notable billionaires such as Microsoft co-founder Bill Gates, Amazon founder Jeff Bezos, and Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates.
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Nearly half of foreign businesses in Hong Kong are planning to relocate www.cnn.com

New York (CNN Business)Foreign businesses have for decades reaped the benefits of setting up shop in Hong Kong, a historically stable, expat-friendly finance hub at the doorstep of mainland China.
But lately, as Beijing has tightened its grip on the former British colony, those firms are increasingly eyeing the exits.
Nearly half of all European businesses in Hong Kong are considering relocating in the next year, according to a new report. Companies cite the local government's extremely strict Covid-19 protocols that mirror those on the mainland.
Among the firms planning to leave, 25% said they would fully relocate out of Hong Kong in the next 12 months, while 24% plan to relocate at least partially. Only 17% of the companies said they don't have any relocation plans for the next 12 months.
The city's "zero Covid" strategy led to severe consequences for businesses and residents, the report from the European Chamber of Commerce said. Hong Kong's "biggest advantage" — its global connectivity and proximity to mainland China —"has been almost completely disabled," the Chamber said.
Hong Kong's quarantines are notorious among residents and expats. At one point, the government required most inbound travelers to self-isolate in hotel rooms, on their own dime, for three weeks, one of the world's longest isolation periods.
Although Hong Kong officials recently lifted flight bans and scaled back the city's quarantine requirements down to seven days, an exodus is already playing out.
Last week, Hong Kong Chief Executive Carrie Lam acknowledged that the protocols were eroding residents' satisfaction with the city, saying she had a "very strong feeling that people's tolerance is fading."
The European survey released Thursday tracks with a similar report from the American Chamber of Commerce in January, which found that 44% of expats and businesses are likely to leave the city, citing Covid-related restrictions.
"Hong Kong still holds business opportunities but an array of issues, especially draconian travel restrictions and worsening US-China relations, weigh on sentiment," the US report said.
For some, the travel restrictions have proven to be a final straw after years of watching Beijing encroach on Hong Kong's policy.
Even without the Covid crisis, headhunters were having trouble bringing talent to Hong Kong because of Beijing's growing oversight of the semiautonomous territory. Massive and at-times violent protests prompted by a Beijing-imposed extradition bill plunged the city into a political crisis in the summer of 2019. A year later, as Covid-19 restrictions kept protesters at bay, China passed a wide-ranging national security law that broadly curtails free speech rights in Hong Kong.
More than 80% of US firms in Hong Kong said they had been impacted by the national security law, according to the American Chamber of Commerce report. Nearly half saw staff morale take a hit and said they lost employees who decided to emigrate.
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JMC Projects India representatives visit Mongolia Refinery State Owned LLC www.montsame.mn

Representatives of JMC Projects India led by the company’s CEO & Managing Director Shailendra Kumar Tripathi visited Mongol Refinery State Owned LLC and became acquainted with the implementation of the Oil Refinery Project.
The construction of oil refinery will be consisted of four parts - engineering, procurement, and construction. In 2020, JMC Projects India has been selected as a general contractor in charge of the first phase of the oil refinery construction, specifically, the development of the refinery’s non-technological facilities and construction site infrastructure. The company will construct an administration building, warehouse, repair facility, fire safety, and first aid units, laboratory, and water supply system of the refinery which is planned to be commissioned in 2024.
At the meeting held during the visit, the sides exchanged information and views on the progress of the construction and issues that need to be resolved.
The oil refinery will consist of 12 main facilities, including seven facilities for processing oil. As of currently, agreements are being established with the selected US and Western European petrochemical concerns, reports Mongolia Refinery.
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The war of aggression against Ukraine and its implications www.eeas.europa.eu

Op-Ed by the Ambassadors of the European Union and its 27 Member States, and the Ambassadors of Norway and the United Kingdom.
24 February 2022 will be marked in history books as the day when Russia brought war back to Europe. Russia’s unprovoked and unjustified invasion of Ukraine grossly violates international law and the principles of the UN Charter and threatens world peace as well as European and global security and stability. It is inflicting unspeakable suffering on the Ukrainian population.
Russia has violated the sovereignty and territorial integrity of an independent State that did not pose any threat, and to which Russia had given guarantees of security in the 1994 Budapest Memorandum. Russia must immediately cease hostilities and withdraw its military from the territory of Ukraine. Such use of force and coercion has no place in the 21st century. This is not “Russia’s war against the West”; it is “President Putin’s war against international law and global peace”.
Words matter. This is called by Russia a Special military operation so that the military does not have to inform the families of fallen soldiers (though by now hundreds of mothers of soldiers know they lost a son in a senseless war). It is nothing but a premeditated invasion by Russia.
Russia, and its accomplice Belarus, bear full responsibility for this war of aggression and those responsible will be held to account for their crimes, including for indiscriminately targeting civilians and civilian objects. Cluster munitions and thermobaric weapons have been used by Russian forces against civilian population in violation of international law.
We commend the people of Ukraine for their courage in defending their country and our shared values of freedom and democracy. Just as Mongolia, Ukraine has chosen thirty years ago a path of democracy and open economy, and has every right to choose their own alliances. We will not leave them alone. The European Union and its Member States and partners will continue to provide coordinated political, financial, material and humanitarian support. We are committed to provide support for the reconstruction of a democratic Ukraine once the Russian onslaught has ceased. We are determined to increase even further our pressure on Russia and Belarus.
The Russian military aggression has created a humanitarian catastrophe resulting in the killing of civilians and in millions of displaced people and refugees. The European Union and its Member states and partners are providing humanitarian aid and civil protection assistance to all refugees from Ukraine including third country nationals. This is truly an all-European act of solidarity joined by members as well as non-members of the EU. Mongolian nationals themselves had to be evacuated in an emergency, with the help of the Government of Mongolia. We are committed to providing help to all those affected without discrimination.
We have adopted significant sanctions and remain ready to move quickly with further sanctions. Measures announced by the European Union have been very closely coordinated with partners and allies. Over forty countries have so far partially or completely aligned with our sanctions. This is testimony to the determination of the global community to reject this military aggression. The aim of the European Union sanctions is to undermine the capacity of President Putin’s regime to continue the war. Sanctions affect the Russian people, but they are not the target. This is a war decided by President Putin, not by the Russian people.
Stopping this aggression and addressing its negative impacts on security and the global economy requires a collective mobilisation as seen recently at the UN General Assembly. We are ready to work with Mongolia to sustain the international mobilisation to end this war.
Russia’s resorting to disinformation and gross manipulations of the facts is a weapon directed towards all of us. Mongolia is equally exposed. Its free and independent media has every possibility to provide the public with independently sourced information. Europe is mobilised to debunk Russian propaganda (EUvsDisinfo.eu).
The European Union is a responsible global actor and we will continue to engage actively with all countries/partners on issues such as the COVID pandemic, climate change, international connectivity, non-proliferation, crisis management, and other important bilateral and multilateral issues
The war of aggression that President Putin has started, will have an adverse impact on many countries in the world, particularly countries, like Mongolia, that are heavily dependent on imports of food, fertilisers and energy We are already coordinating our efforts with Mongolia’s authorities and businesses to avoid collateral damage of the war on the economy.
Let us be clear on one point: the negative impact on fuel prices, agricultural commodity prices, which we are seeing already, are the result from the Russian aggression and military activities on Ukrainian soil, not from European Union sanctions.
We call on Mongolia, as a respected member of the international community, a dedicated member of the United Nations for 60 years, and a full member of the Organisation for Security and Cooperation in Europe (OSCE), to join us in our calls for an immediate ceasefire as an essential precondition to establish humanitarian corridors. These corridors must be unconditionally and be respected from all sides.
Stop this war. Freedom will prevail. We stand with Ukraine.
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Putin Orders Europe to Pay Rubles for Russian Gas www.themoscowtimes.com

Russia will force Europe to start paying for gas supplies in rubles, President Vladimir Putin said Wednesday in televised remarks.
“I have decided to implement a set of measures to transfer payments for our gas supplies to unfriendly countries into Russian rubles,” Putin said, ordering the changes to be implemented within a week.
The measures are part of Russia’s response to the West’s unprecedented sanctions leveled on Moscow in response to the attack on Ukraine.
Russia deems all countries that have hit it with sanctions following its invasion of Ukraine as “unfriendly.”
Europe imports around 40% of its natural gas from Russia, with contracts typically priced in euros. Russia’s gas exports to “unfriendly” countries came in at around $50 billion in 2021, according to an estimate by Loko Invest.
“It doesn’t make sense to deliver our goods to the EU or U.S. and receive payments in dollars or euros,” Putin said in the meeting with government officials.
The move was met with pushback Wednesday evening from some of Russia's key gas customers, including Germany, Austria and Italy.
Berlin said Russia's demands constitute a breach of contract, while Vienna and Rome both said they would continue paying for Russian gas in euros, citing Moscow's attempt to skirt the impact of sanctions.
"The announcement of paying in rubles is ... a breach of the contract and we will now discuss with our European partners how we would react to that," said German Economy Minister Robert Habeck, whose country imported 55% of its natural gas from Russia before Moscow invaded Ukraine.
Analysts see Putin’s move as Moscow’s attempt to put pressure on Europe over its sanctions — or “turn the tables on the EU,” as Elina Ribakova, deputy chief economist and sanctions expert at the Institute of International Finance, said.
In sanctions on Russia’s Central Bank, the West has frozen almost half of Russia’s international reserves — some $300 billion that Moscow had seen as its anti-sanctions insurance policy, huge funds that could be used should it be cut out of the financial system.
If Putin’s order is implemented, Europe would have to buy hundreds of millions of euros’ worth of rubles every day to pay for its substantial gas deliveries. From Russia’s perspective, that would provide an inflow of much-needed hard currency and boost demand for the beleaguered Russian currency.
But transactions could prove tricky for Europe as many Russian state banks, including the Central Bank itself, are under sanctions which prohibit direct transactions.
“He is basically trying to get Western countries who sanctioned the Central Bank to transact with it,” said analyst Timothy Ash. “But this will just make it more difficult to transact with Russia for energy supplies.”
The Russian ruble, whose value cratered in the wake of the sanctions, jumped on Putin’s announcement, strengthening by almost 4% against the U.S. dollar in trading in Moscow. Prices for gas in Europe rose 8%.
Russia is currently requiring exporters to sell 80% of their hard currency earnings — effectively using its extensive export earnings to replace the Central Bank’s frozen reserves and stop the Russian ruble from falling even further.
Maria Shagina, a visiting senior research fellow at the Finnish Institute of International Affairs, branded the announcement an “unexpected turn from the Kremlin.”
“I tend to think this is another bluff. Receiving hard currency from hydrocarbons is much more important now than forcing all ‘unfriendly’ countries to purchase rubles,” she told the Moscow Times.
Some analysts also questioned whether switching the payment currency would be permitted under existing contracts signed between Gazprom, Russia’s monopoly gas exporter, and customers in Europe.
“The very tight gas market will force European customers to abide by this. There is a lack of alternatives: buy rubles or stay without Russian gas,” said Shagina.
Europe has come under heavy pressure to stop buying Russian oil and gas — a key source of income for the Russian economy — since the invasion of Ukraine began.
Moscow has also sought to use energy prices to pressure Europe, with several politicians, including Putin himself, saying Western sanctions have created a cost of living crisis in the West by way of soaring energy prices.
AFP contribued reporting.
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U.S. investment to increase Ulaanbaatar’s water supply by 80 percent www.news.mn

Michael Klecheski, the U.S. Ambassador to Mongolia stated that “…The Mongolia Water Compact is among the largest single investments that the U.S. has made to the region’s, and will increase Ulaanbaatar’s water supply by 80 percent.
MCA-Mongolia is implementing the $350 million Mongolia Water Compact signed between the Government of Mongolia and the Millennium Challenge Corporation (MCC), aiming to comprehensively address water-related issues and to provide sustainable bulk water supply solutions for Ulaanbaatar. The Compact will also make a great contribution to the protection and environmentally friendly use of groundwater resources through reducing industrial wastewater pollution, introducing recycled water use to the combined heating and power plants, which are Ulaanbaatar’s largest industrial consumers of groundwater, and promoting sustainable use of water.
The Government of Mongolia and the U.S. Millennium Challenge Corporation signed the $350 million Mongolia Water Compact on July 27, 2018. The Compact is funding major infrastructure projects, including the construction of new wellfields and two large plants – an Advanced Water Purification Plant and Wastewater Recycling Plant which will be the first of their kind in Mongolia. In addition, the Compact will invest in policy measures to create a financially and environmentally sustainable future for the water sector of Ulaanbaatar. By 2026, the water system in Ulaanbaatar will have been expanded to deliver 80% more drinking water, allowing for the city’s future expansion.
 
 
 
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Mongolia raises interest rate to 9 percent to fight currency slide www.news.mn

Today (24 March), Mongolia’s central bank has lifted the country’s key interest rate by 2.5 percentage points to 9 % in a desperate move to halt the home currency’s decline amid Russia-Ukraine crisis.
Four days after Russia invaded Ukraine on February 24, the governor of the Bank of Mongolia (BoM), B.Lhagvasuren, told reporters that the national lender boasted USD 4.3 billion in reserves as of the start of 2022, and that the reserves were more than enough to cover seven to eight months. Yet there have been instances of bank customers blocked from making foreign payments of more than MNT 4 million (less than USD 1,700) and prevented from obtaining more than USD 1,000 per day.
Customers were informed by their banks that the central bank had set limits on foreign exchange transactions. However, the BoM suggested that individuals banks may have set their own limits on the amount of dollars that can be withdrawn, taking account of their internal reserves.
The Ukraine crisis is putting Mongolia’s economy to crisis. Inflation has hovered around 13 percent since January and in February it topped 14 percent. Since the start of the Ukraine war, the Mongolian Tugrik has dramatically fell against US Dollar from USD 2,842 to USD 3100.
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