The month of December in Mongolia has been filled with controversy around the interim free trade deal the country intends to sign with the Eurasian Economic Union (EEU), consisting of Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan. The Mongolian government plans to sign a 3-year free trade agreement with the bloc, removing all tariffs and quotas on 375 items and paving the way for local companies to gain access to large foreign markets with a total population of over 200 million people.

The negotiations started in 2019 but entered an active stage in 2024, with both sides expressing interest in completing the agreement by the end of 2024. In early December, the government shared a list of products that would be part of the trade agreement. The Mongolian side is hopeful that it will allow its economy to grow by exporting meat, wool, and leather products worth USD 15.5 billion.

The government is adamant that signing the agreement is in Mongolia’s best interests. Its main argument is that Mongolia's economy cannot grow by catering to a small domestic market of 3.5 million people. This growth is expected to draw foreign investment, diversify the economy, and reduce dependence on the mining sector.

However, all the business stakeholders in the country seems to hold the exact opposite opinion. Representatives of Mongolian businesses, whom the deal will affect directly, have all spoken against it and called to either cancel or at least postpone its signing.

Mongolian National Chamber of Commerce and Industry has expressed its worries that the deal will undermine national security by killing off local food production and creating dependence on other countries for food supplies. A coalition of professional associations consisting of the NGO Food Evolution, the Food Producers’ Union, the National Association of Veterinarians and Breeders, and the Farmers’ Union has done the same.

The Chamber of Commerce added that trading with Russia and Belarus, two pariah states under unprecedented number of sanctions, poses reputational and financial risks that may scare away potential investors and result in secondary sanctions.

Director of Food Evolution, T. Monkhtor, forecasted that Russian food products, such as dairy, wheat, and flour, which are cheaper and higher quality, will flood the Mongolian market and bankrupt local companies. His estimate is that will take only one year for this grim scenario to take place. The consequences could be catastrophic with hundreds of thousands losing their jobs and sources of income.

He also recalled the failure of the free trade agreement Mongolia signed with Japan in 2017. The deal benefitted only Japan with its exports to Mongolia growing from USD 300 million in 2017 to 600 USD million in 2023. Mongolia’s exports to Japan grew only by USD 3 million, from USD 15 to 18 million. The fear is that the deal with the EEU will have a similar outcome but with a devastating effect.

On December 18, the government partially gave in to these demands and agreed to postpone the negotiations. Deputy prime minister S. Amarsaikhan announced that the deal will not be suspended. Instead, the government will proceed in consultation with non-state actors, soliciting their feedback and possibly restructuring the agreement. What appears to be an interim victory for local food producers is a loss for consumers, who ultimately bear the cost of their country’s attempts to sustain its food industry.

BY Nurbek Bekmurzaev

The installed new energy capacity, which includes wind power and solar energy, in North China's coal-rich Inner Mongolia autonomous region has surpassed 120 million kilowatts, exceeding the region's installed thermal power capacity for the first time.

Inner Mongolia has achieved this milestone one year ahead of schedule, most recently having connected a 1-million-kilowatt photovoltaic project to the grid. Its total installed power capacity is now 240 million kilowatts, and its installed thermal power capacity is 117 million kilowatts.

Inner Mongolia possesses abundant new energy resources, with a wind energy resource potential of 1.46 billion kilowatts, accounting for approximately 57 percent of the national figure. Its solar energy resource potential amounts to 9.4 billion kilowatts, representing approximately 21 percent of the national potential.

Currently, new energy installations connected to the grid in the region generate 270 billion kilowatt-hours of green electricity annually, which is equivalent to reducing standard coal use by 84 million tons and reducing carbon dioxide emissions by over 220 million tons.

Inner Mongolia also boasts coal reserves totaling 536.5 billion tons, accounting for nearly one-third of the national total. In 2023, its annual coal production output came in above 1.2 billion tons, of which approximately 60 percent was sold outside the region, with about 250 million tons used to generate thermal power within the region.

According to a bulletin posted on the regional energy bureau's official website in January, Inner Mongolia at the time planned to shut down three coal mines in 2024 with a total production capacity of 2.1 million tons.

Inner Mongolia has also made great strides in technological innovation in the field of new energy. The region has integrated wind and solar power generation with desertification control, for example, by using solar panels to provide shade and reduce surface water evaporation to enable plant growth beneath. Projects such as this ingeniously combine new energy development with desert ecosystem restoration.

Inner Mongolia can be seen as a microcosm of the rapid growth of China's new energy sector, which has maintained a double-digit annual growth rate in recent years.

Since 2013, the country's installed wind power capacity has grown sixfold, and its installed solar power capacity has surged more than 180-fold. New installations in China account for over 40 percent of the global annual total, contributing significantly to the world's green development.

In the tone-setting annual economic work conference held earlier this month, China's policymakers pledged to accelerate the comprehensive green transformation of economic and social development next year.

To achieve the country's dual carbon goals, China will tighten control over the consumption of fossil fuels, work faster to develop a new energy system, and promote the integrated development of hydro, wind and solar power, said an official from the Office of the Central Committee for Financial and Economic Affairs.

Imagine a container, fresh from its long sea journey and overland passage through China, finally disgorging its contents in Ulaanbaatar: Pakistani cotton, destined for garments, bearing stamps of a script unfamiliar to many eyes.

Picture, conversely, the tightly packed bales of Mongolian cashmere, a luxury whispered on global markets, beginning their journey southward, an aspiration to grace the bustling markets of Lahore.

World map highlighting Pakistan in green and Mongolia in orange, with the rest of the countries in gray.

This is the nascent, and still somewhat fragile, reality of trade between Mongolia and Pakistan. A reported 15% uptick in bilateral exchange this past year hints at a growing connection. Yet, to label it a booming trade route would be an overstatement.

Consider it a few tentative threads being drawn between two vastly different economic looms. Pakistan dispatches staples – the daily necessities of soap and packaged medicines. Mongolia, holding higher aspirations, seeks to export the treasures of its steppes: cashmere, soft as a cloud, and the durable leather honed by generations of nomadic life. Scratch beneath the surface, however, and the exchange reveals a modest current, with Pakistan enjoying a clear trade surplus. Is this the spark of a significant commercial corridor, or simply an intriguing footnote in the economic ledgers of nations navigating complex global trade flows? The question lingers: what prevents a more substantial partnership from taking root?

The idea of a "complementary tourism nexus" shimmers with potential, yet remains largely a theoretical construct. Envision, if you will, Pakistani families, steeped in history and culture, venturing onto the vast Mongolian steppes, a landscape echoing with Genghis Khan’s legacy. Or Mongolians, perhaps seeking spiritual solace, tracing the ancient paths of Gandhara Buddhism in Pakistan's north.

Hypothetical projections hint at lucrative possibilities, drawing on the dynamism of Pakistan’s growing tourism sector. Yet, the reality is starkly different. No direct flights bridge the considerable distance, forcing circuitous journeys.

The trickle of tourists flowing in either direction speaks volumes about the infrastructural gaps and a distinct lack of coordinated promotional efforts. Logistical knots tighten further with the absence of a direct maritime route; goods navigate circuitous overland paths, often through challenging terrain, adding time and cost. The dream of shared tourist dollars and vibrant cultural exchange currently bumps against the hard realities of geographical separation and logistical hurdles.

Mongolia's embrace of a "third neighbor" strategy casts Pakistan in a potentially more significant role. Landlocked and strategically positioned between Russia and China, Mongolia seeks alternative anchors for its economic security. Pakistan, geographically distant but possessing a sizable economy, offers a tantalizing possibility for diversification. The imperative to move beyond a resource-dependent economy fuels Mongolia's interest. However, the current trade figures suggest this remains more aspiration than achievement. While the vision of Pakistani investment fueling Mongolian industries beyond mining – or vice-versa – flickers, concrete examples are scarce. The economic gravitational pull of larger regional players remains a powerful force, making the realization of truly impactful diversification a considerable challenge.

Transforming this tentative exchange into a reliable trade wind requires navigating a maze of practicalities. Customs procedures diverge, product standards misalign – the everyday frictions of international commerce loom large. Moreover, neither nation operates in a vacuum. Both compete for market share in a global landscape teeming with established players. For Mongolia and Pakistan, carving out a lasting economic niche necessitates more than goodwill. It demands a concerted effort towards harmonizing regulations, fostering trust among businesses, and potentially, establishing dedicated trade mechanisms. The long-term viability hinges not just on increased volume, but on the development of higher-value exchanges and strategic investments that weave their economies together more tightly.

For now, the economic currents between Mongolia and Pakistan resemble a subtle, perhaps promising, undertow rather than a powerful surge. The increase in trade provides a glimmer of what could be, yet the overall picture is one of modest flows and unrealized potential. The aspirations for shared prosperity are evident, but the tangible economic linkages remain fragile.

Whether this initial connection blossoms into a significant trade route or remains a minor tributary in the global economic landscape will depend on deliberate choices, strategic investments, and a shared commitment to bridging not just geographical distance, but also the practical and logistical gaps that currently constrain this budding Silk Road story.

BY Abdul Rafay Afzal

Mongolia has officially commenced the export of live sheep to Uzbekistan, marking a significant step in agricultural trade between the two nations, local media reported on Wednesday, citing the Ministry of Food, Agriculture and Light Industry.

The initiative stems from an agreement made during Mongolian President Ukhnaa Khurelsukh's state visit to Uzbekistan in June, the ministry said in a statement.

During the visit, the two countries' leaders pledged to enhance cooperation in agricultural trade, specifically in the supply of wool, cashmere, leather, meat, and meat products from Mongolia to Uzbekistan and, through Uzbekistan, to other Central Asian markets.

As part of this agreement, Mongolia committed to exporting 100,000 live livestock to Uzbekistan, according to the ministry.

"The agreement has now been officially implemented, and the first shipments have already begun. Since Dec. 21, Mongolia has transported 1,440 live sheep to Uzbekistan on two flights," the ministry said.

Promoting livestock husbandry is considered a key strategy for diversifying Mongolia's mining-dependent economy.

As one of the world's last remaining nomadic nations, Mongolia had 64.7 million livestock at the end of 2023, with sheep making up 45.5 percent of the total, according to the National Statistics Office.

This time, Inside Mongolia features an insightful interview with Koji Kurushima, CEO of Mobicom Corporation. In this interview, we delve into the opportunities for foreign investment in Mongolia's telecommunications sector, as well as Mobicom’s journey from its past achievements to its future ambitions.

How attractive is Mongolia's telecommunications sector for foreign direct investment, and do Mongolian telecom companies need further foreign investment?

The telecommunications sector in Mongolia presents a compelling investment opportunity, largely due to the initial foreign investments, such as those from Japanese and Korean companies. Over the years, telecom companies in Mongolia have become deeply embedded in society. While there may not be an immediate pressing need for additional foreign investments, the long-term outlook is optimistic due to the nation's growing population and economic development. However, global telecom markets can be capital-intensive because of infrastructure costs, so an investor’s perspective plays a crucial role in determining whether the sector is attractive.

As for whether Mongolian telecom companies need further foreign investment, it depends on the specific goals of the companies. While these companies are well-established, the decision to seek further investment will ultimately depend on their strategies for growth.

Opportunities do exist in certain areas, such as apps, services, and platforms, but the companies' own objectives largely drive the need for foreign capital.

Are foreign companies interested in investing in Mongolia, particularly in the telecom sector, and what makes Mongolian telecom companies unique to investors?

Foreign companies may indeed be attracted by Mongolia's growing population and economic potential. However, investing in telecom infrastructure can be expensive due to the significant capital required. From an investor’s viewpoint, areas like mobile applications, services, and platforms might present less expensive investment opportunities as they can be sold globally through app stores like Apple Store or Google Play without requiring heavy infrastructure costs.

Mongolian telecom companies, on the other hand, may not scream “investor magnet” at first glance. Their enterprise values, built over decades, demand deep pockets even for minority stakes, and quick returns aren’t guaranteed. But here’s the kicker: when local companies need fast funding, foreign capital becomes the ace up their sleeve. These companies shine in their ability to draw both financial investors chasing high returns and global telecom operators hungry for cross-border market expansion. For operators, such investments are a gateway to forming strategic alliances, scaling customer bases, and extending global reach, making Mongolia’s telecom sector a surprisingly enticing play for the right investors.

Is the regulatory environment in Mongolia challenging for investors, especially in telecom?

The regulatory environment in Mongolia can be challenging, though this varies by sector. In the telecom space, companies must adhere to licensing regulations, meaning market entry is restricted. With only five telecom companies, the limited number of licenses makes it hard for new entrants to break in. Moreover, concerns around the transparency and consistency of government policies, especially related to economic stability and long-term planning, could deter investors. Clarity from the government on its vision is crucial to boosting investor confidence.

Mobicom stands as a successful example of foreign investment in Mongolia. Since becoming a subsidiary of KDDI, how much capital has the Japanese telecom giant invested in Mongolia through Mobicom?

Since becoming a subsidiary in 2016, KDDI has invested over $300 million into Mobicom, focusing on network expansion and if considered from its birth more than $1 billion.

This investment includes not only KDDI’s direct capital but also revenue reinvested from the business itself. As Mobicom generates income through customer payments, it reinvests these funds into further network development, ensuring a sustainable investment cycle.

Moreover, KDDI has shared extensive technological expertise with Mobicom, particularly in advanced technologies like 4G and 5G. Given Japan's leadership in technology, KDDI has enabled Mobicom to access cutting-edge solutions. Additionally, exchange programs allow Mobicom employees to work at KDDI’s facilities in Japan, gaining hands-on experience in a global context, which is then applied to improve local business practices.

In recent years, the Government of Mongolia has prioritized the digital transformation of the country. In alignment with this goal, how much support does the government extend to telecom companies?

The Mongolian government has prioritized digital development, exemplified by the "E-Mongolia" initiative, which seeks to digitize public services. While the government provides support for digital initiatives, telecom network investments mainly rely on the private sector. The Universal Service Fund, for instance, helps extend coverage to underserved areas, and the government also solicits feedback from telecom companies to ensure policies align with market needs.

Let’s move to the second part of the interview. Could you walk us through Mobicom’s past goals and future plans?

Founded in 1995, Mobicom initially focused on 2G voice services. For a decade, it was the sole operator in the market. With the arrival of competitors in 2005-2006, Mobicom shifted its focus to improving connectivity. The introduction of 3G brought internet access to mobile phones, and by 2016, 4G revolutionized data speeds, greatly impacting social media usage in Mongolia. Today, Mobicom continues to enhance its network, expand its enterprise services, and improve its data infrastructure, especially in response to the increased demand for IT solutions post-pandemic.

Looking ahead, Mobicom aims to continue expanding network coverage, particularly in underserved areas of Mongolia. While its network has grown significantly, demand remains high in certain regions. The company is also working on expanding its network capacity to meet rising data usage demands. Additionally, Mobicom is focused on supporting businesses with IT solutions, helping them optimize operations and expand into global markets.

In recent years, the Internet of Things (IoT) has emerged as a hot topic, often referred to as the Internet's new era. Does Mobicom have any plans for IoT?

Mobicom is deeply involved in IoT through its connectivity services, such as powering point-of-sale (POS) machines in retail and exploring IoT applications in rural areas for services like water and electricity meters. By enabling remote data collection, Mobicom is helping businesses optimize operations and reduce the need for manual data collection, even in sparsely populated regions.

Could Mobicom expand internationally, and what challenges would it face?

Mobicom has explored the possibility of expanding into Central Asia, where market similarities, including shared cultural aspects and the widespread use of Russian, could ease communication. However, international expansion would require approval from the parent company, KDDI, and would pose challenges related to integrating Mobicom's brand and infrastructure into new markets.

Thank you for your time and for sharing your valuable insights with us.

Thank you. Happy New Year to you all.

After months of depressing news about countries backsliding on climate pledges and companies softening green ambitions, it’d be easy to forget this year also saw impressive developments in the fight against global warming.

Solar installations popped up in unexpected places. Cities experimented with wild adaptation projects. Elderly Swiss women even won a major climate case in a European court. Bloomberg Green covered these events and more. Here’s a round-up of the good news from 2024.

Solar energy had a record year

Solar capacity around the world was rolled out at a record pace, as bargain panel prices helped countries deploy cleaner energy. Major markets like China, India and Germany showed steady growth, while demand soared from countries that previously showed little interest in the energy source, such as Saudi Arabia and Pakistan. Meanwhile, both wind and solar capacity surpassed a target in China almost six years early.

Britain embraced the Sun, ditched coal

The British Library unveiled a £1.5 million ($2 million) solar installation on its roof this year, while the Church of England began generating electricity from a dramatic 438-panel display on a historic chapel in Cambridge. Meanwhile, the UK turned off its last coal-fired power plant at the end of September, marking itself as the first G7 nation to purge the fossil fuel from its electricity mix.

Electric Vehicles

Norway went all in on EVs

Norway prepared to meet its 2025 goal of eliminating fossil-fuel-powered car sales. Incentives and policies have made electric vehicles a mainstay on its roads. Today, EVs make up about 25% of cars in Norway, with around 170 electric-powered models available. The country’s strategy is being seen as a framework for other nations seeking to transition away from fossil fuels.

The US eliminated electron deserts

Electric vehicle range anxiety was put to rest for many drivers in the US in 2024. In the first nine months of the year, the number of fast-charging stations in the country surged by 35%. There are now about 9,000 public sites in the US with much of the infrastructure built in rural areas.

… And rolled out its first electric school buses

A squadron of shiny yellow electric school buses in Oakland, California were the first to serve a major US school district. Now the vehicles’ large batteries can also supply electricity to the Bay Area power grid.

Australia made EVs more attainable

Australia’s government began funding cheap loans to help low-income workers buy electric vehicles in a bid to kickstart slumping sales of battery-powered cars. The IOUs can be used to purchase new or used EVs worth as much as A$55,000.

Policy

Biden’s climate law isn’t all lost

US climate policies are now in question under the Trump administration. Yet this year we learned there are some significant portions of President Joe Biden’s landmark climate law, the Inflation Reduction Act, that will be resilient to the change. Ten-year tax credits to drive investment in clean energy manufacturing are most likely safe. Also, most of the IRA’s climate funding has gone out the door already.

US climate action had local successes

Voters in a number of US cities backed measures to invest in improving public transit. Washington state voted to keep the state’s cap-and-trade program. Californians said yes at the ballot box to support $10 billion of funding for climate resilience. A commercial food waste ban introduced in Massachusetts in 2014, meanwhile, led to a 7% average annual reduction in landfilled and incinerated waste in its first five years of implementation.

Amazon deforestation slowed under Lula

Brazilian President Luiz Inácio Lula da Silva’s promised to get tough on deforestation in the Amazon when he took office at the start of 2023. Early results are promising. Last year the country cut deforestation by 50%, according to government data. This year, it’s dropped a significant amount again, according to Marina Silva, Brazil’s environment minister and top climate diplomat.

Litigation

Older generations stepped up the climate fight

A group of elderly Swiss women won a historic verdict in April. The European Court of Human Rights ruled that the “Swiss Confederation had failed to comply with its duties” concerning climate change and violated the plaintiffs’ rights to respect for private and family life. In the US and UK, a growing number of retirees are playing a major role in protesting fossil fuel expansion and exhorting their contemporaries to vote with the climate in mind.

Solutions

Water was created out of thin air

Startups made new improvements on a technology that can draw water out of the driest skies. Metallic organic frameworks (MOFs) don’t require electricity and can produce H2O with just ambient sunlight.

Cities built up their climate resilience

While the world is still trying to stop global warming from getting worse, many cities prepared for the impacts already being felt. Among the projects happening: Beira, Mozambique is deploying a cyclone warning system; Boulder, Colorado, is becoming a fortress against wildfires; Frankfurt is capturing airflow to stay cool. Nairobi even figured out how to use trash-eating flies to tame dangerous floods.

(By Siobhan Wagner)

The National Emergency Management Agency of Mongolia has launched a campaign to encourage every citizen to install the location-identifying What3Words application on their mobile phones. As part of this effort, the app has been installed and implemented for use on the mobile phones of 636,876 Mongolian citizens across 21 aimags of Mongolia.

Citizens, herders, and transporters are advised to regularly follow weather forecasts and updates, ensure proper preparation and readiness of their equipment and personal resources, and take preventive measures against potential risks.

In the event of potential dangers or emergencies, individuals can provide their location using a 3-word address via the What3Words application. Depending on their mobile device, users can download and use the application from the Play Store or App Store.

If a caller providing information or making a report cannot identify their location or provide coordinates, the caller can use the What3Words application on their smartphone, whether connected to the internet or not. By sharing their 3-word address, the precise location of the report can be determined, ensuring prompt and efficient response without delays.

On December 24, 2024, Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai received Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to Mongolia Shen Minjuan and Assistant General Manager of “China Energy” Group Kang Fengwei.

At the meeting, the two sides exchanged views on the Gashuunsukhait-Gantsmod Cross-Border Railway Project. The Government of the People’s Republic of China officially expressed its readiness to resolve the issue concerning the Gashuunsukhait-Gantsmod Cross-Border Railway Project through an international agreement between the Governments of the two countries. The Gashuunsukhait-Gantsmod Cross-Border Railway Project has been under discussion since 2009, and after 16 years of stagnation, the Project gained momentum on November 5, 2024. During Prime Minister L. Oyun-Erdene's official visit to China on November 5, 2024, the two sides signed an Agreement on the Joint Construction of a Cross-Border Railway Bridge at the Gasuunsukhait-Gantsmod Border.

The successful implementation of the Gashuunsukhait-Gantsmod Cross-Border Project would create favorable conditions for the realization of other railway projects, such as the Khangi-Mandal, Shiveekhuren-Sekhe, and Bichigt-Zuunkhatavch. Moreover, the Project could potentially increase Mongolia’s coal exports to 120 million tons and boost the country’s GDP per capita to USD 10 thousand.

Bogd Bank with its continued efforts to empowering SMEs, in particular women-led businesses, and green initiatives and FMO with the mission to increase inclusive and sustainable prosperity, have started their cooperation by signing a USD 20 million term facility agreement.

Out of the USD 20 million facility, minimum of thirty percent of the facility will be dedicated toward green projects, while seventy percent will go towards the agriculture, youth, and women SMEs in Mongolia.

"Bogd Bank is committed to supporting MSMEs, empowering women-led businesses, and promoting sustainable green initiatives across Mongolia. Collaborating with an organization like FMO, which shares our goal of driving Mongolia's economic growth through meaningful financing, aligns seamlessly with our core mission. We are excited to commence this cooperation with FMO and firmly believe it will pave the way for a successful and lasting partnership,” stated Saruul Ganbaatar, Chief Executive Officer of Bogd Bank.

"We are thrilled to begin our partnership with Bogd Bank in Mongolia, supporting their mission to enhance financial inclusion and promote green finance,” said Juan Jose Dada Ortiz, Director Financial Institutions at FMO. “This collaboration reflects our shared commitment to driving sustainable development and addressing climate challenges, contributing to impactful progress on reducing inequalities and reaching underserved SMEs. FMO is proud to work with Bogd Bank and is confident that is marks the beginning of a long-term collaboration.”

Bogd Bank since its establishment in 2014, has provided financing to almost 12,500 borrowers of various sectors through its 17 branches and over 240 employees. With endless efforts put towards the SMEs and green sector, more than third of the loan portfolio consists of SMEs, with unchanging focus on the women-led businesses and the green sector. In 2021, Bogd Bank became the first publicly listed bank on the Mongolian Stock Exchange.

FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track-record in empowering entrepreneurs to make local economies more inclusive, productive, resilient and sustainable. FMO focuses on three sectors that have high development impact: Agribusiness, Food & Water, Energy, and Financial Institutions. With a total committed portfolio of EUR ~13 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally.

The International Monetary Fund (IMF) advises that the Central Bank of Mongolia can successfully combat inflation and maintain stable economic growth by working independently in collaboration with the government.

The Bank of Mongolia has announced plans to focus on enhancing its independence and implementing legal reforms. International organizations and economists have highlighted that the current system lacks sufficient operational autonomy for the central bank, with significant fiscal influence on monetary policy posing a key weakness in Mongolia's system.

The Bank of Mongolia reiterated its intention to prioritize its independence and pursue necessary legal reforms.

In some countries, their constitutions explicitly include central banks as part of state institutions. However, Mongolia's current legal framework does not contain such provisions. Researchers believe that incorporating the powers and responsibilities of the central bank into the constitution would create a legal foundation for implementing monetary policy independently and in alignment with national interests.

Translated by ChatGPT