MNT 86 Billion in Tourism Loans Approved, Parliament Hears www.montsame.mn

 The Subcommittee on Tourism Development of the State Great Khural (Parliament) heard a briefing on concessional loans aimed at supporting the tourism sector at its meeting on May 5, 2026.

The presentation was delivered by Batchimeg V, Head of the Tourism Policy and Coordination Department at the Ministry of Culture, Sports, Tourism, and Youth. She noted that a total of MNT 250 billion in concessional financing has been allocated for the sector this year. In this framework, enterprises have submitted loan applications totaling MNT 2 trillion to 10 commercial banks. Currently, loan requests from 198 enterprises amounting to MNT 404 billion are under review by the banks.

She added that the line ministry is required to conclude monitoring agreements for loans exceeding MNT 500 million. To date, 28 enterprises have submitted requests to sign such agreements, of which 13 have been finalized while 15 remain under review. Overall, loan approvals totaling MNT 86 billion have been granted to 42 enterprises, with MNT 5.9 billion disbursed so far.

According to the Press and Public Relations Office of the State Great Khural, the Minister of Culture, Sports, Tourism and Youth, the Governor of the Bank of Mongolia, and representatives of the Ministry of Finance met last week with executives of the 10 commercial banks. They agreed to establish a supervisory working group by order of the central bank governor, amend the general financing agreement, and publicly disclose information on enterprises that have signed monitoring agreements or received loans.

Secondary Market Liquidity Remains Limited www.montsame.mn

MONTSAME National News Agency, together with MICC Mongolia International Capital Corporation, presents a weekly overview of Mongolia’s domestic capital market and economy.

 Weekly Capital Market and Economic Overview

(2026.04.27–2026.05.01)

 MONGOLIAN STOCK EXCHANGE

A total of 5.19 million securities units, worth MNT 14.48 billion, were traded on the Mongolian stock exchange throughout the week. Invescore NBFI JSC, Khan Bank JSC, Trade Development Bank, Mongolian Stock Exchange JSC, and Golomt Bank JSC led by trading value. During this period, a total of one block trade was conducted.

A total of 115,000 shares of Invescore NBFI JSC (INV) were traded at MNT 10,560 per share, amounting to MNT 1.2 billion.
 
Last week, indices on the Mongolian Stock Exchange maintained their upward momentum, signaling a continued recovery trend. The TOP-20 Index rose by 1.04%, the MSE A Index by 0.59%, and the MSE B Index by 1.09%, indicating stable buying activity in the market. Notably, the rise in the MSE B Index suggests increased activity in the small-cap segment, with growth beginning to broaden across the market.

 These movements reflect easing pressure following the ex-dividend period and indicate that the market may be transitioning from a short-term recovery phase to a more stable growth stage. However, the rally is not yet fully broad-based, and secondary market liquidity remains limited. As such, the current uptrend can still be viewed as a continuation of a post-correction recovery, with future direction likely to depend heavily on broader participation and improved liquidity.

 MONETARY POLICY COUNCIL TIGHTENS REQUIREMENTS ON FOREIGN FUNDING

 At its meeting on April 28, 2026, the Monetary Policy Council of the Bank of Mongolia decided to revise reserve requirements related to banks’ foreign funding. Starting October 1, 2026, 25% of foreign currency bonds and loans with maturities between 360 days and three years raised from international markets will be subject to reserve requirements.

 Policy rationale and scope:

Rising external dependence: The share of foreign funding in banks’ total liabilities has steadily increased in recent years, raising external vulnerability.
Shift toward long-term stability: The measure aims to discourage short- and medium-term external borrowing while promoting more stable, long-term funding.
Reducing FX and maturity mismatches: Foreign currency borrowing used for local-currency lending creates currency and maturity risks; the policy seeks to mitigate these.
Stress test results: According to MPC stress tests, banks remain adequately capitalized and resilient even under major macroeconomic shocks.
Lower cyclical risk: The financial cycle is assessed to be more balanced compared to previous periods, allowing room for further macroprudential measures.
 
The decision comes amid increasing reliance on short- and medium-term external financing. The MPC emphasized that the measure is intended to encourage a shift toward longer-term, more stable funding structures and reduce associated risks.

It also highlighted ongoing global economic uncertainty, noting that the cost and availability of external financing may fluctuate in the short term, potentially affecting capital flows.

 Overall, this policy adjustment represents a macroprudential step aimed at reducing excessive reliance on foreign funding and strengthening financial system stability. Further policy measures will be implemented gradually depending on macroeconomic and financial conditions.

 Investors holding bank stocks listed on the Mongolian Stock Exchange are advised to closely monitor upcoming quarterly reports for changes in funding structures, external borrowing levels, and associated costs. The 25% requirement is expected to increase the cost of short- to medium-term foreign funding and may put pressure on banks’ funding structures and lending rates, particularly for those with higher reliance on external financing.
LEGAL FRAMEWORK TO ENABLE INHERITANCE OF “ERDENES TAVANTOLGOI” SHARES

At its regular meeting on April 29, 2026, the Government approved a resolution outlining certain measures related to shares of “Erdenes Tavantolgoi” JSC. The resolution instructs relevant authorities to organize the legal transfer and inheritance of 1,072 shares held by 132,203 deceased citizens, as recorded in the Central Securities Depository as of December 31, 2025.

 How to inherit the shares:

Notary process: Heirs (family members or relatives) must first establish inheritance rights through a нотари.
Securities account: Once notarized, the shares must be transferred and registered under the heir’s name at the Central Securities Depository.
Dividend entitlement: After the transfer, heirs will also gain the right to receive accumulated dividends from previous years.
Currently, unpaid dividends from prior years have been held in state accounts. Completing the inheritance process will allow eligible citizens to claim these accumulated earnings.
Timeline: After preparatory work is completed, the process is expected to begin on June 1, 2026.
 
The Cabinet Secretariat noted that this resolution also supports preparations for “Erdenes Tavantolgoi” to become a publicly listed company by 2026.

Importantly, the resolution does not permit the buying or selling of shares. Under Government Resolution No. 181 (2012), restrictions on transferring or disposing of shares remain in place until secondary market trading is officially opened.

 BANK OF MONGOLIA PURCHASES 1.06 TONNES OF PRECIOUS METALS IN APRIL

 In April 2026, the Bank of Mongolia purchased 1,057.7 kg of precious metals, bringing total purchases since the beginning of the year to 4.3 tonnes. This marks a 30.7% increase compared to the same period last year, indicating stronger gold supply activity.

Regionally, purchases were concentrated in specific areas: the Bayankhongor branch acquired 1,020.3 kg, while the Darkhan-Uul branch purchased 124.2 kg, suggesting supply concentration in certain regions.
The Bank of Mongolia’s purchase price is linked to international market prices. In April 2026, the average gold purchase price stood at approximately MNT 541,552 per gram. Elevated global gold prices continue to incentivize domestic supply and encourage producers to participate more actively in the market.

The increase in precious metal purchases supports Mongolia’s foreign exchange reserves and contributes positively to macroeconomic stability. Gold supply is expected to remain stable in the near term.

Pasture vegetation growth is poor in 40% of total area www.gogo.mn

According to the Information and Research Institute of Meteorology, Hydrology and Environment, as of April 30, pasture vegetation growth was good across all of Dornod, most of Darkhan-Uul, Khuvsgul, and Selenge, parts of Khentii, Khovd, Umnugovi, and Bulgan provinces, as well as some soums of Tuv. In other areas, growth was assessed as moderate.

However, pasture conditions were very poor in more than 20% of the total area and poor in 40%. These conditions were observed in Dundgovi and Sukhbaatar, most of Zavkhan, Uvurkhangai, Govisumber, Uvs, Khovd, Govi-Altai, Bayankhongor, Arkhangai, and Umnugovi, as well as some soums of Khentii, Tuv, and Dornogovi provinces.

Compared with the same period last year, pasture vegetation emergence is later than usual in most areas of Bayan-Ulgii, Khovd, Khuvsgul, and Dornogovi provinces. 

4.8-magnitude earthquake strikes Zavkhan soum, Uvs province www.gogo.mn

A 4.8-magnitude earthquake struck Zavkhan soum in Uvs province at 7:30:38 a.m. on May 4, 2026.

Provinces and soums near the epicenter of the earthquake:

50km southwest of the center of Tsagaankhairkhan soum, Uvs province
55km northeast of the center of Zavkhan soum, Uvs province
58km south of the center of Khyargas soum, Uvs province

"BRITISH DAYS" Fair | 21–23 May 2026 www.britishbusinesscentre.com

Three days of everything British — all in one place:

Franchise opportunities & direct introductions to UK companies
Guidance on studying in the UK
Quality English language learning options in Mongolia
Direct-from-manufacturer UK vitamins on sale (Healthilife)
Showcase & sales of British-branded products and services
Pre-registration for the "Doing Business with Mongolia" seminar and business programme in London (December)
Art exhibition by Hon. Artist D. Batbileg
Competitions & prizes: "Who Sings Best?", "English Public Speaking", and Quiz/Q&A — 10 winners selected
Dates & time: 21–23 May | 10:00–20:00
Location: Baruun 4 Zam, British Business Centre

Open to everyone

Businesses trading with or representing UK products/services are invited to partner with us!

Special thanks to the British Embassy in Mongolia!

British Business Centre
www.britishbusinesscentre.com
management@britishbusinesscentre.com
Tel: +976 7755 2002 / +976 9906 6062

Over 50% of Foreign Nationals Reside for Employment Purposes www.montsame.mn

The Immigration Agency reported that 52.4% of foreign nationals residing in Mongolia for private purposes are staying for employment.

Specifically, 17,944 foreign citizens are working in Mongolia at the invitation of 2,189 enterprises and organizations. Of these, 39.3% are employed in construction, installation, roads, bridges, and infrastructure development; 25.4% in geology, mining, petroleum, and energy; and 17.1% in manufacturing and services.

Under the Law on the Legal Status of Foreign Nationals, up to 3% of Mongolia’s population—approximately 107,000 foreign citizens—may reside in the country for private purposes, including no more than 35,000 citizens from any single country. As of April 30, 2026, 34,241 citizens from 133 countries were residing in Mongolia for official and private purposes. Foreign nationals residing for private purposes account for 0.94% of the total population.

Residence permits under the employment (C) category are issued based on a work permit granted by the General Office for Labor and Welfare Services. In addition, employers hiring foreign workers are required by law to pay a monthly workplace fee equivalent to twice the minimum wage. This fee is allocated to the Employment Promotion Fund to support domestic employment. The fund accumulated MNT 124.9 billion in 2024 and MNT 189.8 billion in 2025.
 

Mongolia poised to lead development of capital markets in CAREC–ASEAN region www.report.az

Mongolia is ready to lead the capital markets development initiative in the CAREC-ASEAN region, Mongolian Deputy Finance Minister Khulan Bat-Erdene said at a capital market seminar held during the 59th Annual Meeting of the Asian Development Bank's Board of Governors, Report informs.

"In the CAREC-ASEAN region, we constantly talk about economic growth, potential, and economic diversification. Therefore, I view the capital market as the most equitable and transparent mechanism for wealth distribution. It is also a way to unlock economic potential through the use of market instruments, not just fiscal measures, budgetary funds, or conventional lending. In this regard, the capital market offers enormous opportunities, and Mongolia is ready to lead this initiative," the deputy minister stated.

Mongolia Qualify For the 2026 World Cup of Darts: Their First Time www.dartsplanet.tv

Mongolia will make its World Cup of Darts debut next month after qualifying through the PDC Asian Tour qualifiers.
Altantülkhüür Myagmarsüren and Ganzorig Lkhagvasüuren represented their country in the qualifiers, looking to make history for the nation.

They faced Chinese Taipei in their first clash at the qualifiers in Group A, and Mongolia started their group stage campaign with a win. They then faced Brunei in their second match but lost, which set up a huge fixture against Malaysia in their third and final game.

If either team won, they were through to the World Cup, but if they lost, their hopes of reaching the tournament next month were gone. The pressure was on both nations going into the third and final group stage game, but who would win the huge qualifying clash.

Mongolia defeated Malaysia 4-2 in sets, which saw the winners qualify for the World Cup. They finished in the automatic qualification spots due to the number of legs they won through the qualifiers.

Mongolia and Chinese Taipei were level on leg difference, but due to the former winning more legs, they secured automatic qualification.

The final competition of the World Cup takes place between 11 and 14 June, in Frankfurt, Germany. The world’s best darts players will be at the competition, and it is an opportunity for Mongolia to make history on their debut in the tournament.

The 40-team competition will be a highly anticipated competition, which was won by Northern Ireland for the first time in 2025. Daryl Gurney and Josh Rock defeated Wales’ Gerwyn Price and Jonny Clayton in the final 10-9 in Frankfurt.

May 11 will see the field for the World Cup confirmed, following the Elten Safety Shoes Austrian Darts Open in Austria.

No doubt there will be shocks across the competition when it begins in June, and Mongolia will be hoping to cause one of those against one of the world’s best darts nations.

Construction Begins on Fifth Thermal Power Plant www.montsame.mn

Construction of the strategically significant Thermal Power Plant No.5 (TPP-5), aimed at meeting Ulaanbaatar’s growing electricity and heating demand, has officially begun.

The plant will be built on the ash pond site of TPP-2 in the 20th khoroo of Bayangol District and will have a capacity of 300 MW of electricity and 340 Gcal/h of heat.

Mayor of Ulaanbaatar Nyambaatar Khishgee noted that Ulaanbaatar city issued its first domestic bond in 2024, enabling the commissioning of a 300 MW power plant in Buuruljuut and a 50 MW battery energy storage facility in Baganuur. He stated that TPP-5 will be developed through a public-private partnership and is scheduled for completion in 2028. Several additional projects are also planned this year, including new power plants at Dambadarjaa and Denjiin Myanga, gas-fired facilities, and waste-to-energy projects. Furthermore, efforts will continue to reduce air pollution and traffic congestion and to improve living conditions.

Once operational, TPP-5 is expected to supply electricity to up to 100,000 households and provide heating for more than 40,000 households, particularly in densely populated areas such as Tavanshar, Bayankhoshuu, and the 3rd and 4th microdistricts.

The total investment for the project is estimated at USD 658.6 million, with 80% to be financed by private partners and 20% by the public sector. To support financing, the city has issued bonds worth MNT 200 billion in the domestic market.

This will be the first high-capacity combined heat and power plant built in Mongolia in over four decades, since the commissioning of Thermal Power Plant No.4 in 1983. The new plant will utilize domestic coal resources while incorporating modern, efficient, and environmentally friendly technologies designed to avoid increasing air pollution.

Awards Ceremony Held for Outstanding Taxpayers www.montsame.mn

An awards ceremony honoring outstanding taxpayers was held today at the State Palace.

Speaking at the event, Prime Minister Uchral Nyam-Osor stated that the Government is pursuing policies aimed at reducing the tax burden, establishing a fair tax system, supporting wealth creators, increasing employment, and expanding the economy. He expressed gratitude to the country’s leading taxpayers for their valuable contribution to national development.

The Prime Minister noted that one month has passed since the formation of the new Government and emphasized that every Cabinet meeting has adopted decisions supporting taxpayers, entrepreneurs, and wealth creators. He also introduced the draft amendments to the Tax Law submitted by the Government.

Under the Corporate Income Tax Law:

The tax bracket will be eased by increasing the threshold for the 25% tax rate from MNT 6 billion to MNT 10 billion, while introducing a 15% tax rate for income between MNT 6 and MNT 10 billion. The revenue threshold eligible for a 90% tax reduction will be raised to MNT 2.5 billion, thereby supporting more businesses.

Under the Value-Added Tax (VAT) Law:

The VAT payer registration threshold will be set at MNT 400 million, and taxpayers will be allowed to defer VAT payments on imported goods for up to two months.

Under the Personal Income Tax Law:

Taxes imposed on monthly income up to MNT 792,000 will be fully refunded to protect real income. A simplified regime introducing a 1% tax rate for business income up to MNT 1 billion will also be implemented. In addition, citizens selling privately owned housing will be exempt from real estate sales tax, encouraging improved living conditions through tax policy support.

Under the General Tax Law:

In addition to reducing tax burdens, the draft amendments aim to create a fairer and more flexible tax environment by extending the period for correcting tax reports to 24 months, allowing businesses and citizens to rectify reporting errors.

During the ceremony, awards were presented to 50 enterprises and organizations that had made significant contributions to the state budget revenues.

I. Top 10 Taxpayers by Tax Contribution

Erdenet Mining Corporation SOE

Erdenes Tavan Tolgoi JSC

Oyu Tolgoi LLC

Mongoliin Alt MAK LLC

Khan Bank JSC

Energy Resources LLC

SouthGobi Sands LLC

APU JSC

Golomt Bank JSC

Trade and Development Bank of Mongolia JSC

II. Best Taxpayers — Large Segment

Khangad Exploration LLC

Khuren Tolgoi Coal Mining LLC

Tavantolgoi JSC

XacBank JSC

Mobicom Corporation LLC

Erdenes Alt Resource LLC

Barloworld Mongolia LLC

MCS Coca-Cola LLC

Transwest Mongolia LLC

Unitel LLC

III. Best Taxpayers — Medium Segment

Smartlogic LLC

Gofro LLC

Khongor Bayan Trans LLC

Tsetszam Plast LLC

Premium Palace LLC

Javkhlant Joloo LLC

Enkhiin Shuuder LLC

ESBBO LLC

Goviin Ilch Teever LLC

Ikhshuudergene Import LLC

IV. Best Taxpayers — Small Segment

Taliin Altan Joloo LLC

MOT Capital LLC

Total Express Line LLC

ABIKO Foods LLC

MN Innovation Global Smart Technology LLC

Unur Mechanical Trade LLC

Khairkhan Auto Service LLC

Solar Power Mongolia LLC

Summit LLC

Grand Yak LLC

V. Best Taxpayers — Micro Segment

Sandvik Mongolia Engineering Solutions LLC

Nomin Hypermarket Western Region LLC

Four Season Garden LLC

Moskva Complex LLC

SET Green Futures LLC

Tavan Bogd Tech LLC

Asira LLC

Coalline Mind LLC

Ganbarmat LLC

Od Munkh Amjiltiin Ekhlel LLC

In accordance with the Government meeting resolution of May 1, 2000, the second week of May each year is designated as “Taxpayers’ Days.” The Mongolian Tax Administration is marking the event for the 27th consecutive year nationwide from May 4 to 8 under the slogan “A Needs-Based Advisory Tax Administration.”