At its regular meeting, the Monetary Policy Committee (MPC) of the Central Bank of Mongolia decided to maintain the policy interest rate at 10 percent and increase the minimum reserve requirement in both domestic and foreign currency by 1 percentage point, reaching 11 percent and 16 percent respectively.

Annual inflation rose to 8.1 percent nationwide in November 2024, up from 7.0 percent in October, driven mainly by a significant increase in electricity prices. An increase in electricity price contributed 1.9 percentage points to November’s annual inflation, compared to 0.6 percentage points in October. In addition, the higher-than-expected price increases in services, rent, and imported goods, driven by accelerated domestic demand and rising wages, have further fueled inflationary pressure in recent months. The demand-side pressures from fiscal expansion as well as the indirect effects of the administrated price increases are expected to push inflation higher in the first half of 2025, followed by a gradual decline afterward.

The economy grew by 5.0 percent in the first three quarters of 2024. The slowdown was primarily driven by weakened activities in the construction and manufacturing sectors, alongside lower-than-expected production of copper and gold. As a result, the growth forecast for 2024 has been revised downward. However, economic growth is projected to pick up next year, supported by fiscal expansion, increased production of Oyu Tolgoi, and the easing of adverse effects from the recent dzud natural disaster.

With the inflation rate expected to stabilize within the target range by 2026, the MPC decided to keep the policy rate at 10 percent to maintain stable medium-term growth while avoiding excessive tightening of credit and financial conditions.

To prevent risk accumulation in the financial sector and ensure financial stability, the MPC also decided to raise the reserve requirements in domestic and foreign currency liabilities by 1 percentage point each.

These policy decisions align with the objectives of stabilizing inflation at the target level and ensuring macroeconomic and financial stability over the medium term, reported the Central Bank of Mongolia.

First drifting ice-driving experience with Lamborghini’s High Performance Electrified Vehicle (HPEV), Revuelto

Exhilarating driving emotions on the world’s most breathtaking winter driving playgrounds:– Lamborghini brings its signature Esperienza Neve to the snow-clad paradise of Yakeshi, Inner Mongolia for its first ever edition in China, where guests from the Asia Pacific region enjoyed an exclusive first opportunity to experience the Revuelto’s performance and dynamics on ice.

On the frozen expanse of Yunlong Lake, where temperatures dip as low as -20 degrees Celsius in the winter months, guests savoured a full course of winter driving exercises with a range of Lamborghini models. Participants were guided by professional Lamborghini instructors, ensuring both an exhilarating and safe experience. The Esperienza Neve program involves a series of exercises behind the wheel on low-grip surfaces and in different models, allowing every driver the chance to maximize their potential and discover the talents of Lamborghini super sports car and super SUVs on winter tracks. Guests also relish sideways thrills in the Huracán Sterrato, Huracán Tecnica, Urus Performante and Urus S, while honing their skills in extreme driving conditions.

Guests explored their driving abilities as well as the captivating prowess of the Revuelto, with the High-Performance Electrified Vehicle (HPEV)’s mesmerising powertrain – its naturally aspirated V12 and three electric motors – working in perfect synergy with its Lamborghini Dinamica Veicolo 2.0 system to deliver an exhilarating combination of immediate power, smooth traction and dynamic agility, even on snow. With the Urus Performante and Urus S, guests experienced the sure-footed handling characteristics of Lamborghini’s Super SUV models, with both models’ four-wheel steering enabling them to tackle challenging driving exercises on the ice track, while the rear-wheel drive Huracán Tecnica and Huracán Sterrato delivered emotive, race-oriented control on the slippery ice courses.

As part of its ongoing efforts to support Mongolia's forest conservation efforts and to strengthen the capacity of local fire suppression units, the UNDP’s “Strengthening Forest Firefighting Capacity Towards Green Recovery in Mongolia” project, funded by the Government of the People’s Republic of China through the Global Development and South-South Cooperation Fund of the China International Development Cooperation Agency (CIDCA), has delivered $350,000 worth of firefighting equipment to the National Forest Agency of Mongolia.

Over the course of the project, the goal is to equip 1,500 individuals, consisting staff of 38 forest units and 700 forest user groups across 16 provinces with firefighting gear, fire-protective clothing, and critical skills to manage and respond effectively to wildfire risks. In addition to the equipment, the project will offer comprehensive training for local communities and produce key resources such as forest fire model maps and a forest fire management finance plan, which will be finalized by February 2025. These efforts will significantly improve fire preparedness and resilience, providing crucial support for Mongolia’s forest conservation efforts.

Belarus and Mongolia seek to bring relations to a higher and qualitatively new level, Belarusian First Deputy Minister of Foreign Affairs Sergei Lukashevich said as he spoke in the Belarusian Parliament on 10 December, BelTA learned.

At a sitting of the second session the House of Representatives of the National Assembly of Belarus of the eighth convocation passed the bill “On Ratification of the Treaty on Friendly Relations and Cooperation between the Republic of Belarus and Mongolia.” The treaty was signed in Ulaanbaatar on 3 June 2024 in order to bring the bilateral relations between Belarus and Mongolia to a qualitatively new level and to strengthen their legal framework. “The reason why we concluded the treaty is to bring the relations between our two countries to a higher and qualitatively new level,” Sergei Lukashevich said.

The treaty stipulates that Belarus and Mongolia develop their relations as friendly states and are guided by the principles of mutual respect, independence, state sovereignty, inviolability of borders, territorial integrity, equality and non-interference in internal affairs, peaceful settlement of disputes, respect for human rights and freedoms and good faith fulfillment of international obligations.

The parties agreed to regularly exchange views, at various levels, on the bilateral relations and cooperation, international relations of mutual interest, to promote ties between the government bodies of the two countries. The parties undertake to develop cooperation within the framework of the United Nations and other international organizations in the interests of strengthening peace and security, solving economic, environmental and other pressing international problems; to promote and protect mutual investments, develop trade, including with the participation of partners from third countries; to facilitate the opening and operation of representative offices of economic entities of the other party, etc.

“The Republic of Belarus signs such documents with friendly countries. We have signed over 20 such documents in the course of our history,” the first deputy minister added. “The document was signed during the first official visit of Belarusian President Aleksandr Lukashenko to this country. The presidents [of Belarus and Mongolia] reviewed the bilateral relations, discussed specific economic and cooperation projects between our countries, and gave certain guidelines for further development of our interaction and cooperation”.

Sergei Lukashevich pointed out that the Belarusian president invited Mongolia to set up joint enterprises to assemble tractors, cars, elevators, and dump trucks. “Good prospects for the cooperation in agriculture, science and education were also outlined. We can contribute to such national programs of Mongolia as Food Revolution or Billion Trees. In total, 14 international agreements were concluded as part of the visit of the Belarusian president to Mongolia, including the roadmap of cooperation between Belarus and Mongolia for 2024-2026, and the action plan to implement the economic part of this roadmap,” he emphasized.

"In the 2024 Mongolian parliamentary elections, 32 women were elected, representing 25% of the total number of members of parliament. This marks a historic milestone, making Mongolia a leader in Asia in women's representation in decision-making bodies," said Minister of Labor and Social Protection Enkh-Amgalan Luvsantseren.

The Minister is confident that women's participation at the decision-making level will continue to increase in Mongolia in line with the principles of the constitutional reforms.

Between 2019 and 2024, Mongolia has made significant progress in addressing gender issues. The number of domestic violence reports has decreased relatively over the past two years. However, these improvements are not yet sufficient, he said.

Going forward, Mongolia will focus on creating opportunities for women to thrive, including promoting employment, improving access to education, and raising awareness of human rights and equality.

Key legal frameworks such as Mongolia's long-term development policy "Vision 2050", the Election Law, the Law on Social Insurance Package, amendments to the Labor Law, and the revised Child Protection Law strengthened the legal environment for gender equality and women's empowerment.

"It is important to note that gender is not only a women's issue. We must protect everyone from violence and discrimination, promote inclusion and uphold human rights at all levels," the Minister added.

"Ensuring gender equality and increasing women's economic potential are the most important strategies for protecting women," said Minister Enkh-Amgalan Luvsantseren.

OTC Markets Group Inc. (OTCQX:OTCM) announced that Mongolian Mining Corporation, the largest producer of high-quality washed hard coking coal in Mongolia, has upgraded to the OTCQX® Best Market from the Pink market.

Beginning Wednesday, Mongolian Mining Corporation will trade on OTCQX under the symbol 'MOGLF.' This upgrade allows the company to enhance its U.S. investor engagement and transparency, meeting high financial standards and corporate governance practices.

Yesterday, electricity supply to 13,244 businesses and 206,348 households, totaling 219,592 consumers, was restricted for 1-2 hours.

The restrictions were implemented directly by the National Dispatch Center to ensure system safety during peak load periods. As such, the Ulaanbaatar Electricity Distribution Network JSC (UBEDN JSC) stated that it was unable to provide advance notice to consumers and apologized for the inconvenience.

Moving forward, power outages are expected to continue in varying degrees throughout the winter, depending on renewable energy production levels.

Translated by ChatGPT

HLTV’s world ranking ranks the best teams in the competitive field of Counter-Strike. The ranking is updated weekly, and teams move up or down based on their recent performance in competitive matches over the last 2 months. HLTV’s world ranking has updated yesterday /2024.12.09/.

With the update, the German team “G2” has taken the lead in the world rankings. They have surpassed the previous leader, the Ukrainian team “Natus Vincere”, with a total of 926 points.

Meanwhile, the Mongolian team “The MongolZ” has moved up two places to seventh in the world rankings. This is an unprecedented record in the history of Asian CS. They definetely deserve the title of the best Asian team of all time.

“FaZe”, “MOUZ”, “Spirit”, “Vitality” teams has ranked above “The MongolZ”.

There are two main organizations that determine the world rankings in the CS2 esports genre: Valve and HLTV. According to Valve’s rankings, “The MongolZ” is currently ranked fourth in the world, while “G2” is in the lead.

On December 10, Deputy Prime Minister and Head of the National Committee for Energy Reform T.Dorjkhand addressed several key issues related to the ongoing energy reform efforts and the budget for the upcoming year. In his statement, T.Dorjkhand clarified several misconceptions surrounding the government’s energy reform plan, the national budget and the current status of energy projects.

He emphasized that the coalition government’s priority is to resolve long standing issues that have hindered the economic development for over three decades, with energy reform being a foundational element. According to the deputy prime minister, without substantial changes in the energy sector, the broader economy will struggle to grow.

“Mongolia is rich in energy resources, but economic progress has been stifled for 34 years due to a lack of energy transition. We are now addressing this gap with a series of reforms, and the results are beginning to show,” he explained. A major breakthrough in the country’s energy strategy, he noted, is the commencement of energy exports. The government recently achieved an agreement to begin exporting energy to neighboring China and Southeast Asia, signaling a new chapter in the energy policy. Parliamentarian T.Dorjkhand also pointed to the recent successful visit of the prime minister to Saudi Arabia and the United Arab Emirates, where discussions were held with global energy producers to invest in Mongolia’s energy sector.

One of the most significant developments in the energy reform agenda is the long-awaited progress on the Erdeneburen Hydropower Plant project, which has been discussed since 1960. According to T.Dorjkhand, the project is now moving forward, with basic conditions met for large-scale investment. “We have already had productive discussions with the Chinese government, and we are on track to finalize agreements soon. This will pave the way for energy cooperation and trade, which will benefit both countries,” he said.

He also highlighted that Mongolia’s improved credit rating and stable political environment have attracted foreign investors, further fueling optimism about the future of the energy sector. The government’s goal is to establish an energy industry that can compete with the mining sector and generate significant income for the country.

The head of the committee’s working group addressed discrepancies regarding the government’s budget, particularly the controversial figure of 8 billion MNT mentioned in the media, which was reportedly allocated for “printing costs” related to energy reform efforts. He clarified that this figure was inaccurate, stating that the Ministry of Finance has not yet presented the final budget breakdown. “Many people misunderstood this amount. It is not just for printing costs. After the energy tariff reform, it became necessary to invest in major research and reforms, including hiring international consulting services, conducting market studies, and supporting renewable energy initiatives. These expenses are vital for the successful transition to a more efficient and modern energy sector,” he explained.

He further emphasized that the government’s request for next year’s budget has been reduced from 18 billion MNT to 11 billion MNT, with most of the funds earmarked for office expenses, such as salaries and housing. Only a small portion, between 500 million MNT and 1.5 billion MNT, will be allocated for media-related activities, which is primarily for ensuring transparency and public communication about the reform process.

The government’s long-term plans aim to continue energy sector reforms and bring Mongolia’s GDP per capita to 10,000 USD through a comprehensive energy strategy. He noted that this process will take time and will require careful, international-level planning over the next three to five years. “This is not something that can be achieved overnight, but we are laying a solid foundation. For the first time in 34 years, we are addressing these issues, and we will keep working to make Mongolia self-sufficient in energy and a key player in regional energy markets,” the head said.

The deputy prime minister also addressed concerns raised by some members of Parliament regarding the committee’s activities and budget. He reiterated the government’s commitment to transparency and working with the media to provide accurate information to the public. “Many members of the committee have faced unwarranted criticism. We stand behind them and will continue working together to ensure the public receives the right information. We are not funding trolls or misinformation. Our goal is to build trust and provide clarity,” he stated.