Mongolia confirmed 3,805 new daily coronavirus cases, the country's Ministry of Health said on Sept 9.

1,381 cases were confirmed in Ulaanbaatar, 2,299 cases were detected in the regions.

The total number of confirmed coronavirus cases nationwide has increased to 247,399.

10 people died in a day.

The total number of deaths due to COVID-19 in Mongolia has increased to 992.

Despite significant challenges facing Mongolia's economic and financial markets amid the COVID-19 pandemic over the past two years, market capitalization, trading volumes, and index have all recently reached historically high levels.

Market capitalization reached MNT 4.0 trillion last month, and the capitalization of one of the largest national companies reached MNT 1.0 trillion. Moreover, on September 8, 2021, the market capitalization of the Mongolian Stock Exchange JSC reached its highest ever level - in the 30-year history of the capital market in the country - of MNT 5.0 trillion.

As a result of the support being provided to the capital market from the Mongolian Parliament and the Government, the Financial Regulatory Commission has accomplished the following in cooperation with professional market organizations, securities issuers and investors:

developing the capital market,

increasing the range of products and services, and

converting securities between domestic and foreign exchanges.

Today, market capitalization has reached a record high as a result of major policy measures, used to build a system of professional investors. It is worth noting that this increase was also due to factors such as the recovery of public and corporate confidence in the capital market, increased participation in trading, and an increase in the total value of listed companies.

Interest rates will be gradually reduced in the future under the Strategy to Reduce Loan Interest Rates, and the recent amendments to the Banking Law of Mongolia. Next year, systemically important banks will become listed, and their shares will be traded to the public through trading organizations. This will contribute to increasing market capitalization, improving the quality and availability of products and services, and improving the comprehensive long-term situation of the financing system.

As part of the ‘MNT 10 trillion Comprehensive Plan for Health Protection and Economic Recovery’, one-year term loans totaling MNT 100 billion will be issued at a 3 percent interest rate for the preparation of up to 20 thousand tons of meat for coming winter and spring. The government will pay 7.65 percent of the total interest amount. The Ministry of Finance has established agreements with the Bank of Mongolia and five commercial banks and 18 companies have been selected to do the winter meat preparation.

At the Cabinet’s meeting on September 8, Minister of Food, Agriculture and Light Industry Z.Mendsaikhan presented a preliminary crop projection. The forecast for the production of grains is 594.1 thousand tons, wheat – 559.2 thousand tons, potato – 198.8 thousand tons, vegetables – 117.0 thousand tons, oil plant – 64.3 thousand tons, and animal feed – 203.3 thousand tons. According to the estimates, 100 percent of wheat and potato demand and 60 percent of the vegetable demand will be met domestically. As of September 8, companies submitted requests to hire 7.3 thousand students and cadets for crop harvesting. The Ministry of Labor and Social Protection, Ministry of Education and Science, Ministry of Defense, and the Ministry of Health are working together to fill the demand. Moreover, Mongolian Youth Federation in collaboration with Youth Labor Center is implementing the Golden Fall sub-project to register students for crop harvesting and match companies to them.

The United States is delighted to announce that the U.S. donation of 188,370 Pfizer COVID-19 vaccine doses has arrived in Mongolia. These doses were delivered through COVAX and came directly from the Pfizer manufacturing plant in Kalamazoo, Michigan. The United States remains committed to supporting the people of Mongolia as they recover from this devastating pandemic. These donations through COVAX are part of that effort.

Since the beginning of the COVID-19 pandemic, the United States have provided more than $4 million in support to Mongolia, including USAID’s delivery of 50 high-quality ventilators in December 2020 and follow-on training needed to treat critically ill patients. These ventilators provided valuable medical support as Mongolia navigated through its unfortunate surge in cases this year. USAID also supports risk communication campaigns, infection prevention and control efforts in health facility and school settings, and vaccine distribution assistance.

In addition, the United States has provided critical medical equipment for more than 570 medical facilities and helped train nearly 12,700 healthcare workers to conduct outbreak surveillance, use and manage U.S. government-donated medical equipment, and deliver quality care for COVID-19 patients.

The United States, as Mongolia’s third neighbor, will continue to support the health and wellbeing of the Mongolian people.

The United States is the largest single country contributor to COVAX. The U.S. government contributed an initial $2 billion contribution to Gavi in March, which supports procurement and delivery of COVID-19 vaccines through COVAX. In July, the U.S. government provided an additional $2 billion contribution for Gavi that will help fill the gap in COVAX’s vaccine supply. This funding, along with other U.S. government funds, is being used toward the purchase of 500 million doses of Pfizer vaccine that will be made available to Gavi for distribution by COVAX to 92 low- and lower-middle-income economies around the world and the African Union.

Worldwide, the United States has provided 130 million doses of COVID-19 vaccines to 90 countries. We will continue to donate additional vaccine doses globally as supply becomes available. We are also working with U.S. vaccine manufacturers to increase vaccine supply for the rest of the world and with partners to expand global vaccine production and manufacturing capacity to beat this pandemic.

Beijing has stepped up efforts to source more coal from neighbouring Mongolia amid an ongoing supply shortage, raising more questions about how long a ban on Australian coal can last.

China is suffering from a spike in coal prices amid declining supplies, which has also prompted authorities to ban an influential local trading platform from updating coal prices and market news that could fuel speculation.

Rising coal prices are another worry for China, which is already dealing with high raw material costs that are hurting businesses.

In a virtual meeting with Mongolian deputy prime minister Amarsaikhan Sainbuyan on Tuesday, Chinese commerce minister Wang Wentao broached the topic of buying more mineral and agricultural products from Mongolia, a ministry statement said.

Since the last October – which formed part of a broader trade spat between the two countries – data shows China has stepped up purchases of coal from other exporting countries, including Mongolia, to meet domestic demand that has spiked due to bouts of extreme weather.

has replaced Australia to become China’s largest source of imported coking coal since the second half of last year, but transport between the two countries has been frequently disrupted by Covid-19 outbreaks in the landlocked east Asian nation.

Local media reported on August 21 that Ganqimaodu customs in China’s Inner Mongolia autonomous region had suspended coal imports from Mongolia for two weeks due to pandemic prevention. The port carries about half of China’s coking coal shipments from Mongolia.

Soon after the border closure, prices of Chinese coking coal, as well as coke and thermal coal futures, surged to record daily highs, although the official position of the customs agency was that clearance of coal was “normal”.

At Tuesday’s meeting, Wang also discussed border congestion with Amarsaikhan.

“[China] hopes that both sides work together to ensure smooth trade flow of goods at border ports on the basis of effective pandemic prevention,” Wang said.

Amarsaikhan in turn proposed an increase in the number of Chinese coal trucks entering the country to transport supplies across the border, a statement from the Mongolian government said. He also suggested more rail transport of coal to China.

The two parties agreed to increase Covid-19 control measures and to accelerate the implementation of China’s soft loan and grant projects.

China’s monthly imports of coal fell by 7 per cent to 28.05 million tonnes in August, according to Chinese customs data released on Tuesday.

Australia’s exports of both thermal and coking coal make up a big percentage of China’s coal imports, and are required to supplement shortages in local production. China does not produce enough coal to meet its demand.

Huang Jianjiang, an analyst at commodity research portal Bestanalyst, said in a note two weeks ago that coal supply from other countries has been unable to make up the supply gap left by Australian coal.

He also said domestic production was likely to be weaker than China’s official forecast, since many mines that are not monitored by authorities had cut production, while overproduction had been banned.

Chinese policymakers have said they will not tolerate hoarding and speculation of coal, and will show “zero tolerance” for illegal trading activities.

The price of coking coal exceeded 4,000 yuan (US$620) per tonne in some parts of the coal trading hub Shanxi province last week – a surge of more than 45 per cent since the beginning of August, according to Kaiyuan Securities.

The National Development and Reform Commission (NDRC), the country’s top economic planning agency, this week shut down the pricing indexes and two WeChat accounts of Yulin Coal Trading Centre, saying the company was publishing false information and was not authorised to collect, edit or publish news.

The firm has promised to “stop releasing false information about the coal market through any channels”, the NDRC said in a statement on Tuesday.

“All relevant companies, institutions and We-media should … prevent malicious speculation of coal prices, bidding up prices or hoarding.

“The NDRC will continue to strengthen information monitoring, while working with other departments to crack down on illegal activities, ensuring coal supplies and stabilising the price.”

Ambassador Extraordinary and Plenipotentiary of Mongolia to the Russian Federation D.Davaa had a meeting with Andrey Slepnev, Member of the Board – Minister in charge of Trade of the Eurasian Economic Commission, on September 6.

At the meeting, Mr. Andrey Slepnev proposed stepping up the development of draft report of the joint feasibility study on a free trade agreement to boost trade and economic cooperation between Mongolia and Eurasian Economic Union (EEU). It was mentioned that there are plans to finalize the draft joint study report within November 2021 and present it to a December meeting of the heads of state of EEU members for authorization to start official talks.

Ambassador D.Davaa undertook to put emphasis on developing the draft agreement with promptitude and pointed out the possibility of increasing the frequency of consultations.

The spatial distribution of large earthquakes in slowly deforming continental regions (SDCR) is poorly documented and, thus, has often been deemed to be random. Unlike in high strain regions, where seismic activity concentrates along major active faults, earthquakes in SDCR may seem to occur more erratically in space and time. This questions classical fault behavior models, posing paramount issues for seismic hazard assessment. Here, we investigate the M7, 1967, Mogod earthquake in Mongolia, a region recognized as a SDCR. Despite the absence of visible cumulative deformation at the ground surface, we found evidence for at least 3 surface rupturing earthquakes during the last 50,000 years, associated with a slip-rate of 0.06 ± 0.01 mm/year. These results show that in SDCR, like in faster deforming regions, deformation localizes on specific structures. However, the excessive length of return time for large earthquakes along these structures makes it more difficult to recognize earthquake series, and could conversely lead to the misconception that in SDCR earthquakes would be randomly located. Thus, our result emphasizes the need for systematic appraisal of the potential seismogenic structures in SDCR in order to lower the uncertainties associated with the seismogenic sources in seismic hazard models.

See the full article on the link below https://www.nature.com/articles/s41598-021-97167-w

Russia is not ready to recognize bitcoin or other cryptocurrencies, because equating cryptocurrency with money would harm the country’s financial system, Dmitry Peskov, the press secretary of the Russian president, has said.

“It is certain that Russia is not ready for such steps. So far there is not the slightest reason to [recognize cryptocurrencies],” Peskov told reporters, dubbing bitcoin a quasi-currency.

“De facto, equating [cryptocurrencies] with monetary instruments will bring nothing but harm to the financial and economic system, if we are talking about full recognition as a means of payment,” he said.

Russia passed a law regulating digital assets in June 2020, with the Central Bank of Russia (CBR) announcing plans to study the risks of investing in cryptocurrencies. On June 21, CBR Governor Elvira Nabiullina recommended against investing in cryptocurrencies, slamming crypto assets as the most dangerous economic strategy. Earlier, regulations were also added banning Russian public officials from owning crypto assets and obliging election candidates to report their crypto holdings.

Most recently, the CBR in July advised domestic stock exchanges not to admit the shares of companies related to cryptocurrencies citing their high volatility, low transparency, and other risks that digital assets pose. The regulator emphasized that cryptocurrencies carry increased risks for people who do not have sufficient experience and knowledge in the sphere.

Despite these warnings, cryptocurrencies, especially bitcoin, have been extensively used for fundraising by Russia’s civil and political activists and independent journalists, according to CoinDesk data.

Some other states, however, have been eager to embrace the crypto. El Salvador became the first country in the world to legalize bitcoin as a means of payment, granting it status as legal tender in June this year. In August, Cuba joined in, with the Cuban government publishing a resolution officially recognizing cryptocurrencies for payments on the island.

The trade turnover between Russia and China from January to August 2021 has surged by 29.5%, amounting to $88.997 billion.

According to data published by China’s customs service, the country’s exports to Russia in the reporting period increased by 31.6% and amounted to $40.804 billion. Imports of Russian goods and services also rose by 27.8%, to some $48.193 billion. In August alone, the volume of trade between the two states amounted to $13.363 billion.

Both Russian and Chinese authorities have been set on increasing bilateral trade volume. In June of this year, Russian President Vladimir Putin said that given the fact the two countries were able to maintain trade turnover at $100 billion even in pandemic-plagued 2020, they were fully capable of reaching $200 billion by 2024.

China also voiced intentions to boost bilateral trade earlier this year, with the Ministry of Commerce announcing that the country will step up expanding economic contacts with Russia on both the central and interregional levels. For instance, at the Eastern Economic Forum (EEF) in Russia's Vladivostok last week China’s ambassador to Russia, Zhang Hanhui, said Beijing is planning to boost trade and economic partnership with Russia’s Far East regions.

“We are ready to work with the Russian Federation for expansion of cooperation on the whole territory of the Far East, to contribute to the recovery of the region’s economy, its sustainable development, and recovery after the pandemic,” the envoy stated.

China’s overall external trade in the first eight months of this year grew 34.2% year-on-year to $3.827 trillion. The country’s total January-August exports grew by 33.7%, to $2.095 trillion, while imports rose 34.8% to $1.732 trillion.