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

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Mongolian Bankers Association gives latest banking sector review www.montsame.mn

Ulaanbaatar /MONTSAME/. On September 8, Mongolian Bankers Association (MBA) organized a press briefing to give an update on the current state of the country’s banking industry and macroeconomic situation amid the ongoing COVID-19 pandemic.

At the press event, L.Amar, Executive Director of the MBA highlighted that the coronavirus has had a significant impact on the Mongolian economy, causing it to decline and restricting demand and supply of commercial bank loans, as of the first half of 2020.

Following the economic expansion, commercial banks’ loan issuance volume had been experiencing growth in the past two years, however, bank loan issuance has reduced to MNT 17.3 trillion in the first half of 2020, showing a decrease of 4.6 percent. Consumer loan volume also dropped by 17 percent. In terms of loan categories, all types of consumer loans, except from savings-secured loans, diminished. In addition to the impacts by the pandemic, the bank lending decline is mostly caused by measures taken by the central bank to limit the consumer loans taken since 2019.

The volume of overdue consumer loans increased by 40 percent in the first quarter of 2020. However, thanks to the government measure to allow deferral of up to six months on the consumer loan repayment to alleviate the negative impact of the COVID-19 on individuals and business entities, the overdue loan growth has started to slow down to 21 percent, beginning from April 2020. Overdue loans now make up around 5.8 percent of total loans while nonperforming loans equaled to MNT 1.9 trillion, accounting for 11 percent of total loans. Accompanying the lending decline, imports of auto vehicle and electronic appliances reduced by 33 percent and 8 percent respectively.

As presented by L.Amar, the negative impacts, posed on the mining, transportation and tourism sectors by the COVID-19-related lockdown measures, commodity price falling and setback in the coal and copper exports were main causes of the country’s economy to decline by 9.7 percent. On the other hand, the country’s economy is expected to revive gradually thanks to the current volume of continuing coal exports and zero locally-transmitted COVID-19 cases in Mongolia, and business loan issuance are to grow back toward the end of this year.

Another adverse effect of the COVID-19 on Mongolia’s banking sector is an increase of foreign currency savings in total savings. In the first 6 months of this year, foreign currency savings rose by 48 percent and are now constituting 29 percent of total savings. This was also mainly due to gradual increase of Mongolian Tugrug to US Dollar exchange rate since last October.

During the press briefing, L.Amar also touched upon the recently-approved government’s strategy to reduce loan interest rates, which contain 47 measures. “38 measures or some 80 percent of the measures in the document are aimed at macroeconomic stabilization, stabilizing currency exchange rate and increasing foreign exchange reserves. With the help of these measures, the MBA will be further cooperating with commercial banks to reduce their own operational expenses. As a result, the loan interest rates are possible to be cut by 4 percentage points within four years” said L.Amar.

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Coal export increases www.montsame.mn

Ulaanbaatar /MONTSAME/. Statistics released by the Mongolian Customs General Administration shows that Mongolia’s coal export increased significantly last month.

The number of coal freight trucks crossing Gashuunsukhait, Shiveekhuren, Yarant and Khangi border checkpoints have reached to the same level as it was before COVID-19.

In the first eight months of 2020, export of coal made up 26 percent of Mongolia’s total export. More specifically, 15.2 million tons of coal worth USD 1.16 billion have been exported in the reference period, of which 3.6 million tons were exported in August. The figure shows that the coal export in August increased by nearly two times compared with July.

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The business is run on four key values – Battushig Batbold www.thriveglobal.com

It takes an entrepreneurial spirit and unique international outlook to bring a business that started just a couple years after socialism ended, into the 21st century. Yet young businessman Battushig Batbold is working hard to do that as Chairman of Altai Holdings in Mongolia. Founded in 1992 by his father, Sukhbaatar Batbold who served as Mongolia’s 26th Prime Minister, Altai Holdings has evolved into one of the largest and most diverse companies in the country. What propelled the business to new heights and to emerge as a leader in Mongolian business—while attracting foreign investment—is its emphasis on modern operating principles and progressive tactics.

With subsidiaries in many sectors, from media and telecommunications, to hospitality and fashion, Altai Holdings really tries to do it all. Since its inception the company has been known for its innovation, with most of the businesses being new to Mongolia. For example, it was the first privately-owned trader of Mongolia’s cashmere on the foreign market, and most recently it opened Emart Mongolia—the country’s first hypermarket franchise with South Korean partnership. Another aspect of the company that shows its move into the future, is the important role women play in the business—making up 51% of total employees.

With women holding many CEO and high-level executive positions, and constantly moving up, it’s clear that the company and its chairmen, including Battushig, value gender equality. Furthermore, the structure and modern principles of the company work to promote this same forward-thinking nature outside of the organization. As a key player in the country’s business sector, Altai Holdings acts as a trendsetter, contributing to Mongolia’s move towards global markets.

The business is run on four key values, which Battushig explains are “integrity, innovation, creativity, and community.” Much of what he learned while studying business at Harvard and later working in New York at Morgan Stanley, the young leader applies to Altai Holdings. Battushig is constantly striving to improve the company and bring in international investors and standards, while continuously expanding its ventures.

By supporting philanthropic community initiates and actively participating in the local Olympic movement through sponsorships, Altai Holdings finds itself as not only a leader in Mongolia’s market, but forging its way into the competitive international business space by constantly evolving and thinking outside the box.

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China unveils global data security initiative www.reuters.com

BEIJING (Reuters) - China unveiled on Tuesday its global data security initiative that opposes undermining key infrastructure, or data theft by using information technology and forcing firms to store data generated overseas in their home country.

State Councillor Wang Yi said the initiative also calls for tech firms to not create backdoors in their services or products to illegally obtain data, and calls for participants to not engage in large-scale surveillance of other countries or illegally acquire information of foreign citizens by using information technology.

Reporting by Gabriel Crossley and Ryan Woo; Editing by Muralikumar Anantharaman

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Gold could be heading to $5,000 per ounce www.rt.com

The COVID pandemic has sparked a surge in gold buying, and some analysts suggest that it still has plenty of upside potential.
The current year is proving to be an annus mirabilis for gold investors, with the yellow metal running riot. Gold prices are currently trading at $1,933 per ounce, not far from their historical high of $2,075 that they reached a month ago. That is good for a 26.5 percent gain year-to-date and 30.9 percent since their 52-week low in March, compared to a 6.3 percent YTD gain by the S&P 500. The torrid rally represents the sharpest gain the metal has mustered in more than a decade. That is hardly surprising given gold’s traditional role as a safe haven asset that many investors turn to during times of deep crises--and few can rival the COVID-19-induced economic meltdown. The Covid-19 situation has been improving somewhat, yet hedge funds, Wall Street, and investors alike continue being extremely bullish about gold, with some licking their chops and predicting that the yellow metal could touch absurd levels of as high as $3,000 and even $5,000 per ounce.

Bank of America Merrill Lynch says it expects gold to hit $3,000 by early 2022 while Citigroup and billionaire Thomas Kaplan, founder of New York-based asset management firm Electrum Group, believe that $5,000 is in the crosshairs.

That certainly sounds like a gold bug’s dream. But what would such a climb imply for the rest of the financial markets?

The virus has certainly unleashed a torrent of forces that have been fueling a relentless demand for gold and its time-honored credentials as a safe haven. Gold markets tend to flourish during times of deep economic crises when bonds offer flat or negative returns or stock markets become too choppy.

All these have certainly rung true during the crisis.

The global economy was already showing signs of malaise well before the Covid-19 pandemic, prompting the world’s central banks to cut interest rates to historical lows. Investors tend to turn to safe-haven assets like gold during low-interest environments, though the gold-interest rate nexus has been weakening since the 1970s after the US abandoned the gold standard.

That said, there is a clearer correlation between economic crises and gold rallies. Several months ago, the World Bank sounded the alarm that the crisis was likely to plunge the economy into the worst recession since WWII. People tend to flock to safe havens such as gold and silver during times of heightened geopolitical and economic uncertainties, which in turn supports higher gold prices due to gold’s price elasticity as Erb and Harvey noted in The Golden Dilemma. As Citigroup analyst Heath Jansen has pointed out:

“When investors are hungry for gold, the metal has a habit of rising exponentially which has no parallel amongst metals.”

Unprecedented stimulus packages by central banks have also been playing a part in the rally. A few months ago, the world’s central banks doled out huge stimulus packages to the tune of $15 trillion in a bid to shore up the economy against the effects of Covid-19. Whereas this has helped the stock markets to recover at a faster-than-expected clip, the stimulus overkill has, unfortunately, led to the classic cobra effect and unintended consequences, one of them being a weaker dollar. A weaker dollar tends to push up prices of dollar-denominated commodities such as gold.

It would imply exceptional political and social unrest and would push the country into a true hyperinflationary death spiral with pretty much all commodity prices skyrocketing. At the same time, the real value of most commodities would decline dramatically as people focused their attention on mere survival.

If gold prices started to approach $10,000, the dollar would probably lose its status as the world’s pre-eminent currency. Many other fiat currencies would lose value with another currency, such as the Swiss franc taking over as the world’s reserve currency. In desperation, First World governments would likely resort to dirty tricks, including imposing currency controls on any form of money crossing their borders or even confiscating private citizens’ bullion as the US government did during the Great Depression.

Gold prices are currently sitting near all-time highs. Another 10 percent, 20 percent, or even 30 percent rally from here over the next 12-24 months might not necessarily throw the global economy out of whack. But calling for $5,000 might be biting off more than we can chew.

This article was originally published on Oilprice.com

 
 
 
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Renewable energy cooperation discussed with UK www.montsame.mn

Ulaanbaatar /MONTSAME/. Minister of Energy N.Tavinbekh has received Ambassador Extraordinary and Plenipotentiary of the United Kingdom of Great Britain and Northern Ireland to Mongolia Philip Malone.

Minister N.Tavinbekh highlighted that the Government of Mongolia has included in its action plan to increase renewable energy sources. He said, “Our country needs to have a unified renewable energy policy and we are open to work with the United Kingdom to build hydropower plant that are compatible with the integrated energy system”.

Ambassador Philip Malone congratulated the Minister on his appointment and invited him to visit Great Britain to exchange experiences in this direction.

The cooperation between the two countries in the field of renewable energy began in 2009. In the sphere of the cooperation, the 30 MW Gobi solar power plant project has been realized in Dornogobi aimag and 1,214,640 kWh of electricity has been supplied to the integrated power system since June, 2020. Moreover, Naanovo company of Great Britain is implementing a project to produce energy by recycling waste in Songinokhairkhan district of Ulaanbaatar.

 
 
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Mongolia reports no coronavirus cases for 3 days in a row www.akipress.com

Mongolia reported no coronavirus cases for 3 days in a row.

421 tests for COVID-19 were made on September 6 in Mongolia and all results were negative, representative of the National Center for Communicable Diseases said.

The total number of confirmed coronavirus cases in Mongolia remains 310. 296 patients recovered. 14 patients still remain in hospital. The lethal cases were not registered.

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Project for metallurgical complex to be supported www.montsame.mn

Ulaanbaatar/MONTSAME/. The development of heavy industry and production of value-added products are prioritized in the Government's Action Plan for 2020-2024. In this context, Minister of Mining and Heavy Industry G. Yondon got acquainted with production and sales of mining outputs and operations at Tumurtolgoi and Tumurtei mines of ‘Darkhan Metallurgical Plant’ JSC last week.

Tumurtolgoi mine was initially estimated to have a reserve of 25 million tons in 1963, but it will be reduced to 11.9 million tons according to the exploration in 2017. Although the

reserve is lowered, additional exploration is planned to be carried out, said authorities of the company. Due to the high sulfur content of the ore extracted from the mine, the technology needs to be improved. For about Tumurtei deposit, it has a reserve of 229 million tons and is capable of extracting 5 million tons a year. It commissioned a dry magnetic concentrator plant in 2014. In the last six years, the two mines have stripped 28 million cubic meters of soil and extracted 11 million tons of ore. The Darkhan Metallurgical Plant has produced 10,000 tons of cast and 1 million tons of steel balls.

The company is implementing a ‘Project to build a mining and metallurgical complex’. According to the plan, the project was scheduled to be completed in 2019. However, the goal of processing iron ore to produce final products has been abandoned and it has turned into a company that exports without deep processing, warned the Minister.

Within the framework of the project to build the complex, it has spent a total of MNT630 billion on construction. For instance, dry magnetic concentrator plant have been commissioned at the two mines alongside the opening of a wet concentrator plant with a capacity of processing one million tons of iron ore at Tumurtei. Moreover, loading and unloading terminals with each capacity of 2 million tons were built and 95 km paved road has been put into operation in Darkhan-Uul and Selenge aimags within the concession agreements.

N. Enkhchuluun, Deputy Director of Operations/Steel Production, DMP said that the government should control the scrap metal market, which is a raw material for the steel industry, and this is one of the things needed to further develop ‘Mining and metallurgical complex’.

“Annually, about 70,000 tons of scrap metal is generated in the domestic market. Although the scrap metal is abundant, small Chinese-invested steel mills buy a ton of scrap metal at higher price, which inflates the price of the market. It becomes a main reason for reducing the competitiveness of the industry and increasing the cost of production.”

The Minister expressed his agreement with an issue that small steel mills that produce substandard reinforcement should be controlled. He said, “But whoever produces low-cost and high-quality products has to be promoted according to the nature of market” and gave assignments DMP authorities to fulfill their obligations under the concession.

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ADB-UN Dialogue to strengthen joint efforts to support Mongolian People www.montsame.mn

Ulaanbaatar /MONTSAME/. The Asian Development Bank (ADB) and the United Nations Country Team initiated a dialogue on 4 September to discuss how they can work together to strengthen their development support to the people of Mongolia. The discussion focused on the COVID-19 response, the Government Action Plan and other potential areas for partnership.

The dialogue was led by Mr. Pavit Ramachandran, Country Director, Mongolia Resident Mission (MNRM), ADB, and Mr. Tapan Mishra, Resident Coordinator for Mongolia, UN. ADB sector specialists covering economics, rural development, tourism, social protection, health, urban development, regional cooperation and integration, education and environment. On the UN side, representatives of UNDP, WHO, FAO, UNICEF, UNESCO, UNFPA, IOM, UN Habitat, and UNIDO all attended. Participants actively discussed potential collaboration on the socio-economic response to COVID-19, health, environment, tourism, agriculture, WASH, urban development, and gender.

Mr. Mishra indicated that the “UN sees a lot of common areas, where ADB and the UN can work together going forward. We have good past experience of collaboration but today we have made the commitment to bring our joint collaboration to the next level and deliver real results for Mongolia”.

Mr. Ramachandran agreed and indicated that “there are lot of emerging opportunities to deepen collaboration. We must seek further efforts on partnership, as together we can better help the Mongolian people as they face the COVID-19 pandemic and prepare themselves for future challenges.”

UN Mongolia

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World Bank to grant financing of USD 21 million to Mongolia www.montsame.mn

Ulaanbaatar /MONTSAME/ Today, September 7, Minister of Finance Ch.Khurelbaatar and World Bank Country Manager for Mongolia Andrei Mikhnev signed two financing agreements of USD 21 million.

The USD 20 million soft loan will be spent on implementation of “Emergency Support and Employment Project” and another non-refundable aid of USD 1 million will be devoted to health sector. The “Emergency Support and Employment Project” will enable to improve operations of the Center for Employment Service as well as provide possibilities to micro business owners to enter into labor market. In addition, actions will be taken to create possibilities to exempt employees from social insurance premium, reducing financial burden of those who satisfied requirements in the time of the pandemic. The USD 20 million soft loan has 30 year term with annual interest of 1.25 percent and moratorium period of 5 years.

Furthermore, with the non-refundable aid of USD 1 million, doctors and specialists who are working in special condition will be provided with personal protective equipment

The signing ceremony was attended by Minister of Labor and Social Protection A.Ariunzaya and other officials. “The Ministry of Labor and Social Protection has announced 2020 Year of the Transition from Welfare to Labor, making it our priority. People should be employed to get rid of welfare. And the soft loan will be spent in order to make labor market customer-centered. The public will benefit from it and more attention will be focused on poor families and youths. E-job platform, which meets needs of employers and employees, will be introduced. And the Ministry will collaborate with vocational training and production centers,” Minister of Labor and Social Protection A.Ariunzaya said.

For his part, Mr. Andrei Mikhnev emphasized that the non-refundable aid of USD 1 million is being granted to Mongolia from the program being realized by the World Bank amid the pandemic, while the soft loan of USD 20 million will be dedicated to actions to be implemented in social protection sector of Mongolia or in other words for social insurance fund. "And both of the financing will be spent for the prosperity of Mongolia and well-being its people. With the aims of resolving issues in the social protection sector in this time of worldwide COVID-19 outbreak, tackling problems encountering to workers in the sector, the World Bank is providing this loan and grant and we would attach attention on it further", he said.

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