The composition of the total time deposit in domestic currency shows that 88.1 percent (MNT 9.4 trillion) were individuals’ deposits, and 11.9 percent (MNT 1.3 trillion) were corporations’ deposits.

The time deposits in foreign currency amounted to MNT 3.7 trillion, increased by MNT 32.5 billion (0.9%) from the previous month, and by MNT 789.4 billion (27.2%) compared with the same period of the previous year.

Source: National Statistics Office

The performing loans reached MNT 14.2 trillion at the end of March 2020, decreased by MNT 311.9 billion (2.2%) from the previous month, and by MNT 519.7 billion (3.5%) from the same period of the previous year. The performing loans make up 82.6% of total loans, showing a decrease of 1.5 points from the same period of the previous year.

At the end of March 2020, the principals in arrears amounted to MNT 1.2 trillion, increased by MNT120.0 billion (11.6%) from the previous month, and by MNT 236.6 billion (25.9%) from the same period of the previous year. The principals in arrears make up 6.7% of total loans, showing an increase of 1.5 points from the same period of the previous year.

At the end of March 2020, the non-performing loans in the banking system amounted to MNT 1.8 trillion, decreased by MNT 9.1 billion (0.5%) from the previous month, and by MNT 32.3 billion (1.7%) from the previous year. The non-performing loans in the banking system make up to 10.7% of total loans, which was equal to the same period of the previous year.

By type of outstanding loans individual, 40.4 percent were mortgage loans, 26.6 percent -- salary loans, 14.7 percent -- small and medium enterprises loans, 11.6 percent -- consumer loans, 1.1 percent -- pension loan, and 5.6 percent -- other loans. Here, 75.2% of the total outstanding loans to individuals were from commercial banks.

Credit repayments to commercial banks by individuals reached MNT 1.3 trillion (2.5 times more), increased by MNT 584.9 (80.7%) compared to the same month of the previous month, and by MNT 780.2 (147.3%), compared to the same period of the previous year. For loan repayment, 2.0% (MNT 26.7 billion) of loan repayment, small and medium business loans of 9.3% (MNT 121.7 billion), consumer loans of 12.8% (MNT 167.2 billion), salary loans of 9.7% (MNT 127.4 billion) and 51.6% (MNT 676.3 billion) of pension loans and 14.6% (MNT 190.9 billion) was other loans.

Source: National Statistics Office

In March 2020, 10.4 million pieces of securities worth of MNT 3.4 billion were traded at the national stock market, showing a decrease of MNT 28.8 billion (89.5%), as well as the number of securities traded was decreased by 102.6 million (90.8%) pieces of securities compared to the same period of the previous year.

In March 2020, an average of indexes of the top 20 financial markets was 18208.2 units, decreased by 757.2 units from the previous month, and by 2691.5 units from the same period of 2019.

In March 2020, the total value of joint-stock companies operating at stock markets reached MNT 2.5 trillion, decreased by MNT 260.2 billion (9.5%) from the previous month, but increased by MNT 34.2 billion (1.4%) compared to the same period the previous year.

Source: National Statistics Office

According to the master plan, the Ulaanbaatar City Mayor’s office, the City Administration and Citizens’ Representative Council office will reside in the 10 story ‘A’ block, the sub-agencies of the UB City Administration in the 13 story ‘B’ block, and reception, a sports centre and all ‘one-window’ services in the three story ‘C’ block.

The municipal organisations provide 332 kinds of government services to an average 5700 individuals and enterprises every day. The decision to move the administration buildings out of the centre, was largely determined by the traffic congestion caused; it is estimated that nearly 200,000 cars need to enter Ulaanbaatar city centre daily causing traffic jams.

Copper trading in New York rose by more than 1% to $2.3355 a pound ($5,150 a tonne) in early afternoon trade, a four-week high. Last month, the bellwether metal briefly traded below $2.00, levels last seen during the global financial crisis of 2008-2009.

Customs data showed China’s refined copper imports in March rose 13% from a year ago to just under 442,000 tonnes, as factories restarted following covid-19 restrictions.

China consumes more than half the world’s copper and last year cargoes totaled just shy of 5 million tonnes, down 6% from a record high of 5.3 million tonnes in 2018.

March imports of copper concentrate were the lowest since September at 1.78 million tonnes, but still up from the same month in 2019. For the first quarter, 2020 imports totaled 5.55 million tonnes, flat year on year.

Imports of concentrate in 2019 rose 11.6% to 22 million tonnes, the second annual record in a row after years of expanding smelter capacity turned the country into the largest producer in the world.

Argonaut Securities analyst Helen Lau told Reuters there may be supply issues for copper concentrates as mines in South America have closed to prevent the spread of covid-19:

“I think the market should start to shift its focus to supply tightening,” she added, and is expecting to see a decline in concentrate imports from May.

Even though it was not compulsory, wearing protective face masks in public has been commonplace since Mongolia imposed partial quarantine due to the COVID-19 pandemic back in late January. However, the SEC sees that the public calmed down too soon and some people started walking outside without one.

Despite the price rises, single use surgical masks or reusable cotton face masks are not that difficult to buy in Mongolia as they are just about sold in every pharmacy, retail store and supermarket.

Moreover, heads of each unit at khoroo of Ulaanbaatar city are granted with the duty of public police in order to maintain public order and safety and to enhance control on public compliance with mandatory face mask order.

The foreign trade balance was in deficit of USD 125.8 million, while it was in surplus of USD 485.9 million in the first quarter of 2019, and decreased by USD 611.7 million from the same period of 2019.

Our two neighbors, China and Russia have the highest shares in total foreign trade turnover. Trade with China reached USD 1.2 billion in the first three months of 2020, which is 56.5% of total trade turnover. Exports to China account for 87.3% of total exports. Bituminous coal and copper concentrates accounted for 26.7% and 38.8% of total exports to China. Gold accounted for 84.0% of goods exported to the United Kingdom, fluorspar -- for 91.6% of total export good to Russian Federation and bituminous coal -- for 51.7% of goods exported to Singapore.

The decrease worth USD 735.9 million in the export was due to the decrease in exports of USD 115.6 million in gold, USD 152.6 million in copper concentrates and USD 391.3 million in coal.

In the first quarter of 2020, 33.5% of the total imports were from Russia, 29.0% was from China, 7.6% was from Japan, 4.6% was from the USA and 4.0% was from the Republic of Korea, which are accounting for 78.7% of the total import.

54.1% of the total imports from Russia were petroleum products, 64.7% of the total imports from Japan were cars, and 9.3% of the total imports from China were electricity, 3.8% were trucks and the remaining percentage was imports of other products from China.

The USD 124.2 million decrease in imports from the same period of the previous year was mainly due to USD 36.3 million decrease in car imports and USD 15.3 million decrease in truck import.

Exports of mineral products, textiles and textile articles, natural or cultured stones, precious metals jewelry made up 95.8 percent of the total export. On the other hand, 69.3 percent of the total imports was mineral products, machinery, equipment, electric appliances, transport vehicle and its spare parts and food products.

Source: National Statistics Office

Total expenditure and net lending amounted to MNT 2.3 trillion, resulting in a deficit of MNT 276.0 billion in the equilibrated balance. However, in March 2020, total revenue and grants of General Government Budget reached MNT 760.2 billion, increased by MNT 63.5 billion or 9.1% and total expenditure and net lending amounted to MNT 860.5 billion, increased by MNT 12.6 billion or 1.1% compared to the previous month. General Government budget revenue was comprised of 86.0% of tax revenue, 7.2% of non-tax revenue, 6.5% of the future heritage fund and 0.3% of the stabilization fund.

In the first quarter of 2020, tax revenue reached MNT 1.9 trillion, decreased by MNT 58.9 billion or 3.0% compared to the same period of the previous year. This growth was mainly due to decreases of MNT63.9 billion or 29.9% in other taxes revenue and MNT 33.9 billion or 15.9% in excise taxes revenue, while there was an increase by MNT 20.5 billion or 4.7% in social security revenue, MNT 11.2 billion or 2.9% in value-added taxes and MNT 4.5 billion or 16.3% in property tax.

In the first quarter 2020, social security contributions revenue increased by 1.8 points, income tax by 1.3 points and value-added tax revenue by 1.2 points, while other taxes revenue decreased by 2.8 points and excise taxes revenue by 1.4 points and foreign activity revenues by 0.1 points as compared to the same period of the previous year.

In the first quarter of 2020, general government budget expenditure and net lending increased by MNT 380.7 billion or 19.3% compared to the same period of the previous year, totaling up to MNT 2.3 trillion by preliminary results. It was primarily affected by an increase of MNT 332.1 billion or 18.4% in current expenditure and MNT 73.0 billion or 43.4% in capital expenditure.

Source: National Statistics Office

In the first quarter of 2020, 29.1 million passengers (double counting) were carried which means the carried passengers decreased by 13.4 million (31.4%) compared with the same period of the previous year. It was also due to the decrease of 13.2 million (31.6%) passengers in road transport.

In reference period, revenue from all types of transport reached MNT 311.9 billion. The figure represents a fall of MNT 104.3 billion (25.1%) compared with the same period of the previous year. The revenue from road and air transport decreased by MNT 75 billion (46.6%) and MNT 40.8 billion (44.0%) respectively. Whereas the revenue from railway increased by MNT 11.4 billion (7.0%) compared with the same period of previous year.