The Bank of Mongolia and the People's Bank of China will elevate their relationship to a new level of strategic partnership www.open.kg

On March 24, Naranjogt Sambuu, the Governor of the Bank of Mongolia, held an important meeting with Pan Gongsheng, the head of the People's Bank of China.

The meeting took place in a constructive and friendly atmosphere, where the participants discussed key aspects that could elevate the strategic cooperation between the central banks to a new level, reaching consensus, reports MiddleAsianNews.

During the negotiations, the following important issues were addressed:

Agreements on currency swaps and foreign trade: The parties discussed the possibilities for improving and extending the currency swap agreement that has been in effect since 2011. This agreement plays a key role in maintaining liquidity and increasing trade turnover between the countries, supporting settlements in national currencies and facilitating regional economic integration. The participants unanimously agreed on the need to work together to improve the use of currency swaps, drawing on best practices applied in countries such as Korea and Turkey.

Modern payment systems: Naranjogt Sambuu presented the concept of transitioning to a digital infrastructure for payments between the two countries, discussing opportunities for cooperation in projects such as mBridge. The focus was on modernizing payment systems based on new technologies to reduce costs and increase the speed of cross-border payments.

Financial stability in the region: The participants emphasized the importance of joint efforts by the central banks to enhance the consistency of macroeconomic policies and ensure financial stability amid growing uncertainty in the global economy.

The head of the Bank of Mongolia, Naranjogt Sambuu, noted: “Our cooperation is based on trust, and I am confident that today’s negotiations will create a solid foundation for further growth in trade, investment, and sustainable economic development.”

As a result of the meeting, the parties agreed on the necessity of further strengthening friendly relations between the central banks and activating their joint activities.

Export of Krush beer by Lotte Chilsung to Mongolia increased by 90% www.open.kg

The strategy of Lotte Chilsung Beverage emphasizes that Korean companies entering the Mongolian market strive to be open to new cultures and the characteristics of the local youth.

Actively developing its distribution and marketing, the company targets the youth audience and leverages Mongolia's openness to novelty.

Krush beer from Lotte Chilsung Beverage is quickly gaining popularity in the Mongolian beer market.

According to MiddleAsianNews, the export of Lotte Chilsung beer to Mongolia increased by approximately 90% in 2025 compared to the previous year. This contributed to a 40% growth in the company's overall beer exports last year.

In 2024, Lotte Chilsung Beverage focused on increasing brand awareness of "Krush" after its entry into the Mongolian market. The company is expanding its distribution network, covering the capital Ulaanbaatar, and sells Krush in major supermarkets such as NOMIN, as well as in Korean retail chains like E-mart, GS25, and CU. Currently, Krush is available in about 2000 stores, including supermarkets and convenience stores.

In addition to strengthening sales channels, the company is actively developing consumer marketing. To attract the youth audience, advertising events are held in popular clubs in Ulaanbaatar on weekends. In the summer, the company expanded its advertising activities to remote areas to reach consumers. It also served as the main sponsor of concerts featuring well-known artists and utilized social media for promotion through content created in collaboration with famous influencers.

One of the reasons for Krush's popularity is the unique open consumer culture of Mongolia. More than 60% of the country's population is under 39 years old, making the youth particularly receptive to new cultural influences.

The growing interest in Korean cuisine also contributes to the increasing demand for Korean beer. According to statistics from the Korea Customs Service on export-import trade, the volume of beer exported to Mongolia last year amounted to 31,033 tons, surpassing exports to China, Japan, and the USA.

For the current year, Lotte Chilsung Beverage aims to expand its customer base in Mongolia and increase the number of Krush beer consumers through various advertising campaigns. In this direction, tastings and promotional events are planned to be held in hotels and restaurants across the country.

A representative of Lotte Chilsung Beverage noted: "Thanks to the established marketing strategy that takes into account the specifics of the local alcoholic beverage market, we have significantly increased the brand awareness of Krush in Mongolia," adding: "We intend to expand consumer advertising campaigns so that Krush stands out in the imported beer market in the country."

The Government of Mongolia Faces Harsh Criticism at the 61st Session of the UN Human Rights Council www.open.kg

According to information from MiddleAsianNews, a statement regarding the adoption of the Universal Periodic Review (UPR) report on Mongolia was made at the 61st session of the UN Council.

The speaker was Ms. Urantülekhüür Mandkhaitsetzen from the Center for Human Rights and Development.

Dear Mr. President,

The organizations CIVICUS, ADN, and CHRD express their gratitude for Mongolia's active participation in the Universal Periodic Review process. In this cycle, Mongolia received 23 recommendations, of which 22 were supported.

We are pleased to see that the government approved recommendations for the protection of human rights defenders and journalists, as well as for preventing the use of laws to restrict their rights and ensuring their protection from persecution and intimidation. We also positively assess the support for the repeal of Article 13.14 of the Criminal Code concerning defamation and the provision of press freedom.

However, we express regret that the government did not support the recommendations to review or repeal Articles 17.6 and 19.11 of the Criminal Code, which are also used to prosecute activists and journalists.

In recent years, our organizations have recorded cases of persecution and criminalization of activists and journalists in Mongolia. We also express concern regarding the draft laws concerning NGOs that do not meet international standards. Additionally, we are alarmed by the proposed laws on internet control and restrictions regarding peaceful protests.

Dear Mr. President, we strongly urge the government of Mongolia to take active steps to implement the recommendations of the Universal Periodic Review, ensuring that all laws comply with the International Covenant on Civil and Political Rights, effectively enforcing the 2021 Law on Human Rights Defenders, and reviewing the Law on Demonstrations and Public Gatherings in accordance with international rights and standards.

Sincerely,

Mongolia hikes diesel price by 300 MNT www.news.mn

Oil prices have increased from $70 to $110 due to the Middle East crisis. In response to this situation, the Prime Minister of Mongolia ordered the establishment of a working group to assess potential developments and address related challenges.

Currently, Mongolia has sufficient reserves of petroleum products. For example, reserves of AI-92 gasoline are sufficient for 42 days, while diesel fuel reserves are sufficient for 28 days.

AI-92 gasoline is currently priced at a fixed rate of $705 and will not increase as of today. However, a price rise in diesel fuel is considered unavoidable. Initially, diesel prices will increase by 300 MNT. Industry experts believe this increase will not have a significant impact on inflation. They aim to raise prices gradually rather than implementing a sharp increase of 1,000–1,500 MNT at once. A sudden, steep rise could lead to shortages and further pressure on inflation.

Government to liberalize energy prices by end of year www.gogo.mn

The government led by Prime Minister G.Zandanshatar is working to liberalize energy prices by the end of this year. Under the plan, prices will be freed from fixed setting by the state and the Energy Regulatory Commission.

Cabinet members say the long-debated issue is expected to be resolved once and for all.

The Energy Regulatory Commission last raised consumer electricity tariffs on November 15, 2024. At that time, the average electricity price for households and businesses was set at MNT 216 per 1 kWh, bringing it closer to actual costs.

In November 2024, the Energy Regulatory Commission also increased heating prices by an average of 85%. The decision was scheduled to take effect on May 16, 2025, but was later postponed until 2027 due to concerns that it would raise inflation and negatively affect citizens’ livelihoods.

If heating prices are adjusted to actual costs, the price in the capital alone would reach MNT 1,012.

In a statement on March 24, Minister of Economy and Development J.Enkhbayar said the increase in energy prices is estimated to raise inflation by 1.5-2.4%. “The share of energy costs in a household’s monthly income has decreased. Compared with other countries, our energy prices are low. In the future, energy demand will increase every year,” he said.

Despite higher electricity prices, new power sources and expanded capacity, the energy sector continues to operate at a loss of trillions of tugriks. Liberalizing prices would help reduce losses and attract investment into the sector.

Mongolia’s meat exports to Middle East reach USD 60 million www.gogo.mn

J.Enkhbayar, First Deputy Prime Minister and Minister of Economy and Development, made a statement on March 24, 2026, regarding the possible impact of the tense situation in the Middle East on Mongolia’s economy, as well as the measures to be taken and current issues.

Minister J.Enkhbayar said the risk of a direct impact on Mongolia’s economic relations with China and Russia is high, particularly in connection with key export products. However, he noted that the impact on economic relations with Middle Eastern countries is minimal.

He said Mongolia exports about USD 60 million worth of meat to the Middle East, with Iran and Qatar among its main markets. According to him, measures will be taken to stabilize these exports and shift them to other regions if necessary. He added that the risk is expected to remain low, as Mongolian livestock meat has a relatively strong reputation in the region and demand remains high.

Mongolia exports 64 types of products to the Middle East, accounting for 0.42 percent of total exports. Imports from the region are also limited, at about USD 8.8 million, meaning the overall impact on Mongolia’s economy is expected to be small, Minister J.Enkhbayar said.

No Disruptions in Fuel Supply; Domestic Reserves at Normal Levels www.montsame.mn

First Deputy Prime Minister of Mongolia and Minister of Economy and Development Enkhbayar Jadamba received representatives of the “Fuel Price Council” at the Ministry of Economy and Development, where they exchanged views on the current situation and policy measures to be implemented.

During the meeting, participants discussed policy solutions to mitigate the risks and impacts on Mongolia’s economy stemming from rising international petroleum prices, driven by the ongoing conflict in the Middle East.

The Ministry of Industry and Mineral Resources provided an update on the current status of fuel reserves and procurement, noting that there have been no disruptions in supply and that domestic reserves remain at normal levels.

Representatives of the “Fuel Price Council” emphasized that the increase in global oil prices, as well as the rise in border prices of fuel supplied from the Russian Federation, are creating conditions that directly affect retail fuel prices in the domestic market. They presented several proposals aimed at reducing the adverse impact of sharp price increases.

In his remarks, First Deputy Prime Minister Enkhbayar emphasized that rising international oil prices are a key factor driving imported inflation in Mongolia. He highlighted the importance of easing short-term pressure from price increases while maintaining market stability in the medium term. He also stressed that government policy should be based on principles that do not disrupt normal market functioning and that protect fiscal and financial stability.

As a result of the meeting, it was decided to consolidate the proposals of relevant organizations and present them at a Cabinet meeting.

S. Korea, Mongolia discuss accelerating economic partnership negotiations www.english.kyodonews.net

SEOUL - South Korea and Mongolia discussed Tuesday ways to accelerate negotiations for a bilateral comprehensive economic partnership agreement (CEPA), Seoul's trade ministry said, with the agreement expected to deepen critical minerals cooperation between the two countries.

Kwon Hye-jin, director general for trade negotiations at the Ministry of Trade, Industry and Resources, visited Mongolia to meet with trade and resources officials, including Batkhuu Idesh, who heads Mongolia's CEPA negotiation team.

South Korea and Mongolia had held four rounds of CEPA negotiations until November 2024, but the talks have stalled due to concerns within Mongolia over market opening and differences over details in agreement on goods and rules of origin, according to the ministry.

In Tuesday's meeting, Kwon called for efforts to bridge difference in those areas, while proposing that the two countries include critical mineral supply chain cooperation in CEPA talks, the ministry said.

Mongolia holds abundant deposits of critical minerals, such as copper, molybdenum and rare earths, making the country a promising partner for Seoul's supply chain cooperation, according to the ministry.

"Mongolia is an emerging market where Korean companies are actively expanding their business and also an important partner for resource cooperation," Kwon said in a press release, vowing efforts to accelerate CEPA negotiations with the country.

South Korea Changes Korean Spelling of Mongolian Capital to Respect Local Pronunciation www.en.sedaily.com

The official Korean-language spelling of Mongolia's capital will change from "Ulanbator" to "Ulaanbaatar," South Korea's Ministry of Culture, Sports and Tourism announced Wednesday.

The ministry, led by Minister Choi Hwi-young, and the National Institute of Korean Language reviewed a request from the Ministry of Foreign Affairs (led by Minister Cho Hyun) to change the Korean spelling of the Mongolian capital and decided to finalize the change from "Ulanbator" to "Ulaanbaatar."

According to the culture ministry, the Korean spelling of Mongolia's capital had customarily been written as "Ulanbator (UlanBator)." However, this spelling differs from the local Mongolian spelling and pronunciation, causing administrative inconveniences. The Ministry of Foreign Affairs, reflecting the opinions of Korean citizens and Mongolian locals, requested the culture ministry to review changing the Korean spelling from "Ulanbator," a form long used based on the Russian transliteration, to "Ulaanbaatar," based on the Mongolian spelling. In the currently used Russian language (Cyrillic script), the name is written as "Улаанбаатар."

The culture ministry and the National Institute of Korean Language convened the "First 2026 National Institute of Korean Language Foreign Proper Noun Review Committee" to resolve confusion surrounding the Korean spelling of the Mongolian capital. The committee reviewed the Korean spelling based on local pronunciation and local script, and decided to adopt "Ulaanbaatar."

A Ministry of Foreign Affairs official said, "Mongolia had requested the spelling change considering the close relationship between Korea and Mongolia, and there have been steady inquiries from citizens due to spelling confusion, so we welcome this review decision. We believe this decision will contribute to the future-oriented development of bilateral relations and the spread of friendly perceptions between the peoples of both countries," the culture ministry conveyed.

From forecasts to foresight: Strengthening Mongolia’s climate intelligence through partnership www.undp.org

As Mongolia marks World Meteorological Day, attention turns to the science and systems that help the country anticipate climate risks, protect lives, and plan for a more resilient future. This year also coincides with 50 years of partnership between UNDP and Mongolia, a milestone reflected in long-standing collaborations that have strengthened national institutions over decades. At the heart of this partnership stands National Agency for Meteorology and Environmental Monitoring (NAMEM), whose long-standing cooperation with UNDP has played critical role in advancing Mongolia’s meteorological and environmental monitoring systems.

Mongolia’s vast geography and extreme climate make reliable meteorological and environmental information essential for national development. From droughts and dzuds to floods and heatwaves, weather and climate patterns shape livelihoods, ecosystems, and economic stability. From the outset of its engagement in Mongolia, UNDP supported national efforts to strengthen meteorological and environmental monitoring capacities, at a time when such systems were still emerging.

During the early years of cooperation, working alongside NAMEM, UNDP supported the establishment of an information and computing center, which strengthened centralized data processing, long-term climate records, and systematic environmental analysis. This effort improved the accuracy and reliability of weather forecasting nationwide, benefiting people across the country.

As the country’s development context evolved, so did the partnership. Climate risks intensified, and national planning increasingly relied on timely, high-quality data. UNDP’s support expanded to institutional strengthening, technical advisory services, and support for integrating climate and environmental information into national policies, early warning systems, and decision-making processes.

A major recent milestone in this long-standing collaboration has been the introduction of high-performance computing capacity to support climate and environmental modeling in Mongolia. NAMEM received a next-generation computing system from UNDP’s ADAPT project, funded by the Green Climate Fund, which significantly improved the country’s capacity to handle complex climate data. This capacity enables more accurate forecasting, improved risk analysis, impact-based forecasting, and stronger early warning, particularly for rural communities whose livelihoods are most exposed to climate variability.

For NAMEM, this development represents more than a technological upgrade. It reflects forward-looking risk management, where science and data guide decisions before hazards escalate into crises. “Our partnership with UNDP has been valuable in strengthening Mongolia’s meteorological and environmental monitoring system. It has reduced uncertainty, improved the accuracy of weather forecasts, and enabled robust modeling of future climate trends, supporting more informed planning and risk management across agriculture, infrastructure, and disaster preparedness,” said the Director General of NAMEM, Battulga Erkhembayar.

The UNDP Resident Representative in Mongolia, Matilda Dimovska, emphasized that this cooperation reflects the UNDP’s long-term commitment to supporting national institutions. “Strong institutions are essential for sustainable development, and they are built through long-term partnerships. Building on five decades of collaboration, UNDP looks ahead with a continued commitment to strengthening national capacities that support evidence-based, climate-resilient, and future-fit development in Mongolia.”

As UNDP marks 50 years of partnership with Mongolia, this collaboration with NAMEM stands as a clear example of how long-term support for national capacity can deliver lasting impact. On World Meteorological Day, it serves as a reminder that behind every forecast lies decades of investment in knowledge, institutions, and trust and that building resilience is a continuous journey grounded in partnership.