According to Mr. Bayartsaikhan, the FX reserves of Mongolia currently stands at a record-high of USD 3.4 billion. “Although the reserves hit USD 4.1 billion in 2012, USD 2.1 billion were raised from Chinggis and Development Bank bonds that year. The current amount may seem high; however, it is still insufficient for the current economic situation. Mongolia needs to settle its foreign debts, which reached USD 27.9 billion. There is a high risk of collapse in global economy. Major bond repayments will mature starting from the second half of 2020. Thus, it is ill-advised to utilize the FX reserves instead of saving it.”

He then explained the depreciation of MNT, saying “Amid high economic growth, FX reserves and stability in the financial market, the MNT rate fell by around 200 points in the last two months. This is due to the vulnerability of the economy that is highly dependent on mining sector. For instance, China started limiting its coal import in November. Compared to October, FX purchase of private entities grew by over USD 240 million in November and the first month of December.”

Mr.Bayartsaikhan also informed that the BoM, in order to stabilize the situation, injected over USD 400 million into the FX market as an intervention; however, the currency rate further sank, which was the indication of a speculative demand for money. This year in total, the bank administered USD 1.2 billion into the market. Last week alone, the bank supplied USD 130 million, said the Governor of BoM. He further suggested the Government to focus on political stability and avoid uncertainty to boost investors’ confidence and support export. “This is critical at the moment as Erdenes Tavan Tolgoi JSC is seeking to issue an IPO at international stock markets.”

In 2012, the Trade and Development Bank of Mongolia, in cooperation with Netherlands Development Finance Company, introduced the first Sustainable Finance program “Environmental and Social Management Systems” (ESMS) in Mongolia. As a result, the national roadmap was approved in the following year. The forum was initiated following an imminent need for private and public cooperation to develop and effectively implement policies, actions, and initiatives in line with the commitment of the Government of Mongolia to the global sustainable development agenda and the Paris Agreement, and the unanimous commitment of the banking sector to advance sustainable finance in the country.

According to the Mongolian Sustainable Finance Association (MSFA), a total of MNT 1.3 billion was granted to environmentally-friendly projects in the last five years. Furthermore, the banking sector financed another MNT 16 billion on environmental projects within this period.

• A total of MNT 1.3 billion allocated to environmentally-friendly projects since the program inauguration.

• Banks financed MNT 16 billion on environmental projects in the last five years.

• SME demand for green loans stands at USD 1.5 billion.

A market study conducted by the Mongolian Bankers Association (MBA) and MSFA shows that the small and medium-sized enterprise (SME) demand for green loans stands at USD 1.5 billion. Specifying by sectors, construction and processing plants require significant amount of loan. Thus, commercial banks informed that a low-interest credit source will allow them to distribute discounted loan for environmentally-friendly projects for SMEs.

Traditionally, the MBA annually selects a flagship bank to steer the business organizations towards environmentally and socially-friendly. In this year’s forum, the association picked Khan Bank to be in charge of green development activities in 2019. Thus, the bank will be responsible for protecting cultural heritage, supporting green economic growth and developing transparency.

The agreement does not affect the railway entry crossing at Zamyn Uud; the international train schedule will continue as usual.

"The Mongolian economic growth is forecast to reach 6.4 percent this year and 6.1 percent next year," Lommen told Xinhua in a recent interview.

This growth is largely driven by massive foreign direct investment in the country's Oyu Tolgoi copper-gold mine, estimated at 1.1 billion U.S. dollars in each year respectively, she explained.

"This is remarkable because the country was a in a deep economic crisis just a couple of years ago," the country director said.

The Oyu Tolgoi mine, located in a gobi desert 80 km north of Mongolia's border with China, is expected to produce 430,000 tons of copper and 425,000 ounces (about 12,050 kg) of gold annually for 20 years.

The contribution of mining to growth is projected to turn positive in 2018 and be higher in 2019, Lommen said, adding that the construction sector is to recover along with increasing mining activities, she said.

Domestic consumption will be supported by an increase in government expenditures, household incomes and consumer confidence gained from economic recovery, Lommen said.

The ADB projects an average inflation at 7.2 percent in 2018 and 7.0 percent in 2019, close to the government's target of 8.0 percent.

Lommen said that rising domestic demand, oil and global food prices as well as effects from a looser monetary policy last year has driven higher inflation in 2018.

Fiscal policy will remain expansionary in 2019, with rigorous tax reforms supporting small- and medium-sized enterprises.

Upbeat about Mongolian's long-term economic prospects, the ADB country director said:"large ongoing mining projects are expected to turn the balance of the fiscal budget and the balance of payments into surpluses in the years ahead."

Meanwhile, she stressed that for a mining-dependent economy like Mongolia, "more is needed" apart from well taping its mineral wealth.

In addition to economic diversification and higher productivity, more efforts should be made to ensure macroeconomic stability as well as sustainable and inclusive growth of its economy.

At the event, Chinese Culture Translation and Studies Support (CCTSS) representative Xu Baofeng said that a new China-Mongolian publishing platform created by the agreements will allow both sides to "discover, translate and publish each other's cultural products faster than ever."

Publishing houses from the two countries, including Mongolia's NEPKO and Guangming Publishing House and the mainland's China Children's Press & Publication Group, will release a number of new books as part of projects covered by the agreements.

NEPKO first established a cooperative relationship with CCTSS in 2015, going on to import a number of books, films and television projects, including the well-known series Empresses in the Palace, into Mongolia.

According to D. Boldbaatar, the president of Guangming Publishing House, Chinese literature, such as the Four Classic Novels and Tang Dynasty (618-907) poetry, are very popular in Mongolia.

At the event, former chairman of Mongolian National Television Sodnompil Myagmar told media that China and Mongolia should continue to strengthen film and television cooperation and that he hopes as Chinese cultural products enter the Mongolian market, more Mongolian films and TV programs can head to China.

Deputy Chief of the Cabinet Secretariat of the Government G.Bayasgalan sounded the PM’s ordinance to the staff of Citizens’ Representative Khural (City Council) of Ulaanbaatar city and the Governor’s Office of the Capital City and informed an appointment of acting governor.

J.Batbayasgalan, deputy governor in charge of Green Development and Air Pollution, will work as an acting governor until new Governor of the Capital City and Mayor of Ulaanbaatar is appointed.

In respect to an official letter of Prime Minister U.Khurelsukh sent to the City Council in November concerning dismissal of the Mayor, Mr. Batbold announced his submission of resignation letter. Considering his submission of resignation letter, the Prime Minister withdrew his proposal in which he accused the governor of not fulfilling his duties.

Today, eight MPs including J.Bat-Erdene, N.Nomtoibayar and L.Enkh-Amgalan reported press about it. In the beginning of the press conference, MP J.Bat-Erdene said, “We are very critical towards the incidents that MPs and members of government received loans from SME Development Fund, which has actual impact on creating jobs and reducing poverty. Regarding the Fund’s matter, we, 22 MPs, have signed an official letter to make an initiative to undergo investigation of legal organizations by refusing of our full powers of Member of Parliament. We are calling for all MPs to sign this letter. After having signatures, we will submit it to the Parliament’s Subcommittee on Ethics.”

Asked whether MPs whose associated companies allegedly received loans from the fund have signed the letter or not, MP J.Bat-Erdene replied, “Currently, MPs who connected with the scandal have not signed. We will keep calling all MPs to sign the letter.”

In November, independent refiners - the so-called teapots - continued to buy high volumes and some of them increased intake as they start trial runs at newly-built oil refineries.

Private firm Hengli is planning trials at its new 400,000 bpd refinery at Dalian, a port city in northeastern China, while Zhejiang Petrochemical is also expected to begin trial runs at some units of its refinery with 400,000 bpd capacity at Zhoushan. According to Reuters, Zhejiang Petrochemical has imported several cargoes of crude oil from Oman this quarter.

Two months ago, China raised by 42 percent the oil import quota for its non-state refiners—most of which are the independent refiners—for 2019 as new refinery capacity is planned to enter into operation next year. China is allocating a total of up to 202 million tons, or 4.06 million bpd, of import quota to non-state refineries for next year, according to S&P Global Platts. Independent refiners had until November 10 to apply, and those who haven’t imported crude oil in 2018 will not be allocated quotas for next year.

This weekend, Chinese customs data also showed that crude oil imports between January and November averaged 9.17 million bpd, higher than the level of imports in the same period last year, and putting China on course to set a new record for crude oil imports in 2018.