The document summarizes news from Mongolia's Business Council newsletter. It discusses optimism from an investment forum highlighting Mongolia's growth. It also mentions a bank issuing bonds, a mining company urging shareholders to accept an offer, Canadian miners seeing potential in Mongolia, and a company submitting a uranium reserve calculation to the Mongolian government for approval. Politics and the economy were also briefly touched on.

1. BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmmongolia.org
Email: info@bcmmongolia.org Issue 37, September 12, 2008
NEWS HIGHLIGHTS:
Business: Euromoney forum exudes Mongolian goodwill and investor optimism; Khan Bank to issue
foreign currency bonds; Western Prospector re-urges shareholders to accept Tinpo
offer; Canadian miners see bright future in Mongolia; Khan Resources submits uranium
reserve calculation; Wagner Asia holds contest for mining equipment operators;
Reminder to pay mining license fees; Questions raised about how MIAT spends money.
Economy: Importers unite to buy oil from cheaper sources; Policy rate raised; Power stations
waiting for coal; Agency details wasteful expenses by Ministries; Rise in State
investment in construction; Bus companies to lower fares, or lose compensation.
Politics: Parliament approves Bayar as Prime Minister; MPRP to have 60% of positions, DP 40%; All
7 Standing Committees get new head; DP accepts coalition offer after stormy debate;
Mongolia “monitoring” Georgia developments, Russian Ambassador told; Bayar
addresses CIS economic forum; 601 corruption probes last year; Survey ranks “most
bureaucratic” services; Canada, Australia send new Ambassadors.
_________________________________________________________________________________________
BUSINESS
EUROMONEY FORUM EXUDES MONGOLIAN GOODWILL AND INVESTOR OPTIMISM
The two-day Euromoney Mongolia Investment Forum at the State Palace, co-hosted by FIFTA, ended
on Thursday amidst great optimism. On Wednesday morning, the organizers said some 400 delegates
from 25 countries had registered for the conference that aimed at helping them access investment
opportunities in one of the most promising pastures among Asia‟s emerging economies.
Tony Shale of Euromoney set the tone when he referred in his welcome address to the “pulling
power” of Mongolia‟s “vibrant and fast-growing” economy, and to how „investors look covetously”
at its annual 10% growth and expanding middle class.
Mongolian speakers, including the morning‟s keynote speaker, Deputy Prime Minister M.Enkhbold,
and B.Namkhaijantsan, Economic Policy Adviser to the Mongolian President, agreed. They detailed
the several advantages of investing in Mongolia and the various measures the Government had
adopted in the recent past to “reinforce investor confidence”. Increased and continued foreign
direct investment was essential for the success of the present Comprehensive Development Policy
that has a “„triple-15‟ set of priorities”: it will be in force for 15 years until 2021, aims at a 15%
GDP growth, and expects a per capita average income of US$15,000 per year. “Our doors are open
to you,” Mr. Enkhbold said graciously, but “we want only serious, reliable and ecologically
responsible” partners to help achieve growth that will ensure sustainable economic and social
development, he warned in the same breath.
Investors were happy and eager to agree. Bankers reported a very healthy growth in grassroots
economic activity despite runaway inflation, although foreign analysts and a Mongol bank official
expressed views that national macro-economic policies or populist largesse was only partly to
blame. Recent political developments clearly underlined an awareness of the need for stability and,
imponderables notwithstanding, regular investment flow would be imperative and welcome. With
upheavals unlikely, the mood at the forum was upbeat.
Participants had a busy morning on the second day, with three panel discussions to attend. Arguably
the most important of these was on the outlook for the mining industry. Dogsom Ganbold, President
of the Mongolian National Mining Association, considered the stand of Mongolian politicians to have
been “a disaster”. In any case, the windfall tax has so far fetched a little under US$200 million,
considerably less than what had been estimated. The figure would not rise substantially, as the
Mongolian administrative structure lacked both skill and resources to make optimal use of its

2. opportunities.
Dr Graeme Hancock of the World Bank stressed the need for moderation and pragmatic thinking.
Playing the blame game will yield no results for either party in the dispute. Instead, one had to
“identify the factors why Mongolia wants to take a 51% share in exploring new strategic deposits”,
and then try to persuade the Government to decide on the feasibility and wisdom of investing more
than the country‟s annual GDP on such exploration. Will it be able to withstand the social and
economic costs of such extravagance? “Owning equity is a double-edged sword”, and there are
several global models which “entitle a nation to get a fair share of the value generated by its
resources, without insisting on owning majority shares”. Mongolia should study these, and also
develop its legal framework and regulatory mechanisms so that loopholes are plugged. He said the
windfall tax had proved to be counterproductive as what Russia paid more for its copper from
Erdenet, it took back by imposing tax on fuels it supplies to Mongolia.
Source: BCM NewsWire
KHAN BANK TO ISSUE FOREIGN CURRENCY BONDS
Khan Bank announced on Wednesday it has established a US$300 million global medium-term note
program, allowing it to issue foreign currency bonds to international investors. It planned to list the
program on the Singapore stock exchange for one year. "The program will not only further diversify
our potential funding sources, but will also help the bank to raise longer-term funds which in turn
can finance the growing demands of our clients," chief executive Peter Morrow said in a statement.
"It will also enable us to better manage the bank's liquidity and cash flow.”
Credit ratings agency Moody's assigned Baa3 and Ba1 ratings respectively to the local currency
senior and subordinated notes in the proposed program, while assigning Ba2 ratings to the foreign
currency senior and subordinated notes. All had stable outlooks. Moody's said further supplements
to capital might be warranted if the bank's risk-weighted assets continued to grow faster than
internal capital formation. It warned the bank's liquidity profile could become less favorable if it
increasingly relied on confidence-sensitive market funds such as the present program.
Source: en.News.mn
WESTERN PROSPECTOR RE-URGES SHAREHOLDERS TO ACCEPT TINPO OFFER
Western Prospector Group Ltd. (TSX VENTURE:WNP) has reaffirmed its recommendation that
shareholders accept the superior offer from a wholly-owned subsidiary of Tinpo Holdings Industrial
Company Limited to acquire all the outstanding common shares of Western for C$1.34 per share in
cash, other than those shares beneficially owned, directly or indirectly, by Tinpo, its joint actors
and affiliates. The Tinpo offer is open for acceptance until 5:00 p.m. Pacific Time on September
11, 2008.
"The Tinpo offer continues to be the most attractive option for Western's shareholders," said Gordon
Pridham, Chairman of the Special Committee of Western's Board of Directors. "We strongly
encourage shareholders to accept the Tinpo offer." The Tinpo offer represents an 86% premium to
Western's closing price of C$0.72 on July 14, 2008, which was the last day of trading prior to the
announcement of the Tinpo offer. The offer also represents a 140% premium to Khan Resource‟s
now-expired bid, which consisted of 0.685 of a Khan share for each Western share with no cash
component and valued Western at C$0.55 per Western share, based on Khan's trading price of
C$0.80 on September 3, 2008. The Khan bid expired on September 3, 2008.
Source: Marketwire
CANADIAN MINERS SEE BRIGHT FUTURE IN MONGOLIA
“At a remote outpost in the Gobi Desert, hundreds of kilometers from any paved road, Keith
Marshall is poring over satellite images, geological surveys and sheets of statistics, literally mapping
out Mongolia's economic future. Working out of a wind-lashed military-style tent dubbed the
„Weather Haven‟, the British engineer is laying the groundwork for what he says will be one of the
biggest copper mines in the world…”
This is how an AFP report on the present status of the Oyu Tolgoi project begins. It goes on to quote
Marshall saying, "Oyu Tolgoi is going to bring dividends to the Mongolian people for four or five
generations to come"; and explains why the project has been the subject of much controversy and
has yet to win final government approval. As time passes, the mining company says it “can't do

3. much more work without an agreement. We have had to scale down operations, which means laying
off workers and letting projects sit idle." But investor confidence remains strong.
A.Munkhbat, Senior Vice President and Executive Director of Ivanhoe Mines Mongolia Inc., told the
newspaper Ardiin Erkh that both the company and political parties understand that deposits like
Oyu Tolgoi and Tavan Tolgoi should not be left idle. “As a Mongolian national”, he felt the
compulsion behind forming a coalition government was to facilitate early agreement on the issue,
but it would be unrealistic to expect anything to happen really fast. It may take a little time but
should be done “in an efficient manner”.
Of the over 1,800 employees hired in 2006, only 500 are still working on the project. If all goes well
with the amendment to the Minerals Law and the subsequent agreement, the company will need up
to 10,000 people on a temporary basis during the construction. After that 3-5,000 jobs will be
created as operations begin. If, he said, the agreement is signed in the first half of 2009, the first
returns will be generated in 2012.
Source: AFP; Ardiin Erkh; for the full story, please go to the BCM website, Articles/Reports on
Mongolia
KHAN RESOURCES SUBMITS URANIUM RESERVE CALCULATION
Khan Resources Inc. has announced that it has submitted the reserve calculation for the Dornod
Uranium Project, prepared in accordance with Mongolian standards and requirements, to the
Mineral Resource and Petroleum Authority of Mongolia (MRPAM), for its approval. "We are very
pleased that the new government has a clear majority in the Great Hural (Parliament), and with the
approval of this reserve calculation, we will move forward on the path to the Investment
Agreement," stated Martin Quick, President and CEO of Khan.
Khan Resources is a Canadian company engaged in the acquisition, exploration and development of
uranium properties. Its current activities are focused on the Dornod area in north eastern Mongolia,
the site of a former Russian open-pit uranium mine. Khan holds interests in the Main Dornod
Property, licensed for mining, and in the Additional Dornod Property, licensed for exploration.
Source: Montsame
WAGNER ASIA HOLDS CONTEST FOR MINING EQUIPMENT OPERATORS
The fourth annual contest organized by Wagner Asia to select the best mining equipment operator
in Mongolia was held last week in Ulaanbaatar, with 65 workers from 22 companies vying for prizes.
Up-to-date techniques and heavy machines were used. The competition is aimed at introducing new
techniques and technologies to companies that work in the Mongolian mining sector, and to improve
the professional skills of individual workers in these companies.
V.Batchuluun of Invest Mines was adjudged the champion, followed by D.Monkhtuvshin and
D.Batsaikhan of Boroo Gold. The winner gets the right to take part in the World Championship for
Mining Operators to be held in November in Malaga city, Spain. N.Naranbaatar, a mining operator of
Erdenet Mining Corporation, won a prize at the 2007 championship, competing with more than 60
operators from 23 countries.
Source: Montsame
REMINDER TO PAY MINING LICENSE FEES
The Mongolian National Mining Association has referred its members to an announcement by the
MRPAM published in the Ardiin Erkh. This reminds mining companies to pay their annual license fees
before October 5 according to Article 32.1 of the Minerals Law, or risk abrogation of license,
according to Article 56.1.5 of the same Law.
Source: www.miningmongolia.mn
QUESTIONS RAISED ABOUT HOW MIAT SPENDS MONEY
A report by the Professional Monitoring Agency has revealed several instances of unjustified
expenditure by MIAT Company, in contravention of regulations and propriety. It allowed concessions
totaling MNT 1.4 billion to its 3,100 workers, without any contractual compulsion to do so. It spent

4. MNT 180 million on apartments for its staff, and MNT 250 million on their travel. It also offered
contracts worth MNT 1.7 million for food and other services without calling a tender.
The Agency has concluded that MIAT failed to save US $2.3 million in 2006-2007. It also found that
the State-owned airline, which provides MNT 90 billion to the state budget every year, allows
foreign agents to account for 60 percent of its income from passengers and cargo, or about MNT 1.0
billion.
Source: en.News.mn
ECONOMY
IMPORTERS UNITE TO BUY OIL FROM CHEAPER SOURCES
A delegation from Mon Oil & Gas, a company newly formed by six petroleum importers including
Petrovis, NIC, Magnai Trade, Shunkhlai and Just called on President Enkhbayar on Monday. Its
members explained that they had set up the company to increase the number of suppliers of
petroleum products and to help stabilize petrol prices in the local market. The delegation
expressed its interest in setting up petroleum processing units in Mongolia, and sought Government
help for this. The President asked the new company to prepare a detailed project proposal to be
reviewed by the Government and the National Security Council. The question of State support will
arise only after that.
The Executive Director of Mon Oil and Gas LLC, O. Sodbileg, later said, “We are looking at the
possibility of importing oil products at lower prices based on general negotiations with Arab
countries and Kazakhstan. Oil importers joined hands because no one company can individually
handle the business of importing oil on a large scale.” Referring to the recent fall in global oil
prices, he said the benefit would take time to reach Mongolia, “as it does not buy directly from the
world market. Our importing companies buy oil at a cost determined by others. The Government
had tried to hold the price level by offering subsidies but this policy has its limitations when prices
rise abruptly.”
Source: Ardiin Erkh, The Mongol Messenger
POLICY RATE RAISED
The Bank of Mongolia has raised its policy rate by 0.5 percentage point to 10.25 percent. The
measure is expected to curb the demand for money in the market and thus contribute to containing
further inflation.
Source: Zuunii medee
POWER STATIONS WAITING FOR COAL
With winter knocking on the door, power stations are worried about their coal stocks. The
Ulaanbaatar Railway is pleading lack of wagons to explain their failure to supply coal in time.
Maintenance and repair work is in full swing. All the stations have some coal in reserve, but this
may not be enough if it suddenly gets too cold and heating must be provided urgently. The daily
requirement is about 7,000 tons and ideally a station should have at least 80,000 tons of coal in
reserve at any time during the winter.
Ya.Munkhjargal, Deputy General Engineer of Power station-IV, says they have been trying to get the
coal since August, and it is not yet here. The UB Railway first said transportation would be delayed
because of the Olympics and now they say they have no empty containers. N.Myagmarsuren, Vice
President of Power Station-III, worries about his lack of stock but does not wish to blame the
railway. It is busy with international transportation, and has real problems with sending coal to
Ulaanbaatar. He says the higher coal prices will not affect the company‟s finances, as heating and
electricity charges have also been raised. But the repairs expenses are another matter. They are
planning to take a bank loan to buy new equipment and machine parts.
Source: en.News.mn

5. AGENCY DETAILS WASTEFUL EXPENSES BY MINISTRIES
The Professional Monitoring Agency reports that Ministries have been increasingly spending a lot of
money on celebration of anniversaries and other occasions. A large part of the money is collected
from companies and organizations. There is no legal provision for making such requests for money
or for holding such large-scale celebrations. Almost MNT 476.1 million was thus collected from 14
companies in 2007.
During its examination of accounts, the Agency also found that five government organizations spent
MNT 197.6 million on maintaining and running their fleet of cars. Eight organizations showed a total
expenditure of MNT 53.2 million on staff training. Seven organizations spent MNT 40.4 million to
secure consultancy services, and five gave MNT 29.2 million to district development foundations.
Source: en.News.mn
RISE IN STATE INVESTMENT IN CONSTRUCTION
Construction Day was celebrated last week at a ceremony at the Square of Construction attended
by the Minister of Construction and Urban Development, Ts.Tsolmon. This was the 82nd anniversary
of the day when the construction sector in Mongolia was inaugurated. In a bid to give a fillip to the
sector, Parliament last year amended several laws and drew up more than 20 regulations to enforce
their implementation.
The State Budget of 2008 and the Fund for Mongolian Development provided MNT 571.3 billion for
58 projects in the sector, an increase of 43.5 per cent over the previous year‟s investments. In the
first eight months of 2008, 124 buildings were completed and 3,239 apartments were offered for
possession. The apartments were built at a cost of MNT 9.7 billion raised from the sale of
Government Bonds. In addition, 270 people buyers received long-term loans worth MNT 5.5 billion.
Source: Montsame
BUS COMPANIES TO LOWER FARES, OR LOSE COMPENSATION
Members of the Price Commission of the Government have recommended that the subsidy to bus
companies be raised by an additional MNT 30 billion. However, only companies that agree to bring
down adult fares to MNTg 300 for a ride will be eligible for their share of the compensation from
the Government. Following the two recent rises in petroleum prices, some private bus companies
began charging MNT 400 from adults, and MNT 200 from children.
Source: en.News.mn
POLITICS
PARLIAMENT APPROVES BAYAR AS PRIME MINISTER
On Thursday morning Parliament approved of the choice of S.Bayar as Prime Minister in the next
Government. All members were present when the vote was taken, and the only dissenting ballot
was cast by Ts.Elbegdorj. The erstwhile DP leader had been sworn in only a while earlier.
Accepting his nomination, Bayar thanked members for their faith in him. Reaffirming his
commitment to what he had stated as his guiding principles in political life, when taking over as
Prime Minister nine months ago, the Prime Minister-designate affirmed that he would work to fulfill
the Mongolian people‟s desire for a stable and fair government, devoted to national welfare.
Bayar said he has always been willing “to cooperate with other political parties for development”,
and had pressed for a coalition government to put an end to the prevailing atmosphere “rife with
sentiments of political dissension, division and hatred”. In this he was following what citizens also
wanted. He hoped cooperation between the MPRP and the DP would ensure that the incidents of
July 1 were never ever repeated.
Sanjaa Bayar was born in 1956 in Ulaanbaatar and studied law in Moscow.
Source: en.News.mn
MPRP TO HAVE 60% OF POSITIONS, DP 40%
Monday‟s first meeting of the working groups of the MPRP and the DP on government formation

6. agreed that the larger party would have 60% of positions and the smaller partner in the coalition
40%. At present there are 12 ministers and one Vice Prime Minister to assist the Prime Minister.
There will be one new Minister and the Vice Prime Minister will have a deputy. Thus the
government will have 15 ministers, besides S.Bayar. Distribution of portfolios and other issues will
be taken up in next meetings.
Source: en.News.mn
ALL 7 STANDING COMMITTEES GET NEW HEAD
Standing Committees wield considerable power in the general parliamentary process in Mongolia
and new heads were chosen for all seven of them at a meeting of Parliament on Wednesday. Of the
four among them from the MPRP U.Enkhtuvshin will head the powerful State Structure Committee,
and Ch.Khurelbaatar, at present Minister of Fuel and Energy and formerly Secretary General of the
Finance Ministry, will head the Budget Committee. Ts.Bayarsaikhan of the DP gets the Economic
Committee.
Source: Onoodor, Zuunii medee
DP ACCEPTS COALITION OFFER AFTER STORMY DEBATE
The DP National Consultative Committee had a stormy meeting on September 5 to discuss the MPRP
offer to form a coalition government. After six hours of deliberations marked by spirited exchanges,
113 of the 134 members who voted, favored accepting the offer, but several others, among them
former party chairman Ts.Elbegdorj, walked out without letting their opinion be recorded.
Those against the move recalled how in 2004 also there was a joint government, and how this
lasted just one year before Prime Minister Elbegdorj had to resign when he lost majority support.
Asked what guarantee the MPRP was willing to give that this would not happen again,
N.Altankhuyag, the new DP leader who strongly favors joining an MPRP-led government, said if the
party decided to join, a working group would be set up to negotiate the terms for cooperation, and
these would certainly include some assurance that neither side would
Source: www.news.mn
MONGOLIA “MONITORING” DEVELOPMENTS, RUSSIAN AMBASSADOR TOLD
The Russian Ambassador, B.A.Govorin, called on President N.Enkhbayar on Friday to find out the
Mongolian position on his country‟s recognition of the independent status of South Ossetia and
Abkhazia. The President said this had already been made clear in an official statement issued by
the Ministry of Foreign Affairs that affirmed, “Peace is the most important need of the region.
Mongolia is carefully monitoring the developments.”
The ambassador and the President recalled that this year marked three landmarks in the history of
collaboration between Mongolia and the former Soviet Union: the 30th
anniversary of the
establishment of the Erdenet factory, the 70th
anniversary of the Khalkha Gol victory against
invading Japanese forces, and the 60th
anniversary of the founding of the Ulaanbaatar Railway. Mr.
Govorin said it was necessary to celebrate the historical memories of cooperation, and to use the
media effectively to tell the present generation of the significance of this history, and of the bright
future of mutual collaboration.
President Enkhbayar has already invited President D.Medvedev of Russia to attend Mongolian
celebrations of the anniversary of the Khalkha Gol victory, and hoped he would be able to come.
Ambassador Govorin proposed holding a business conference during the celebration of the Erdenet
anniversary. The President supported the idea and the two talked about inviting Prime Minister
V.Putin to the conference.
Source: Montsame and Ardiin Erkh
BAYAR ADDRESSES CIS ECONOMIC FORUM
Prime Minister S.Bayar was among those who addressed the fifth Economic Forum of the
Commonwealth of Independent States in Irkutsk on its opening day on September 8. The four-day
forum concentrated on the complex problems of developing Siberia and the Far Eastern regions.

7. Bayar also held talks with important Russian leaders including the Minister of Agriculture and head
of the Mongolian-Russian intergovernmental commission, and the Russian Transport Minister. A
protocol was signed to update technology and equipment to be used in the UB Railway and on the
financial responsibility for the program.
Minister of Trade and Industry Ts.Narankhuu, and Minister of Road, Transportation and Tourism
R.Rash accompanied the Prime Minister.
Source: Onoodor, Ardiin Erkh
601 CORRUPTION PROBES LAST YEAR
In a report on the work done by the Anti-Corruption Agency (ACA) over the past one year since its
establishment, Deputy Chairman D.Sunduisuren said 601 people were investigated on the basis of
917 complaints received. ACA officials met with 370 citizens and contacted over 4,000 more over
the telephone in the course of the enquiries. Of those chosen to be probed, 519 worked for the
Government, or some State agency, or some special service, 76 were private people, and 6 were
foreigners. After investigation, 57 cases were forwarded to the prosecutors‟ office or court
organizations.
The investigated complaints related to altogether MNT 34 billion in loss or misappropriation, and
about MNT 2 billion were recovered, while property worth about another MNT 2 billion was
confiscated. The Agency plans to institute four awards for individuals, entities and public
organizations making significant contribution to campaigns against corruption and financial
malpractice.
Source: Montsame
SURVEY RANKS “MOST BUREAUCRATIC” SERVICES
A survey of more than 1,300 urban and rural citizens and businessmen has revealed that the Real
Estate Registration Department and the Ministry of Justice and Internal Affairs are the two most
bureaucracy-oriented state services in the country and thus the least citizen-friendly. The exercise
was undertaken by the National Chamber of Commerce and Industry of Mongolia. Respondents felt
bureaucratism is generally alive and well among public servants, but maybe kicking marginally less
to make for some improvement in work ethics. However, the answers to the survey questions make
it clear that it is usual for state employees to demand bribes, to insist on unending and complicated
paperwork, and to behave rudely.
A similar survey last year put the Police and court organizations in the first two places. This year
they have moved to the third place, after some internally organized efforts at self-improvement.
However, respondents‟ still perceived these organizations as taking an inordinately long time to
solve business disputes. They also questioned the ability and competence of judges to decide rightly
in cases related to business and economic matters in an economy that is committed to freedom
from stifling controls.
The Capital City Land Relations Department was ranked sixth last year, but has jumped to the
second now. This may be a result of the rise in the number of land-related disputes following the
introduction of new regulations governing land ownership which has considerably increased the
workload in the department.
Source: Montsame
CANADA, AUSTRALIA SEND NEW AMBASSADORS
Mrs. Anna Biolik, Canada‟s first ambassador to be based in Mongolia, and Mr. Peter Rowe, the
Australian ambassador, recently presented their letters of credentials to the President of Mongolia
in separate ceremonies.
Welcoming Mrs. Biolik, President Enkhbayar said 35 years after establishment of diplomatic
relations “it is important to extend bilateral economic and political ties”. Ambassador Biolik agreed
and said apart from such cooperation, Canada looked forward to working with Mongolia to
strengthen its democratic structures. She hoped the “Democratic government” program of the
International Development Agency of Canada will contribute to this. She said the Canadian Embassy
in Mongolia will open soon.

8. Accepting Mr. Rowe‟s credentials, President Enkhbayar said Mongolia would be very happy if
Australia attended the planned North Eastern summit on global warming next year. Thanking the
President for initiating the summit, the Ambassador accepted the invitation as Australia always paid
special attention to environmental issues.
Source: www.olloo.mn, and Ardiin Erkh
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SPONSORS
ECONOMIC INDICATORS
MSE WEEKLY REVIEW
For the week ended September 5, 2008, trading activity on the Mongolian Stock Exchange (MSE)
totaled 1.1 million shares with 43 companies traded. Total market value of transactions was MNT
2.1 billion. Total market capitalization of the 358 stock companies listed on the MSE was MNT 701.9
billion, and decreased by MNT 20.2 million or 2.8% from the previous week.
The Top-20 Index decreased by 134.63 points or 1.6% compared to the previous week closing at
8,505.14 points. The MSE Composite Index decreased by 85.62 points or 2.1 % compared to the
previous week, closing at 3,952.66 points.
Most active stocks traded were: Shariin gol (544,500 shares), Khukh gal (304,100 shares), Hermes
(46,800 shares), Anod Bank (46,700), and Genco tur Buro (21,300 shares).
Major share price percentage gainers were: Spirt bal buram (25.5%), Zoos bank (16.7%), Usib
(14.5%), Mongoliin gegee (14.2%), and Erdenet khivs (12.9%). Major share price percentage losers
were: Shariin gol (22.6 %), Talkh chikher (15.0%), Sor (14.9%), Aduun chuluun (14.9%), and Tavan
tolgoi (14.6%).

9. INFLATION
Year 2006 6.0% [source: National Statistical Office of Mongolia (NSOM)]
Year 2007 Avg. 9.0% [source: NSOM]
Year 2007 *15.1% [source: NSOM]
August 31, 2008 *34.2% [source: NSOM]
* year over year (yoy)
CURRENCY RATES – September 11, 2008
Currency name Currency Rate
US dollars US 1148.95
Euro EUR 1626.86
Japanese yen JPY 10.71
British pound GBP 2030.25
Hong Kong dollar HKD 147.32
Chinese yuan CNY 168
Russian ruble RUB 44.98
South Korean won KRW 1.05
DISCLAIMER: Except for reporting on BCM‟s activities, all information in the BCM NewsWire is
selected from various news sources. Opinions are those of the respective news sources.