19.04.2013, NEWSWIRE, Issue 270

BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 270 – April 19, 2013
NEWS HIGHLIGHTS:
Business
 Audit seeks to settle USD 2 billion cost over-run claims;
 Oyu Tolgoi board member resigns;
 ZTE faces Mongolia corruption probe;
 Erdene establishes strategic alliance with Teck Resources;
 Erdene winds up Mongolian coal alliance, updates on strategic objectives;
 UTM enters purchasing agreement; acquires exploration licenses;
 Prophecy updates on Chandgana;
 Updates on Turquoise Hill, SouthGobi, MMC;
 Swedish energy agency supports Clean Energy;
 Newcom Group to complete Salkhit in 2013;
 MIAT receives government assistance for additions to fleet;
 Blue Wolf announces results of tender offer;
 Sharp rise in coal miners’ shares boosts MSE Top 20;
 Mongolia stocks show biggest gain in five months;
 FMG Fund falls 8.2 percent in March;
 Mongolian insurance industry report available now;
 MGG presents in New York;
 SouthGobi makes a slow crawl back from Mongolian purgatory;
 Rio spreads the love among banks as Ivanhoe assets put on sale.
Economy
 Mongolia woos back investors after investment slump;
 Mongolia Q1 exports decline 7.8%, imports drop 17.3%;
 Minimum wage to grow 36.7%;
 Credit Guarantee Fund provides support for lending;
 Mongolia offers loans to diversify away from mining;
 Coking coal exports grow, revenue falls;
 S&P outlook on Mongolia revised to “negative”;
 Moody’s puts negative outlook on Mongolian banking sector;
 ADB’s 2013 outlook;
 Sino-Mongol agricultural pact gains societal approval;
 Mongolia to produce 487,000 tons of crops in 2013;
 Recycling plant opens in UB district town;
 Health system review;
 Emerging market development banks come to fore;
 SEFIL amendments not the cure-all as advertised.
Politics
 MPP demands premier's resignation;
 MPP aims to rewrite foreign investment legislation;
 Government receives MNT 222 bill for mining license revocations;
 General probed for North Korean jet deal;
 Former Water Authority head under investigation by IAAC;

 Former Health Ministry secretary arrested;
 Canadian group supports Mongolia's female politicians;
 Italy shares cultural preservation strategies;
 Parliament speaker proposes direct flights to Turkey from Kharkhorin;
 Mongolian soldiers proud to participate in peacekeeping;
 Mongolia takes the seat of arbiter for Northeast Asia;
 Communities protest miners in London;
 UB court reduces former MRA official’s sentence;
 Border officials find mysterious bear teeth;
 Police investigate Russian House for illegal prostitution;
 MPRP hosts demonstration on anniversary of Enkhbayar's arrest;
 Hikers to repay costs for rescue operation.
ECONOMIC INDICATORS
 MSE Top 20 Index by market Capitalization;
 Foreign-listed Companies with Mongolian Assets;
 Inflation;
 Central bank policy rate;
 Currency rates.
*Click on titles above to link to articles.
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Mongolian National Broadcasting
BCM MONTHLY MEETING NOTICE
BCM‘s monthly meeting for members will be on Monday, April 22, 2013 at 5PM at the KEMPINSKI
HOTEL KHAN PALACE, 2nd floor, Altai Ballroom.
The bilingual meeting will feature the following presentations:
• Call to Order/Business Council of Mongolia: B. Byambasaikhan, Chairman, BCM
• BCM Report: Jim Dwyer, Executive Director, BCM
• Nick Cousyn, Chief Operating Officer, BDSec Joint Stock Company – ―Gobi‘s Resort‖
• Brian White, Editor, The Mongolist – ―Analyzing Mongolian Politics from the "Middle Layer"‖
• S. Javkhlanbaatar, Head of Foreign Investment Regulation & Registration Department, Ministry of
Economic Development – ―Regulation on Foreign Direct Investment‖
• Ch. Otgochuluu, Head of Strategic Policy and Planning Department, Ministry of Mining - ―Brief
introduction on mining policy‖
BUSINESS
AUDIT SEEKS TO SETTLE USD 2 BILLION COST OVER-RUN CLAIMS
Mongolia said it is undertaking an audit of Rio Tinto PLC's Oyu Tolgoi operation as it seeks to
understand the reasons for an alleged USD 2 billion cost overrun at the mine where output is due to
start in June.
―We are checking procurement documents and expenditures,‖ Finance Minister Chultem Ulaan told
reporters in Ulaanbaatar. ―No one understands why the project has gone USD 2 billion over budget,
so we are checking this.‖
The USD 6.6 billion Oyu Tolgoi mine will be the largest contributor to Mongolia's economy and is
estimated to account for one-third of the nation's gross domestic product in 2020. The government's
audit team is studying what equipment was bought for the mine and its cost, said Ulaan. The
operators of Oyu Tolgoi have brought in a foreign auditor, he said.
Oyu Tolgoi is 66 percent owned by London-based Rio Tinto, the world's second-largest mining
company, with the remainder controlled by the land-locked nation. They've been in dispute over
the alleged cost overruns and management control with three emergency shareholder meetings held
this year. Mongolian president Tsakhia Elbegdorj said in February the country should have more
control over the project, prompting Rio to threaten delays to the start of production. Talks on
legislation governing Rio's investment at the mine are continuing.
―The agreement is fine, there are just some parts that need to be streamlined so it will be more
efficient,‖ said Minister Ulaan. ―We don't intend to increase the tax on Oyu Tolgoi, we are just
saying that they should pay what every other mining company pays.‖
Ulaan repeated a claim that Rio Tinto owes taxes to the government for 2012.
Cameron McRae, chief executive officer of Oyu Tolgoi LLC, said at the Mongolian Investment
Summit conference in London that ―constructive progress‖ is being made in talks with the
government. The company is well advanced in funding talks for an expansion of Oyu Tolgoi, he
added.
―Bank funding in the form of project finance is the most attractive finance option because it is
cheaper and better tailored to the project than any other option currently available,‖ McRae said.
―The process is now well advanced.‖

Source: Bloomberg
OYU TOLGOI BOARD MEMBER RESIGNS
Chuluun Ganbold has resigned from the Oyu Tolgoi LLC board of directors.
Ganbold served as director from June 2010 to March 2013. He is also chairman of the XacBank board
of directors and TenGer Financial Group. He was formerly an advisor to the prime minister and the
constitutional court, president of the Mongolian Advertising Association and president of the Rotary
International branch in Mongolia. Many speculate that Ganbold's allegiance is held with the
Mongolian People's Party.
Two government-appointed members remain on the Oyu Tolgoi board: Bagabandi Natsag, a former
president and MPP member, and Tsagaan Puntsag, chief of staff to the Office of the President.
A new board member has not yet been chosen.
Source: Business-Mongolia.com
ZTE FACES MONGOLIA CORRUPTION PROBE
ZTE, the world's fifth-largest telecommunications equipment maker by shipments, is facing a
corruption probe in Mongolia, adding to the Chinese company's difficulties as it tries to fend off
western suspicions about its government connections.
The management of ZTE is being investigated following the arrest of a Mongolian tax official who
handled ZTE's tax affairs, the anti-corruption agency's lead investigation officer, E. Amarbat, said at
a press conference. The Mongolian probe could further damage ZTE's reputation at a time when the
Hong Kong-listed state-owned company is actively seeking to break into western telecoms markets.
ZTE prides itself on its transparency but has trouble entering some overseas markets due to political
opposition. A U.S. Congress report in October branded ZTE and its larger rival Huawei a national
security threat. Both companies rejected the allegations at the time. Separately, ZTE is being
probed by the U.S. Department of Commerce and the FBI for allegedly selling equipment to Iran in
violation of trade sanctions. Previously ZTE has fought accusations of corruption in several overseas
markets, including Algeria and the Philippines.
In its Mongolia operations, ZTE has previously denied any wrongdoing. In response to questions from
the source in March, a ZTE spokesman wrote: ―The company's operations in Mongolia comply with
all relevant local and international rules and regulations.‖ ZTE did not respond to written questions
about the fresh allegations on Friday. ZTE's previous contracts in Mongolia include a 2004 deal to
expand Skytel's CDMBA spectrum coverage and a 2005 deal with ICTA of Mongolia to improve
infrastructure for international phone calls, according to the company's website.
Source: Financial Times
ERDENE ESTABLISHES STRATEGIC ALLIANCE WITH TECK RESOURCES
Erdene Resource Development Corp. has entered a strategic alliance with Teck Resources Ltd for
option and private placement agreements to fund and explore the Trans Altai region of southwest
Mongolia.
Initially the program will focus on Erdene's Khuvyn Khar copper porphyry prospect as well as
exploration of select targets across the Trans Altai region. Excluded from the alliance are Erdene's
Altan Nar gold project and Zuun Mod molybdenum-copper deposit.
―Teck is an exceptional partner for our metals exploration in Mongolia and we are extremely
pleased for the opportunity to be working together,‖ said Peter Akerley, president and chief
executive.
Teck has agreed to subscribe for up to USD 3 million of Erdene shares through a non-brokered
private placement. The initial trance will be for five million shares priced at USD 0.20 per share for
aggregate proceeds of USD 1 million. Afterwards, Teck has the option to acquire additional shares
of Erdene, priced at the then current market plus 10 percent until it has invested USD 3 million or
acquired through subscriptions 19.9 percent of the outstanding shares of Erdene.
The balance of the private placement option is due within 30 days of Teck and Erdene being
satisfied that clarification of recent proposed changes to the mining law and foreign investment

laws of Mongolia have occurred. Meanwhile, Teck may subscribe to the balance of the private
placement with a minimum of USD 500,000 on each anniversary date of the closing of the initial
tranche.
Tech holds pre-emptive rights to participate proportionately in any future equity financing by
Erdene as long as Teck holds at least 5 percent of Erdene's shares. Once Erdene has spent 85
percent of the proceeds from the Teck financing, Teck will have the option to acquire up to a 75
percent interest in designated projects and up to USD 5 million on each of the other existing or
acquired projects so designated within the Trans Altai project area.
Source: Erdene Resource Development Corp.
ERDENE WINDS UP MONGOLIAN COAL ALLIANCE, UPDATES ON STRATEGIC OBJECTIVES
Erdene Resource Development Corp. announced that the Xstrata Coal Mongolia alliance agreement
has been discontinued and provided an update on the company's strategic objectives.
Over the past seven years, Erdene has conducted coal-focused regional scale geological mapping
programs across Mongolia, with the last four years focused on southern Mongolia. Collectively, an
area of over 10 million hectares was covered by Erdene's exploration team within basins that are
considered prospective in Mongolia, including over 250 site evaluations and the drill testing of
multiple targets. In addition, Erdene conducted comprehensive due diligence on numerous coal
deposits and prospective licenses. As a result of this extensive review and evaluation program,
Erdene has created one of the most comprehensive coal databases in Mongolia and has identified
certain highly prospective areas and potential acquisition opportunities that will undergo further
field evaluation in 2013.
With the company's corporate restructuring complete, management is now focused on advancing
the company's core projects and business interests in Mongolia. As a result of the reduced
availability of equity, management has been reviewing alternative financing opportunities to fund
the advancement of Erdene's Mongolia projects. The opportunities include forms of partnerships at
the corporate and project level. Over the past six months, Erdene has entered into non-disclosure
agreements with 12 companies and discussions are ongoing with potential partners under those
agreements.
Source: MarketWire
UTM ENTERS PURCHASING AGREEMENT; ACQUIRES EXPLORATION LICENSES
Undur Tolgoi Minerals (UTM) Inc. has agreed to purchase a 30.25 percent stake in Anya - 2 Sarl, a
private Luxembourg company, for a total consideration of up to USD 725,000.
The proceeds of the transaction will be used to fund the 2013 exploration program on UTM's project
under the terms of an exploration license issued to Western Minex LLC, a private Mongolia company
66 percent-owned by Anya, a wholly owned subsidiary of Hulaan Coal Corp.
The purchase includes the terms that UTM and Anya will enter into a subscription agreement; the
subscription provides that the USD 725,000 consideration is to be paid in three trances; and upon
payment of each tranche UTM is to receive a prorated number of Anya shares. At the closing UTM
and Hulaan will enter into a comprehensive shareholders agreement governing the relationship
between Anya and Western Minex.
"This unique opportunity was a direct result of long-standing professional relationships in Mongolia,‖
said James Passin, chief executive of UTM. ―This seasons work program should provide the company
and its shareholders with a compelling 2013. We are excited about our participation in what could
be an emerging new gold province immediately adjacent to a border crossing with China."
Source: Wall Street Journal
PROPHECY UPDATES ON CHANDGANA
Prophecy Coal Corp. released a list of target objectives for 2013 in an update to the Chandgana
coal-fired power plant.
The first objective mentioned is the obtainment of water permits for the use of well water at site
for staff and construction camp facilities. This would facilitate the start of mobilization work at

site, targeted for June 2013.
Prophecy obtained approval from a local electricity distribution authority to provide a temporary
electricity supply required for construction work at the power project. The design work for the
temporary electricity supply and tendering process have been initiated. Tenders have been received
from Chinese engineering consulting firms and engineering firms to oversee plant construction.
Tendering and fencing the power plant site has been initiated and is expected to close on 30 April.
Other Q2 objectives include installing a drinking water well system, construction of temporary
office and accommodation, construction of a water supply system, site fencing and construction of
an access road.
Prophecy continues on-going discussions with the Ministry of Energy, its various working groups and
the Energy Regulatory Commission on the power purchase agreement (PPA) and tariff application.
Prophecy has received final detailed binding turn-key energy, procurement and construction
quotes, amended for various costs, optimization measures, and transportation scenarios. The
respective tailored contracts are ready to be executed, pending conclusion of the PPA. Although
several major independent power plant enterprises have expressed interest in investing in
Chandgana, one interested party has established an office in Mongolia and is collaborating with
Prophecy on the power project's technical and commercial aspects.
In order to diversify its potential power supply customer base, prophecy has discussed direct power
purchase contracts with potential customers in the mining industry who need substantial electricity
in the southern Gobi region.
Source: Prophecy Coal Corp
UPDATES ON TURQUOISE HILL, SOUTHGOBI, MMC
Frontier Securities LLC released its thought on foreign-listed Mongolian companies using analysis
from financial statements, company presentations and investor feedbacks based on the analysis of
the report written by Bank of America Merrill Lynch.
The source felt Turquoise Hill Resources Ltd. had the best outlook when reviewing its potential
alongside Mongolia Mining Corp. (MMC) and SouthGobi Resources Ltd. However, it said the
negotiations, admittedly, could be tougher and may not lead to developing underground mines in
case the Mongolian government does not approve the project financing.
Also, it was unfortunate that MMC was not permitted to construct a railway after it secured the USD
600 million to do so. That has given high financial burden to the company as coking coal prices are
declining. Tightened property policy and more restrictive regulations for the steel industry in China
have made coking coal prices remain stagnant. The re-start of production and higher reserve data
for South Gobi resources are both positive, but investment in the company remains speculative
given the much lower selling price of semi-soft coal compared with MMC and difficult transportation
challenges and weak production outlook.
Source: Frontier Securities LLC
SWEDISH ENERGY AGENCY SUPPORTS CLEAN ENERGY
The Swedish Energy Agency and Clean Energy LLC have signed an agreement for the transaction of
approximately 600,000 certified emission reductions generated by the Kyoto Protocol Clean
Development Mechanism project the Salkhit wind farm, the fourth CDM project and the first wind-
power project to be registered in Mongolia.
―In addition to the emission reductions, Salkhit wind farm's contribution of renewable electricity to
the Mongolian national grid helps the country's transformation towards a sustainable energy
system,‖ said Ola Hansen, head of the International Carbon Market Unit at the Swedish Energy
Agency.
Source: Clean Energy LLC
NEWCOM GROUP TO COMPLETE SALKHIT IN 2013
Newcom Group said the Salkhit wind farm project is on track to commission this year.
Experts have speculated that Mongolia has enough wind energy to match seven nuclear power

plants. In light of the enormous renewable energy potential Newcom Group has partnered with
General Electric Co. the European Bank for Reconstruction and Development, and the Netherlands‘
Development Financial Co. to establish Clean Energy LLC. The company signed an investment and
long-term loan agreement in 2012 for MNT 160.2 million.
The Salkhit wind farm will save 1.6 million tons of water, 122,000 tons of coal and the equivalent of
180,000 tons of greenhouse gases. If comparing greenhouse gas emission reduction potential of a
wind farm to forestry: given that a single hectare of forest can absorb 10 tons of greenhouse gases
emissions, Salkhit wind farm would equal 18,000 hectares of forest.
The 31 wind turbines are 80 meters long and when fully propped will stand roughly as tall as a 40-
floor building at 120 meters above the ground. At 125 tons each, holding them in place is 240 cubic
meters of concerts, enough concrete for the foundation of a nine-story building. Each turbine has
the capacity to generate 1.6 megawatt of electricity for a total of 50 megawatts. The Salkhit
region, itself, has average wind speeds of 7.8 meters per second.
Source: Newcom Group
MIAT RECEIVES GOVERNMENT ASSISTANCE FOR ADDITIONS TO FLEET
The government has approved a loan to MIAT Mongolian Airlines for the purchase of Boeing model
aircrafts.
MIAT hopes to purchase four aircraft that have already been tested and are ready for transfer to
Mongolia. However, as the company lacks the funds to make the purchase, MIAT will receive a USD
114.45 million dollar loan from the government using funds from last year's USD 1.5 billion Chinggis
bond sale.
The Ministry of Economic Development is responsible for the processing and transfer of funds.
Source: Undesnii Shuudan
BLUE WOLF ANNOUNCES RESULTS OF TENDER OFFER
Blue Wolf Mongolia Holdings Corp. announced the results of its tender offer purchase of some seven
million of its ordinary shares in connection with the extension and other shareholder proposals.
Shareholders approved an amendment to the company's memorandum and articles of association
extending the date by which Blue Wolf must consummate its initial business combination with Li3
Energy Inc. from April 20, 2013 to July 22, 2013 and removing the requirement that Blue Wolf
acquire a target business that has a fair market value equal to at least 80 percent of the value of
the funds held in the trust account established to hold the initial public offering proceeds
―We are pleased that shareholders granted us additional time to consummate our intended initial
business combination with Li3 Energy, Inc.,‖ said Lee Kraus, chairman and chief executive. ―We will
work diligently to provide as promptly as possible additional information about the business
combination to our stakeholders.‖
Source Blue Wolf Mongolia Holdings Corp.
SHARP RISE IN COAL MINERS‟ SHARES BOOSTS MSE TOP 20
A sharp rise in coal miners‘ shares boosted the MSE Top 20 on Tuesday.
Baganuur, a thermal coal miner that produced 3.3 million tons of coal a year, strengthened 4.76
percent to MNT 4,400 after gaining 4 percent yesterday. Sharyn Gol, a coal producer located in
northern Mongolia, gained 4.75 percent to close at MNT 8,485. Material Impex jumped 10 percent to
MNT 11,000, following a 3.09 percent gain yesterday.
Mongol Savkhi was the biggest loser of the day, losing 9.44 percent to MNT 1,161, followed by
Telecom Mongolia (-5.88 percent) Genco Tour Bureau (-3.37 percent), and State Department Store
(-1.77 percent).
Source: BDSec JSC
MONGOLIA STOCKS SHOW BIGGEST GAIN IN FIVE MONTHS
Manufacturing stocks rose last week on Thursday, driving the MSE Top 20 to its best one-day gain
since December 2012. The benchmark closed up 1.45 percent to sit at 15,106.28 points.

Zoos Goyol, a jewelry maker and real estate company, once again jumped more than 14 percent to
MNT 1,312. Mongolia's largest beverage producer, APU JSC, which weighs about 30 percent alone in
the benchmark index, gained 4.08 percent, followed by Eermel, Darkhan Nekhi, Talkh Chikher, and
Khukh Gan.
Winners outpaced losers by 4 to 1. Mongol Savkhi, a real-estate company, dropped 3.7 percent to
close at MNT 1,300 while E-Trans Logistics, a cargo trans-loading company at Zamyn-Uud, lost 2.34
percent to MNT 125.
Source: BDSec JSC
FMG FUND FALLS 8.2 PERCENT IN MARCH
The MSE Top 20 slumped to a two-year low during the month, led by declines in coal mining
companies on the back of poor corporate results and reduced Chinese demand for commodities.
Mongolia is seeking to attract more investors to the nation's stock market. The MSE Top 20 Index has
tumbled 11 percent this year, which makes it the worst performer in Asia.
During the month the MSE announced a reduction of trading commission rates. Furthermore, there
is a draft Securities Law in the pipeline, which would allow dual listings. That could boost the value
of the nation's stock exchange 33 fold to USD 40 billion within five years.
The economy is steaming ahead with an estimated GDP growth of 20 percent in 2013, reaching a
record USD 10 billion, primarily driven by phenomenal growth in the agricultural and mining sector.
The central bank decided to reduce its policy rate for the first time since the subprime crisis as
inflation expectations have come down.
This reduction supports economic activity and bodes well for equity investors,‖ said the source.
Source: FMG Fund
MONGOLIAN INSURANCE INDUSTRY REPORT AVAILABLE NOW
A new report on Mongolia's insurance industry is available for purchase.
Led by economic growth, the Mongolian insurance industry registered a CAGR of 26.7 percent during
the review period of 2008 to 2012. However, the industry is relatively small and in its development
stages, with its first insurance company, National Life Insurance Company LLC, established in 2008.
The report covers growth prospects by insurance segments and categories, the competitive
landscape in the Mongolian insurance industry, the current trends and drivers of the Mongolian
insurance industry, the challenges it faces, and the regulatory framework.
Source: Market Research Report
MGG PRESENTS IN NEW YORK
Mongolia Growth Group (MGG) Ltd.'s chief executive will host a corporate update presentation and
reception for shareholders in New York on 9 May. Chief Executive Officer Harris Kupperman will
present to investors on its real estate and financial services operations.
Source: Mongolia Growth Group Ltd.
SOUTHGOBI MAKES A SLOW CRAWL BACK FROM MONGOLIAN PURGATORY
Though Mongolia-focused coal miner SouthGobi Resources Ltd. had time for a short hooray following
the relaunch of operations at its Ovoot Tolgoi project, it still has a myriad of issues to contend with
if it is to appease both investors and the Mongolian government.
Days after announcing the relaunch of operations on 22 March, SouthGobi released an inevitable
dismal annual report that included a USD 103 loss for 2012—inevitable because the company was
embroiled in a battle against state Chinese interests taking over Mongolian deposits, and had to
endure nine months of being unable to mine its coal deposits while the Mongolian government put
the company's licenses under a microscope. That loss compared with a USD 57.7 million net profit
for the previous year when operations went undisturbed.
Rio Tinto PLC made its majority purchase of Turquoise Hill Resources Ltd. (then called Ivanhoe
Mines Ltd.) only wanting the prized Oyu Tolgoi copper and gold mine. When a deal was struck to
sell Turquoise Hill's majority stake in the coal miner to Aluminum Corp of China (Chalco), alarm

bells rang at the thought of a Chinese state-owned company purchasing Mongolian deposits.
Politicians rushed into passage a foreign investment law, felt by SouthGobi and the rest of
Mongolia's mining sector. A Mineral Resources Authority official was also arrested for an alleged
illegal transfer of licenses that involved SouthGobi and extraction halted at Ovoot Tolgoi in June
2012.
―In discussions with our lessees, which have been sub-contractors of SouthGobi, the importance of
this mining firm's success as a bellwether of the foreign-invested mining sector has become
obvious,‖ said Philipp Marxen, chief executive of XacLeasing LLC, who provides trucks and heavy
equipment for mining. ―If the company can start full-scale production and increase coal exports
again, this will positively affect the supply chain.‖
SouthGobi needs government cooperation to put this incident behind it. The alleged illegal license
transfer investigation is ongoing, and Umnugobi Aimag citizens' council is battling to put SouthGobi's
licenses territory under state protection. Although a local court revoked that protection, the
council is appealing the decision.
Source: BNE
RIO SPREADS THE LOVE AMONG BANKS AS IVANHOE ASSETS PUT ON SALE
The list of assets Rio Tinto PLC, the main private partner in the Oyu Tolgoi project, is seeking to
sell keeps getting longer. So does the list of banks getting a slice of Rio Tinto's business.
Investment banks ranging from the best-known names on Wall Street to small Australian boutiques
are on the roster as Rio Tinto, under new leadership, embarks on a program to sell off assets. The
mining giant is looking to sell the 57 percent stake in Ivanhoe Australia Ltd., which produces copper
and gold, owned by unit Turquoise Hill Resources Ltd., Ivanhoe Australia has a market value of
around AUD 148.7 million (USD 156.5 million).
It is also looking to sell Turquoise Hill's 58 percent stake in Hong Kong- and Toronto-listed SouthGobi
Resources Ltd., a Mongolia-focused coal miner. SouthGobi has lately been stymied by rising political
tension in Mongolia over foreign investment in the nation's natural resources. Political opposition
last year derailed Aluminum Corp. of China Ltd.'s bid to buy Turquoise Hill's stake in SouthGobi.
Citigroup Inc. has been appointed to run both of those sales. Deutsche Bank will sell stakes in
several Australian coal mines possibly worth around USD 3 billion, Macquarie Group will find a buyer
for its majority stake in the Northparkes copper-gold mine in Australia, and Credit Suisse Group AG
and the investment banking arm of Canadian Imperial Bank of Commerce will sell all or part of Rio's
59 percent stake in Iron Ore Company of Canada.
Source: Wall Street Journal
ECONOMY
MONGOLIA WOOS BACK INVESTORS AFTER INVESTMENT SLUMP
Mongolia, hoping to arrest a slide in foreign investment into its critical mining sector, is planning a
new law that it says will increase stability by reassuring investors their money will be protected
from future rule changes.
Foreign direct investment (FDI) into Mongolia dropped 17 percent to USD 3.9 billion in 2012,
coinciding with a string of moves by the government that deterred investments in copper and coal.
Regulatory concerns peaked earlier this year when Rio Tinto PLC threatened to delay the start-up of
the USD 6.2 billion Oyu Tolgoi copper and gold mine until it resolves differences with the
government over their investment agreement. Ochirbat Chuluunbat, deputy minister for economic
development, said the government was confident of resolving the dispute with Rio within as little as
―several weeks.‖
Mongolia is also seeking to woo investors with a law that will make all new investments subject to
legislation, rather than governed by bilateral deals which might be challenged or reinterpreted by
the parties at a larger date.
―In the last six months we have noticed a slowdown of economic growth in Mongolia due to the

reduction of foreign investment,‖ Chuluunbat said, speaking on the sidelines of the Mongolia
Investment Summit London conference. ―So we have drafted a new law, the Investment Law. We
want to send a very strong message on the stability and clarity of the treatment of foreign investors
in the future in Mongolia. If you invest today, your investment will be regulated over five, 10, 20
years by laws of today; future amendments will not affect the rules of today.‖
Mongolia's Central Bank governor, Naidansuren Zolijargal, said the law was designed so that it could
only be amended by a two-thirds parliamentary majority. Chuluunbat said it could be put to
Parliament before July.
Investors at the conference welcomed both government moves to scrap distinctions between foreign
and domestic investors and early indications of a further boost in FDI.
―Will everything go up the next day? No. But it will help the rebound in foreign direct investment,
and it will help people like me raise capital,‖ said fund manager James Passin of Firebird
Management.
Source: Reuters
MONGOLIA Q1 EXPORTS DECLINE 7.8%, IMPORTS DROP 17.3%
Mongolia's exports declined 7.8 percent in the first quarter from a year earlier and imports fell 17.3
percent, the National Statistic Office reported.
Exports totaled USD 809.2 million in the first three months of this year, falling by USD 68.6 million
from a year earlier, and imports were USD 1.2 billion, down USD 252.9 million, according to the
statistics bureau.
Mongolia's central bank cut interest rates from 8 April for the second time this year after economic
growth moderated to 12.3 percent last year from a record 17.3 percent in 2011. Growth slowed
after the price of coal, Mongolia's biggest export, declined and additional controls on foreign
ownership of mining assets introduced by government last year led to a 17 percent decline in 2012
foreign investment.
The nation's annual exports fell 9 percent last year to USD 4.38 billion as imports rose 2.1 percent
to USD 6.74 billion, according to the Statistical Office.
Source: Bloomberg
MINIMUM WAGE TO GROW 36.7%
Labor Minister Yadamsuren Sanjmyatav announced that minimum wage in Mongolia would rise to
MNT 190,000, a 36.7 percent increase, on 1 September 2013.
The decision comes from a three-way negotiation between labor unions, employers and the
government to raise the current minimum wage from MNT 140,000. The hourly rate is set to rise
from MNT 835.71 to MNT 1,142.85.
Source: News.mn
CREDIT GUARANTEE FUND PROVIDES SUPPORT FOR LENDING
A ceremony was held to observe the opening of Mongolia's Credit Guarantee Fund.
The MNT 150 billion fund aims to assist struggling private enterprises and cash-strapped businesses
that are unable to meet bank requirements to receive loans. Establishing the fund was a joint-
operation between the government, Mongolian National Chamber of Commerce and Industry, and
Mongolian Employers' Federation, but is funded exclusively by the government.
―The law on the loan guarantee fund was an answer to social demand,‖ said T. Davaasuren, a
member of the Standing Committee on Budget. ―The fund has established to support small and
medium enterprises who have not enough current assets or who have failed in attaining a bank
loan. I hope the Credit Guarantee Fund will bring reform to the financial sector.‖
The fund provides 60 percent collateral for up to 60 percent of a loan, leaving the remaining 40
percent the responsibility of the lendee. In total the fund provides MNT 250 million in collateral for
three lending schemes, including current assets, investment, and micro loans. Fund Executive
Director Sh. Altankhuyag said it would provide MNT 50 billion in total for the 2013 financial year.
Source: News.mn

MONGOLIA OFFERS LOANS TO DIVERSIFY AWAY FROM MINING
Mongolia approved USD 86.2 million of loans for cashmere, clothing and dairy companies as the
government seeks to reduce the nation's reliance on mining for economic growth.
The Cabinet of Ministers approved the loans, which are four and a half years in length, at a regular
meeting on 13 April. The funds consist of USD 45 million for cashmere companies, USD 13.5 million
for other clothing makers and USD 27.7 million for dairy producers. The statement didn't give
interest rates for the loans.
―Mining is capital and equipment intensive but it can't create all the jobs needed,‖ Jim Dwyer,
executive director of the Business Council of Mongolia, said. ―Jobs are vital here. A lot of jobs need
to be opened up for people.‖
Mongolia's government estimates the cashmere and clothing initiative will help 80 factories that
could employ as many as 30,000 workers. The loans for the dairy industry will be used to set up 15
milk farms, four large processing plants, and 86 smaller facilities, according to the statement.
Mongolia has also started a marketing campaign with the goal of giving its cashmere and leather the
same cachet as French wine and German cars. The government agreed to set up the Mongolian
National Marketing Coordination Office in 2011 to promote the country's products and also won
assistance from the Asian Development Bank, which hired American Jeremy Hildreth to help create
a brand for Mongolian cashmere. Hildreth's campaign includes labeling cashmere products from the
nation with tags that say ―Certified Mongolian Noble Fibre.‖
Source: Bloomberg
COKING COAL EXPORTS GROW, REVENUE FALLS
Mongolia experienced a drop in coal revenue despite greater exports for the first quarter of 2013.
First quarter data shows that Mongolia exported 3.4 million tons of coking coal, a 5.1 percent gain
year-on-year. However, falls in coal prices in China effected a 41.7 percent drop in revenues.
In the first quarter Mongolia exported just 10 percent of the 30 million tons of coal it projected for
2013. Coking coal represents some 40 percent of all exports in Mongolia.
Source: Zuunii Medee
S&P OUTLOOK ON MONGOLIA REVISED TO “NEGATIVE”
Standard & Poor's Ratings Services revised its rating outlook on Mongolia to ―negative‖ from
―stable‖ while affirming the ―BB-‖ long-term and ―B‖ short-term sovereign credit ratings. S&P also
affirmed its ―BB-‖ issue rating on the country's senior unsecured notes while leaving its transfer and
convertibility assessment on Mongolia unchanged.
―We revised the outlook on Mongolia to negative to reflect our opinion that higher policy risk has
increased the chances of a downgrade to more than one-in-three for the country over the next six
to 18 months,‖ said S&P's credit analyst Agost Bernard. ―Mongolia's fiscal and external profiles could
deteriorate materially over the next year or two in the absence of a significant improvement in
policymaking regarding government borrowing, public-spending, and the business environment.‖
S&P may downgraded Mongolia if government borrowing increases substantially, policy risk for the
mining sectors elevates to the detriment of foreign investment, or exports remain week. On the
other hand, the outlook could be revised to stable if the government significantly strengthens the
management of its debt and investment, and the improvement in the mining sector policy and
practices enhances FDI inflow and mineral exports.
S&P expects Mongolia's external and fiscal risks to increase further over the next few years, largely
because of the expectation that the government would resort to a greater use of debt to finance its
ambitious development strategy. The positive impact of expected growth on the current account
will perhaps be largely offset over the next three years by imports associated with still sizable
foreign direct investment inflow and the large bill for transportation charges on exports.
Source: Standard & Poor's Credit Ratings Services
MOODY‟S PUTS NEGATIVE OUTLOOK ON MONGOLIAN BANKING SECTOR
Mongolia is one of the brightest hopes among the world's frontier markets: a fast-growing economy

with a vibrant democracy and a young population. So it's salutary to be reminded that not all is
necessarily well.
On Thursday, Moody's Investors Services published its first report on the country's banking sector,
giving it a negative outlook. The reason, writes Hyun Hee Park, Moody's analyst in Hong Kong is
―rapid loan growth in an economy that is increasingly exposed to commodity-driven boom-bust
cycles,‖ exacerbated by ―high loan concentrations, weak risk-monitoring systems, and the
developing nature of the regulatory framework.‖ Ouch.
Park said it was hard to trust the sector's figures and that, as well as loans to other sectors that
were ancillary to the mining sector, a large part of the loans going to individuals—a third of total
lending—went to people employed in mining. Dependency on mining makes it harder for banks to
deal with the threat of overheating in the economy and to diversify their portfolios. She expects
faster gross domestic product (GDP) growth to lead to credit growth of 30 to 40 percent in 2013, up
from 24 percent last year.
Reported non-performing loans were 4.5 percent of total loans in September 2012—another
respectable figure that Park finds hard to believe. She said a spurt of lending in the past two years
took place in ―an underwriting environment that was more relaxed compared with that of 2008 and
2009‖ and that the 4.5 percent figure ―likely understates the true extent of problem assets in the
banks' loan portfolios, and could increase in the coming 12 to 18 months.‖
―Stress outcomes underscore the fragility of the banking sector and the need to strengthen
capital,‖ said Park. ―In our scenario analysis (Exhibit 9), the estimated Tier 1 ratio fell by as much
as 3.7 percentage points under an adverse scenario where we assumed a 30 percent increase in
NPLs from 2011... These results support our view that the banks require Tier 1 ratios well above 10
percent in order to secure adequate buffers for the frontier-market risks and to sustain high loan
growth.‖
Source: Financial Times
ADB‟S 2013 OUTLOOK
Continuing economic trends feature high growth and inflation, pro-cyclical fiscal policy, and large
current account deficits. GDP growth decelerated to 12.3 percent in 2012 from 17.5 percent in
2011, and inflation accelerated. Overly expansionary policies, including substantial off-budget
spending, have caused internal and external macroeconomic imbalances.
Economic growth slowed to 12.3 percent in 2012, falling from 20.2 percent year-on-year in the
fourth quarter of 2011 to 10.5 percent in the third quarter of 2012, after a slowdown in growth in
China curbed demand for coal, Mongolia's biggest export. While economic growth in 2012 originated
in the mining sector, it was quite broadly based. Construction continued to boom, raising concerns
about another bubble as in 2004 through 2008. Inflation has remained high in Mongolia while
declining in other Asian countries, owing mainly to rapidly rising government spending and higher
food prices.
Mongolia's medium-term economic prospects are favorable, with the mining sector expected to
continue to drive growth. Growth is expected to accelerate to 16.5 percent in 2012, before being
trimmed to 14 percent in 2014 by capacity constraints in public investment planning and project
management, a tight labor market and skill shortages, and some tightening of monetary and fiscal
policies. Until then, inflation is expected to remain well into double digits, reaching about 13
percent in 2013. Prudent fiscal policy and tightening of monetary policy in 2014 could bring
inflation down to 10 percent.
Mongolia's growing demand for energy, heavy dependence on coal as its major energy source, and
reliance on two big neighbors—China and Russia—for increasingly important oil challenges its
economic development. In the short term, it attempts to stabilize energy prices to protect
consumers. Over the long-term, the government is considering using public-private partnerships to
expand electricity generating capacity. It is preparing an energy master plan that includes a 450-
megawatt heat and power plant for Ulaanbaatar. Meanwhile, Mongolia is tapping into its renewable
energy resources with its first wind farm at Salkhit. Solar resources are substantial, and there is
potential for hydropower.

Source: Asian Development Bank
SINO-MONGOL AGRICULTURAL PACT GAINS SOCIETAL APPROVAL
An agriculture cooperation project sponsored by China has proven popular in Mongolia.
Jargal, head of the South-South Cooperation project, said Thursday the scheme supported by both
countries and the U.N. Food and Agriculture Organization, had achieved significant results since it
was launched three years ago. The project was welcomed by local Mongolians, he told an
agriculture forum in Ulaanbaatar, adding the Mongolian government would travel to China to seek a
second phase of the project.
The program focuses on joint development of Mongolia's food safety and promotion of its green
agriculture and animal husbandry. It has offered training and study tours for hundreds of Mongolian
technicians, provided agricultural equipment and sent Chinese technicians to Mongolia. The
agriculture project has also served as a platform for business cooperation between the two
countries in the sector.
Source: Xinhuanet
MONGOLIA TO PRODUCE 487,000 TONS OF CROPS IN 2013
A total of 400,000 hectares of land will be used for farming this year for a production target of
487,000 tons of crops.
This year 313,000 hectares of farmland will be dedicated to wheat, 20,000 to animal fodder, 15,000
hectares to potatoes, and 7,000 hectares to assorted vegetables. Production targets are 208,000
tons of potatoes, 107,900 thousand tons of assorted vegetables, 51,700 tons of animal fodder, and
25,000 tons of oil seed.
The agriculture industry has predicted the need for 20,300 tons of diesel fuel, which is set to be
supplied by NIK and Magnai Trade. Furthermore, China is set to provide financing for storage
containers to hold 91,000 tons of wheat in Dornod, Khentii, and Uvs Aimags as well as Darkhan-Uul.
Source: Udriin Sonin
RECYCLING PLANT OPENS IN UB DISTRICT TOWN
An opening ceremony was held for a recycling plant for fuel production at the Bagakhangai District
of Ulaanbaatar. The plant will extract petroleum fuels from plastics, car paints, and rubbers.
HEALTH SYSTEM REVIEW
The Asia Pacific Observatory on Health Systems and Policies released it Health System Review,
providing an overview of the health system in Mongolia.
Along with its transition from a socialist to a market economy and a mining boom came the burden
of diseased moving from communicable to non-communicable diseases. The leading cause for
mortality are now circulatory system disorders and cancers. In addition service delivery is hampered
by the extremely low population density.
Services in Mongolia are provided at three types of facilities (primary, secondary, and tertiary) and
over two administrative divisions (Ulaanbaatar and the provinces). Efforts have been made to
strengthen the management of the Ministry of Health and health departments at provincial levels,
and a number of new primary health-care facilities have been established.
The Health Act of 2011 further laid out the structure and function of these various health-care
facilities at different levels and also established a governing board of the state central hospitals,
specialized centers and regional diagnostic and treatment centers (RDTCs) that aim to provide
organization autonomy in decision making. Recently, the government has also strengthened the
inter-sectoral approach with international partners to support coordination on collaborative
activities and planning.
The involvement of the private sector has also seen significant increases over the past few years,
but the regulatory framework for private health-care providers needs to be strengthened.
To see marked improvement, Mongolia will need to make rapid assessment of specific needs of

those affected by natural disaster, respond effectively to humanitarian needs, and integrate
disaster risk reduction measures.
Source: Asia Pacific Observatory on Health Systems and Policies
EMERGING MARKET DEVELOPMENT BANKS COME TO FORE
As more and more of the emerging markets are now standing solidly on their own feet, they have
been setting up their own developments—such as Mongolia did with the Development Bank of
Mongolia—and taking over the job of investing into infrastructure or building institutions.
The most recent example of an emerging world development bank was the attempt to found a
BRICS development bank. The collected heads of some of the fastest growing markets in the world
all backed the idea, but the devil was in the details.
It is the wealth and hive of activity that needs to be marshaled by the development bank for
everyone's mutual benefit. But establishing a multinational institutions funded by a group of
disparate countries is not a simple task.
The assembled finance ministers failed to agree on the bank's size or how the member countries
would contribute to the capital. It was agreed the bank needs USD 50 billion in capital, but should
contributions be made equally by each member government or in proportion to the size of their
economies? China's economy is four-times larger than Russia's and India's is 20-bigger than Brazil's.
So it is back to the negotiating table, but these problems should be solved in time because the bank
is seen as an alternative to the Western-dominated World Bank, International Monetary Fund, Asian
Development Bank, or European Bank for Reconstruction and Development (EBRD). Developments
are sorely needed at the moment. Driven by the needs of long-term economic development rather
than just profit, development banks tend to be counter-circular with their investment decisions.
Moreover, the infrastructure and public works projects they typically back are also a tonic to
depressed economies and a boon at the moment as all the countries of the world struggle to emerge
from the aftermath of the 2008 crisis.
Source: BNE
SEFIL AMENDMENTS NOT THE CURE-ALL AS ADVERTISED
There has been much speculation about a potential liberalization of the Strategic Entities Foreign
Investment Law (SEFIL). The proposed amendment, which follows the passage by the Cabinet of
Ministers regulations to how the law is to be executed, is reportedly scheduled for discussion this
week by Parliament. But it may not be sweeping change some investors are hoping for.
The regulations passed by the Cabinet state that the Ministry of Economic Development (MED) is in
charge of receiving, reviewing, making recommendations and decisions for applications. Both the
MED and the minister in charge of the relevant sector are to prepare a detailed list that defines
with greater specificity those business activities that are strategically important under SEFIL.
MED has sought to expand the scope of the sectors of strategic importance—banking and finance,
mining, and communications—beyond their plain meanings. For instance, the Foreign Investment
Registration and Regulation Department of MED refuses to receive applications to renew or extend
the business scope of companies to include mining support services, such as equipment leasing,
construction, technological assistance and drilling on the basis that such activity will fall under the
minerals sector, and therefore under SEFIL.
SEFIL is also subject to certain subjective criteria about the types of transactions that fall within
the scope of the law, such as a lack of definition for a foreign state-owned enterprise. Additionally,
the law suggests that joint ventures with Mongolian parties may be mandatory, which potentially
breaches Mongolia's commitments to the World Trade Organization for discriminatory treatment.
There is also no resolution to securing the requisites for entities operating within sectors of
strategic importance that are publicly listed, and the ability of Mongolian companies listed overseas
to attract state-owned investment (such as through pension funds and sovereign wealth funds)
would be limited by a legal requirement to obtain prior Cabinet approval. As for taxes, offshore
transactions triggering SEFIL entail payment of tax obligations of the parties. However, there is no
discussion about the extraterritorial reach of such authority.

Source: Hogan Lovells
POLITICS
MPP DEMANDS PREMIER'S RESIGNATION
Opposition party the Mongolian People's Party, has demanded the dismissal of Prime Minister Norov
Altankhuyag, claiming he violated the Mongolian Constitution.
Twenty-five lawmakers from the MPP submitted a letter demanded Altankhuyag's dismissal to
Speaker Zandaakhuu Enkhbold on Friday. The letter said, since the establishment of the new
government eight months ago, the country's economy had deteriorated, inflation had increased and
foreign investment fallen. It also claimed cronyism was rampant among government officials.
―The prime minister illegally appointed many top officials and dismissed many professional
government workers and replaced them with Democratic Party (DP) members and their relatives,‖
MPP chairman Ulziisaikhan Enkhtuvshin said.
He said Altankhuyag, accompanied by a large number of people, went to worship a mountain on a
personal tour and endangered his entourage's lives during a snow storm. The search for his group
cost the government millions of tugrugs, he said.
Enkhbold said the demand would be discussed by parliament's standing committee next week.
Mongolian law instructs that the issue be reviewed by Parliament's standing committee first and
then discussed by a full parliamentary session within 14 days.
Source: Xinhuanet
MPP AIMS TO REWRITE FOREIGN INVESTMENT LEGISLATION
The Mongolian People's Party (MPP) has reached consensus that an entirely new law to regulate
foreign investment is needed to replace the Strategic Entities Foreign Investment Law (SEFIL).
While discussing the effectiveness and possible need to amend the contents of six laws, the party
agreed that both SEFIL and one other law related to entity regulations [law unnamed by source -ed]
needed to be completely rewritten.
Source: Udriin Sonin
GOVERNMENT RECEIVES MNT 222 BILL FOR MINING LICENSE REVOCATIONS
Companies are demanding a total of MNT 222 billion compensation for the so-call ―long name law,‖
which revoked the mining and exploration licenses of numerous mining firms as the land fell under
the jurisdiction of protected land.
The government enlisted a third-party auditor to ensure that the calculated figure is accurate and
fair. The government prohibited the operations of mining and exploration firms at 4,256 hectares of
land after inspection licensed territories within 20 of Mongolia's provinces. The Minister of
Environment and Green Development has MNT 1 billion allotted in the state budget to an
organization to employ land reclamation activities within these areas.
Source: Unuudur
GENERAL PROBED FOR NORTH KOREAN JET DEAL
The Independent Agency Against Corruption (IAAC) is investigating the recently resigned commander
of the Mongolian air force for attempting to sell the engines and other parts of old Russian-made jet
fighters to North Korea.
Investigators this week confirmed the probe, which had been ongoing, against Brig. Gen. Tojoon
Dashdeleg and two private businessmen. The deal to sell the engines and scrap from about 20
disused MiG-21 fighters for USD 1.5 million dated from 2011. It resurfaced in November when a
North Korean envoy complained to Mongolian officials that Pyongyang had paid but never received
the parts.
E. Amarbat, the head of the investigation department of the IAAC told reporters Thursday that the
general and the businessmen have returned about half the money to North Korea. ―However, this

does not mean they will receive reduced sentences,‖ Amarbat said at a news conference.
The disputed deal highlights democratic Mongolia's role as one of totalitarian, hermetic North
Korea's few conduits to the outside world. Close relations date from when both were Soviet allies.
During the Korean War, Mongolia supplied horses and food to the North Korean side, and still sends
food assistance, mostly livestock. About 5,000 North Koreans work in Mongolia, mostly in
construction, farming and textiles, providing needed labor in a manpower-short economy.
It was when Mongolia was hosting diplomatic talks between Japan and North Korea in Ulaanbaatar
in November that the MiG deal came to the attention of the Mongolian government. According to
Mongolian media reports, North Korean envoy Song Il Ho told Mongolian officials, ―We want our
money back.‖
Selling the engines and scrap apparently violated a 1979 agreement which prohibited Mongolia from
selling or transferring Soviet-made military equipment or hardware to any third country without
obtaining approval from the Soviet armed forces. Russian security services refused to give
permission for the transfer, but the engines and scrap were shipped to North Korea by way of China
but never arrived, Mongolian media reported.
After learning of the investigation earlier this year, Dashdeleg hastily submitted a request to retire
and resigned from his position.
Source: Associated Press
FORMER WATER AUTHORITY HEAD UNDER INVESTIGATION BY IAAC
Police have transferred a criminal investigation into the director of the Mongol Us company to the
Independent Authority Against Corruption.
Ts. Sosorbaram, a former deputy chief of the Water Authority, is suspected of abusing his powers
during the bid selection process for the rehabilitation project for the Selbe River. Sosorbaram's own
company, Monhydro Construction, eventually won the tender, suggesting a possible conflict of
interests.
Sosorbaram is also facing a lawsuit for the incident.
FORMER HEALTH MINISTRY SECRETARY ARRESTED
Police have arrested former Ministry of Health Secretary N. Tumendemberel for alleged tender
fraud last week on Friday.
Also arrested was D. Gonchigsuren, director of diagnostics and treatment technology, and P.
Otgonjargal, head of policy implementation and coordination for health technology assessment.
Tumendemberel was the director for the division of finance and investment under former Health
Minister S. Lambaa before his appointment as state secretary of the ministry after the makeup of
government changed.
Source: News.mn
CANADIAN GROUP SUPPORTS MONGOLIA'S FEMALE POLITICIANS
A Canadian development agency is working together with Mongolia's female politicians to help
create social change and improve education.
The Canadian International Development Agency sent senior consultants to meet with L.
Erdenchimeg, S. Odontuya, R. Burmaa, Z. Bayanselenge, D. Arvin, and Ts. Oyungerel to launch
bilateral cooperation for the implementation of a one-year project to meet its goal. Also providing
support is the Institute of Public Administration of Canada. Mongolia's female MPs are hoping that
the project will lay the groundwork for long-term cooperation and help produce more female
candidates in the 2016 parliamentary election. Each female MP has given a brief introduction about
the bills they are developing independently and collaboratively, bills approved last fall, and other
accomplishments.
―Infrastructure creation does play an important role in Mongolia's economic progress, but the
bottom line will be determined by the country's social development,‖ said Mary Collins of CIDA. She
added, ―However, the rate is still at 24 percent. It has not reached the minimum figure of 30

percent. It is important to be aware of various international experiences with regard to increasing
the number of women parliamentarians, but Mongolia should determine by itself which system,
method, and structure is important to the country.‖
Source: UB Post
ITALY SHARES CULTURAL PRESERVATION STRATEGIES
Mongolia is participating in a training session in Rome that aims to equip officials with tactics for
cultural heritage preservation.
The Strengthening the Fight Against the Illicit Trafficking of Cultural Objects project is backed by
both Interpol and the U.N. Education Science and Culture Organization as well as agencies based in
Rome. Italian officers have gathered a wealth of experience and knowledge in protecting their
cultural heritage and are sharing this with countries such as Mongolia through the training.
Source: UB Post
PARLIAMENT SPEAKER PROPOSES DIRECT FLIGHTS TO TURKEY FROM KHARKHORIN
Turkish Prime Minister Tayyip Erdogan expressed interest in collaborating with Mongolia for the
renovation of an airport at Kharkhorin Soum, Uvurkhangai Aimag.
Kharkhorin is the site where the ancient Mongolian capital of Karakorum existed. As both Mongolia
and Turkey have shared history in the area Parliament Speaker Zandaakhuu Enkhbold proposed the
airport there could host direct flights between Turkey and Mongolia.
Turkey has already helped constructed 46 kilometers of paved road in the area, running from
Kharkhorin to Khoshoo Tsaidam of Khashaat Soum, Arkhangai Aimag, through the Turkish
International Cooperation and Development Agency (TICA). TICA also participated in restoration
efforts to restore Turkic monuments and recover artifacts in Kharkhorin.
Source: Info Mongolia
MONGOLIAN SOLDIERS PROUD TO PARTICIPATE IN PEACEKEEPING
Members of the Mongolian Armed Forces participated in Shanti Prayas-2, a multinational
peacekeeping training exercise involving platoons from 11 nations at the Birendra Peace Operations
Training Center in Panchkhal, Nepal, as well as staff officers training involving 23 nations in
Kathmandu, Nepal.
The two-week training exercise is part of the Global Peace Operations Initiative, a U.S. State
Department program executed in the region by facilitators for U.S. Pacific Command. The training
addresses major gaps in international peacekeeping operations. The program aims to build and
maintain capability, capacity and effectiveness of peacekeepers deployed to United Nations
missions.
―As a member of the UN we want to show our presence and what we can do,‖ said Lt. Col. Dorj
Myagmarjav. He said he has been on both peacekeeping and military missions, and has trained
troops and operators. ―We are proud to be Mongolian and like working with other nations.‖
Source: DVIDS
MONGOLIA TAKES THE SEAT OF ARBITER FOR NORTHEAST ASIA
Mongolia can play a key role in bartering peace between North and South Korea, as it maintains
friendly ties to both countries, said National Security and Foreign Policy Advisor to the President L.
Purevsuren.
Describing the situation Northeast Asia as ―very tense,‖ Purevsuren said hostilities have escalated
with a rocket launch test from North Korea and steps taken in preparation of military action.
Countries such as Japan have reached out to Mongolia to act as a messenger to North Korea and
help maintain stability in the region.
South Korea holds the largest population of immigrant Mongolians, making the situation particularly
delicate. South Korea has 22,000 and Seoul, where many live, is just 50 to 60 kilometers from the
border to North Korea. Some thirty Mongolian citizens are also living in North Korea. The possibility
of war between the two nations destabilizing the whole region could also pose a challenge as

Mongolia is currently in a crucial time of its development.
―It's clear that regional conflicts and wars pose a threat to Mongolia's external environment, hence
affecting development,‖ he said. ―Therefore, President Tsakhia Elbegdorj believes that Mongolia
should take the initiative to alleviate the tensions in the region.‖
Mongolia has proposed hosting six-party talks to help resolve disputes. Last year Mongolia hosted
talks between Japan and North Korea that provided it with experience in mediating such
discussions. President Elbegdorj proposed an ―Ulaanbaatar Dialogue on the Northeast Asian
Security‖ initiative to Japanese Prime Minister Shinzo Abe during his visit in March, which the
Japanese premier said would be under consideration.
However, despite the growing concerns surrounding the tensions between the North and South
Korean nations, observers are indicating that it is unlikely that much else will come from the tough
talk out of North Korea
―The Embassies of the European Union and the Russian Federation believe that at present there‘s
no need to call back their staff. Our country is doing the same, closely observing the situation.‖
Source: News.mn
COMMUNITIES PROTEST MINERS IN LONDON
Communities from Colombia, Mongolia, South African and the United States demonstrated in London
this week against some of the world's largest mining companies, which they say are devastating the
health of people, widely polluting the environment and forcing communities to move.
Rio Tinto PLC was expected to be accused on Thursday at its annual meeting of undermining the
livelihoods of thousands of local herders at its giant Oyu Tolgoi mine in the Gobi desert of Mongolia.
The USD 12 billion copper mine, is the subject of a complaint to the World Bank for its effect on
water resources and pollution.
London-based activists wrote to the U.K. Financial Conduct Authority to demand that London-listed
companies implement the highest environmental, social, cultural, labor, and health and safety
standards.
―The U.K. stock exchanges [must not] continue to act as a haven for those mining companies whose
human rights and environmental records leave so much to be desired,‖ said Richard Solly,
coordinator of the London Mining Network. ―We hope that, where the powers currently vested in
the FCA fall short of what is needed to ensure that such companies are compelled to improve their
behavior, you will seek sufficient powers to do so.‖
Source: The Guardian
UB COURT REDUCES FORMER MRA OFFICIAL‟S SENTENCE
The Ulaanbaatar City Court has reduced the sentence of former Mineral Resources Authority official
D. Batkhuyag by three years.
Former MRA Chairman Batkhuyag saw his sentence reduced by three years to three years and six
months in prison. Batkhuyag was found guilty of the illegal transfer of 106 illegal mining licenses.
Others related the related to the same case who were sentenced to prison also had their sentences
reduced. Former head of the Geological and Mining Cadastre N. Davaatsogt had his sentence
reduced from six years to three years six months, while Batkhuyag‘s associates Jargalsaikhan and
Batireedui, directors of Zelem LLC, had their sentences reduced from five years, six months to
three years, six months as well.
The Ulaanbaatar court maintained the decision that the individuals were guilty of their original
crimes.
Source: News.mn
BORDER OFFICIALS FIND MYSTERIOUS BEAR TEETH
Zamyn-Uud customs officers seized 275 bear teeth from the luggage of a Chinese person during
inspection.
The teeth, which range from 12 to 15 centimeters long, have not yet been identified as to where
the teeth originated or what species of bear to which they belong. The General Customs Office has

transferred the case to the Dornogobi Aimag police department for further investigation.
Source: News.mn
POLICE INVESTIGATE RUSSIAN HOUSE FOR ILLEGAL PROSTITUTION
Police have opened an investigation into the Irkutsk Leisure Center for a possible illegal prostitution
ring.
The center, which is also called the Russian House, is suspected of illegally forcing women and girls
into prostitution. Police found 30 Mongolian girls at the Russian House in Bayanzurkh District, two of
whom were under age.
Police are currently investigating the establishment‘s director, only identified as a Belarusian
citizen. Other connected with the Russian House are also suspected of illegal solicitation of minors.
Source: News.mn
MPRP HOSTS DEMONSTRATION ON ANNIVERSARY OF ENKHBAYAR'S ARREST
Members and supporters of the Mongolian People's Revolutionary Party (MPRP) held a yellow flower
demonstration at Sukhbaatar square, observing the one-year anniversary of the incarceration of
MPRP leader Nambar Enkhbayar.
MPRP cabinet and parliamentary officials said at a press conference the demonstration was to bring
attention to what they called continued political repression on the anniversary of Enkhbayar's
arrest. MPRP officials said the flowers had been laid at the monument dedicated to the victims of
repression in Ulaanbaatar and that demonstrators had thrown the flowers at legislators who had
failed to bring justice to Mongolia.
Source: News.mn
HIKERS TO REPAY COSTS FOR RESCUE OPERATION
Members of the group accompanying Prime Minister Norov Altankhuyag who became lost during an
excursion through Burkhan Khalduun mountain have offered to reimburse the costs for their rescue.
The offer follows widespread anger in Mongolia for the MNT 14.445 million spent on the rescue of
the prime minister.
―We have to do this because many people are angry that a lot of taxpayers' money was spent on this
operation,‖ said N. Iderbat and D. Gantulga, two of the 71 who climbed the mountain, on Friday.
The money was collected this week and transferred to the state emergency committee.
Source: Montsame
ANNOUNCEMENTS
3RD RISK MANAGEMENT FORUM, 1 MAY, ULAANBAATAR
The 3rd Risk Management Forum of Mongolia will be held on 1 May 2013 in Ulaanbaatar at the Blue
Sky Tower.
This is the largest risk event in Mongolia, co-organized by the Business Council of Mongolia and
Mandal General Insurance. The Risk Forum will provide the most comprehensive overview of risks
that Mongolia faces today and the status of risk management all under one roof. Risk management
techniques and tools will be shared and best practices promoted across industries.
Last year, the event had attracted over 250 representatives of Mongolia's top corporations and
government agencies and resulted in the formation of Risk Institute of Mongolia. This year, the
expert speakers will be address topics concerning Macro Risks, Business Risks, and Community Risks.
For more information, visit RiskForum.mn.
___________________________________________
MINING FOR NON-MINERS COURSE, 13-14 MAY
The next Mining for Non-Miners course will be held on 13-14 May. The aim of this course is to
provide those from a non-mining background with a comprehensive introductory understanding of

the mining industry. RPM is offering this two-day course for USD 1,000 for BCM members and
USD1,200 for non- members.
RungePincockMinarco (RPM), is a world class mining consulting, software and training company with
an established office in Ulaanbaatar. RPM has been successfully conducting Mining for Non-Miners
Training courses in Mongolia since 2011. The course will be delivered in Mongolian language. Please
click here to see the agenda.
The course duration is two days, with the first day focused on “Coal Mining” and the second day on
“Metal Mining”.
The number of participants is limited. Please send your expression of interest via return email if
you are interested in attending this course to me at saruul@bcmongolia.org, 317027.
___________________________________________
2nd MONGOLIA TRADE & COMMODITY FINANCE CONFERENCE, 14 MAY, ULAANBAATAR
Exporta's second Mongolia Trade & Commodity Finance Conference will be held at the Chinggis Khan
Hotel in Ulaanbaatar on 14 May. The Business Council of Mongolia (BCM) is acting as an institutional
partner for the event and has negotiated a 15 percent discount for its members to attend.
The Mongolia Trade & Commodity Finance Conference is the only specifically organized event for
the Mongolian trade and commodity finance community. It provides an unrivaled platform for
discussion and networking for leading local businesses and institutions, as well as those
international practitioners looking to tap into the huge potential of this rapidly developing market.
Speakers include Chuluunbat Orchirbat, vice minister of the Ministry of Economic Development,
Battsengel Gotov, chief executive of Mongolian Mining Corp., and Jim Dwyer, executive director of
BCM.
To receive the discount quote BCM15 when booking. Click here for more information and booking.
___________________________________________
MONGOLIA RENEWABLE ENERGY FUTURES & GREEN DEVELOPMENT, JUNE 4, ULAANBAATAR
ORRO.CO, is proud to announce ―Mongolia Renewable Energy Futures & Green Development”.
BCM is supporting this event. Selected to be part of the United Nations Environment Programme‘s
events to promote the 2013 World Environment Day, Mongolia Renewable Energy Futures & Green
Development will demonstrate to the world Mongolia‘s commitment to the environment and clean,
renewable energy.
Keynote addresses from distinguished local government officials; senior industry executives and
influencers from throughout the region will reveal and promote emerging green energy
development opportunities. This one day event on June 4thwill tale place at Salkhit Windfarm,
Bluesky Tower and the Mongolia State House, with a limited attendance to invited VIP diplomats,
government officials and partners of ORRO.CO. ORRO.CO is currently partnering with qualified
corporations to align their brands with this international event.
Contact chris@orro.co for more information and remember to let him know that you are a
member of the Business Council Mongolia to get a special 10% discount.
___________________________________________
COAL PROCESSING & MINING TECHNOLOGY EXPO, 4-5 JUNE, ULAANBAATAR
The Coal Processing & Mining Technology Expo will be held in Ulaanbaatar from 4 to 5 June 2013.
The expo is co-located with the Transportation & Logistics Expo, and because of this co-location you
will be able to meet with a more diverse and broader group of attendees. With many international
as well as local Mongolian companies already signed up to exhibit, you will be a part of what is
becoming the premier event for the mining and transportation industries serving Mongolia.
BCM members will receive a special 10 percent discount. To register and receive your discount
email Saruul at saruul@bcmongolia.org. For more information about the exhibition, contact Glenn
Scott atgscott@uexpos.com or visit the website coalexpomongolia.com.
___________________________________________

COALTRANS MONGOLIA IN UB, BLUE SKY, 19-20 JUNE
The Coaltrans Mongolia conference will be held at the Blue Sky Tower from 25 to 26 June. BCM
members will receive a 15% discount to attend the event, please use the discount code BCM.
Coaltrans Mongolia will explore the development of coal projects in the country and offer an insight
into what level of influence Mongolia will have over future international coal prices. Join us on the
25 & 26 June 2013, as we return to this exciting market for the third year, to have an impact on
how this new coal frontier evolves and cement your position as a leading player in the market.
Speakers will include Batsuuri Yaichil, chief executive officer of Erdenes Tavan Tolgoi LLC, Graeme
Hancock, president and chief representative of Anglo American Development, and Bayanjargal
Byambasaikhan, chairman of the Business Council of Mongolia.
For more information, email coaltrans@euromoneyplc.com.
___________________________________________
FUTURE MONGOLIA, 19-22 JUNE, ULAANBAATAR
The Future Mongolia international trade fair will be held at the Buyant Ukhaa Sport Palace in
Ulaanbaatar, near the Chinggis Khaan International Airport, from 19 to 22 June, 2013.
After the successful premier with nearly 100 exhibitors from 14 nations and some 4,200 visitors, we
cordially invite you to the second Future Mongolia. This international trade fair offers the
opportunity on an enlarged exhibition space to present modern and sustainable solutions and
responses to the present needs of Mongolia and its population.
BCM members will get 5% discount on raw space. Please contact Saruul at
saruul@bcmongolia.org to get a special discount code. For more information, visit Future-
Mongolia.com.
___________________________________________
NEW YORK INTERNATIONAL FRANCHISE EXPO, June 20 – 22, New York City, USA
The Business Council of Mongolia in collaboration with the U.S. Embassy‘s Commercial Section is
now registering a Mongolian business delegation to participate in ―NEW YORK INTERNATIONAL
FRANCHISE EXPO‖ which will be organized in New York City, USA at Jacob K. Javits Convention
Center, from June 20 to 22, 2013.
Join thousands in the country. Meet hundreds of proven franchise opportunities. Every industry.
Every investment level. Full-time and part-time.
Benefits will be:
• Meet over 400 of the top franchises.
• Take Advantage of 70 Free Seminars and In-Depth Symposia.
• Get the help you need in deciding which franchise is right for you.
• Find out what you need to know as a new franchisee.
• Discover industries that are new, or that you might not have considered.
• Get advice on the wide range of financial options from experts.
• Talk face-to-face with hundreds of the best franchise opportunities expanding in our area!
Please contact 317027, 99131377 or saruul@bcmongolia.org for registration or for additional
information. Number of people is limited. Registration deadline is 6:00PM, April 19, 2013.
___________________________________________
“MM TODAY” on MNB-TV, Friday, 18:50-19:00
BCM is pleased to announce that Mongolian National Broadcasting continues its cooperation with
BCM on ―MM Today‖. This English news program is aired every Friday for 10 minutes and is
scheduled from 18:50 to 19:00 tonight. Tune in to watch this program that reports stories from
today‘s BCM NewsWire.
___________________________________________

BCM‟S MINING SUPPLY CHAIN DATABASE
The new version of BCM‘s Mining Supply Chain Database is in use. Following the initiative of Oyu
Tolgoi LLC, the BCM has maintained the Mining Supply Chain Database since March 2009. It is an
honor to introduce you to the new version of the database which is totally upgraded as to its
content and use of information technology opportunities.
As of December 31, suppliers registered on the database totaled 1,405. During 2012, 251 new
supplier entities joined the Database and 236 prior supplier registrants updated their company
profiles. In addition, 22 buyers were also registered and 82 tender announcements were posted.
We are inviting all Mongolian mining suppliers and buyer companies to join the Mining Supply Chain
Database. Please visit here for registration—FREE!
If you have any questions regarding the database, please contact Undral at undral@bcmongolia.org
or 317027.
BCM WEBSITES
MONGOLIAN WEBSITE „PRESENTATIONS‟ AND „NEWS‟ SECTIONS
The ‗Presentations‘ section on BCM‘s Mongolian website can be reached via bcm.mn/itgeluud.
As a key component of BCM‘s Mongolian website, articles from the ‗News‘ section and the
government website Open-Government.mn are regularly updated.
___________________________________________
ENGLISH WEBSITE: 'PRESENTATIONS', 'MONGOLIA REPORTS', „MONGOLIAN BUSINESS NEWS‟,
„PHOTO GALLERY‟
On BCM‘s English website, the ―Resources‖ and ―Presentations‖ sections are available. Recently
added from BCM‘s monthly meeting on March 25:
• Market Update by Mandal General Insurance LLC
• Annual Report 2012 by International Monetary Fund
• Ruth Pulaski, Director Marketing & Development, American University of Mongolia – ―American
University of Mongolia: Integrating a Liberal Education Approach to Learning‖ at the BCM monthly
meeting, March 25, 2013
• B. Bayar, Managing Director, ELC LLC – ―Update on Legal Developments Regarding Foreign
Investment‖ at the BCM monthly meeting, March 25, 2013
• Tony Burchill, Australian Consul-General & Trade Commissioner, Austrade – ―The Business of Being
a Third Neighbour‖ at the BCM monthly meeting, March 25, 2013
Other recently added presentations:
• Dr. .Brian Fisher, Managing Director, BAEconomics, "Economic Impact of draft Minerals Law" at the
Kempinski Hotel, March 18, 2013, Ulaanbaatar
• Dr. Ch. Khashchuluun, CEO of UBRM Consulting, Mongolia and Mining, The policy evolution: What's
the next? at the Kempinski Hotel, March 18, 2013, Ulaanbaatar
• Martin Pow, Partner, Enterprise Risk Services and Learning Leader, Deloitte Onch LLC, Black
Swans: Fact or Fiction, A different risk management philosophy at the BCM Risk Management
Working Group meeting, March 14, 2013
The following 3 presentations were added from Coal Mongolia, 21-22 February:
―Current state of coal sector of Mongolia and future trends‖ by Minister of Mining D. Gankhuyag at
the Coal Mongolia 2013, Feb 21, SS Convention Center, Ulaanbaatar;
―Economic Reform Objectives‖ by Vice Minister, Economic Development, H.E. Mr. O. Chuluunbat at
the Coal Mongolia 2013, Feb 21, SS Convention center, Ulaanbaatar;
―Presentation for Coal Mongolia 2013‖, Norihiko Kato, CEO of Khan Bank, Feb 21 at the SS
Convention Center, Ulaanbaatar, Mongolia.
Presentation by Bold Baatar, CEO of Altan Dornod Mongol, ―Mongolian Mining Investment
Environment‖ at the Mining Industry Open Discussion, February 1, 2013, at Kempinski Khan Palace

Hotel.
Please note the presentations from each of the BCM monthly meetings. Please also note 25
presentations from the Mongolian Investment Summit 2012 on 30-31 October in Hong Kong; and 9
presentations from Discover Mongolia 2012.
The ―Mongolia Reports‖ section includes ―Highlights of 2012, Mongolia‖ by European Bank for
Reconstruction and Development (EBRD); the ―Official statement of Oyu Tolgoi LLC in relation to
information, data and facts related to Oyu Tolgoi discussed during open session of the State Great
Khural, dated 1 February, 2013‖; ―2013 Mongolia Investment Climate Statement‖ by the Economic
and Commercial Section of the U.S. Embassy; ―Mongolia Foreign Labor Force Ratio for 2013‖ by
Hogan Lovells International LLP; ―How Mongolia will perform in 2013?‖ by Mandal Asset
Management; ―Mongolia Business Owner and CFO Survey result‖ by BDSec JSC; ―The fiscal regime
for mining - a way forward‖ by IMF Fiscal Affairs Department; ―Mongolia-a supplement to Mining
Journal‖ from Mining Journal October, 2012; ―Macro Overview‖ September, 2012 by EPCRC; ―Taxes
for Expatriates in Mongolia‖ by PricewaterhouseCoopers.
BCM's English website includes the ―Mongolia Business News‖ section where the Open Letter to
Parliament and Government is available for download.
BCM continuously posts news stories and analysis of relevance to Mongolia at ‗Mongolian Business
News‖ before they are all put together each week for Friday's weekly NewsWire.
The ―Photo Gallery‖ contains photos from the 5th Anniversary BCM Gala dinner on November 5.
The BCM NewsWire will continue to be issued each Friday, incorporating items already on the home
page for a consolidated account of the week‘s events.
___________________________________________
SOCIAL NETWORK WITH BCM
The Business Council of Mongolia (BCM) has expanded its reach to your favorite social networks.
Keep up to date on the latest business deals in Mongolia and how the climate for investment is
improving each day with BCM.
Connect with BCM on Linked-in to join the diverse group of professional contacts creating a better
business environment in Mongolia today.
Add BCM on Facebook at http://www.facebook.com/pages/THE-BUSINESS-COUNCIL-OF-
MONGOLIA/129826330435540 to read the latest announcements and comment on events carried in
the NewsWire with the community.
Hear breaking news and announcements as they happen when you follow BCM on Twitter at
http://twitter.com/#!/bcMongolia.
We have now 1,036 fans on our Facebook fans page, 1,182 connections on LinkedIn network, and
648 followers on Twitter.
Of course for news information, interviews, event photos, and announcements regarding our
organization, visit the official BCM website at www.bcmongolia.org and www.bcm.mn.
BCM WORKING GROUP MEETINGS
The BCM Risk Working Group met Thursday, April 18, with 11 members attending.
Co-chairs: Ganzorig U, Mandal General Insurance and Martin Pow /Deloitte Onch/, moderated the
session.
New members welcomed: Yair Jacob Porat, BDO Mongolia; Amarsanaa Ts, Specialized Career
Consulting; Robert Haas, CPSI Capital Partners; and Narantungalag G, OT.
Participants: Myagmarsuren B, Dolgorsuren Ts - Mandal General Insurance

Meeting discussion was on the following topics:
- Mongolian Risk Report 2013 by Ganzorig U, Mandal General Insurance.
- Update on Sponsors and Speakers at 3rd Risk Management Forum by Dolgorsuren, Mandal General
Insurance LLC.
Please contact erka@bcmongolia.org.
___________________________________________
BCM WORKING GROUP NEWS
Business Council of Mongolia (BCM) has been pushing forward with its BCM in the University
Classroom series since March 2012. Led by BCM‘s Education Working Group, the program provides
lectures at universities to help inspire students and give them direction for their future careers.
The series has grown to include an average of 10 lectures per academic year. Now 524 students and
teachers participate with BCM in the University Classroom Project.
Most recently Orgilmaa of Mongolian Talent Network gave a presentation entitled ―How to get a
new job‘‘ to an audience of more than 54 students and teachers at Bio Technology
Department,National University of Mongolia, at 17th of April 2013. She talked gave students a
straightforward approach to job seeking and tips for landing the job they seek.
Delgermaa‘s presentation is available on BCM's Education Working group‘s web page.
The next BCM in the University Classroom will be held on 19 April at the Institute of Finance and
Economics. Nick Cousyn, Chief Operating Officer of BDSec is invited to speak to give his
presentation title ―BDSec and Research Best Practices‖.
If you like to share your experiences on a specific topic, please email erka@bcmongolia.org.
ECONOMIC INDICATORS

INFLATION
Year 2006 6.0% [source: National Statistical Office of Mongolia (NSOM)]
Year 2007 *15.1% [source: NSOM]
March 31, 2013 *9.8% [source: NSOM]
*Year-over-year (y-o-y), nationwide
Note: 9.4% y-o-y, Ulaanbaatar city, March 31, 2013
CENTRAL BANK POLICY LOAN RATE
December 31, 2008 9.75% [source: IMF]
March 11, 2009 14.00% [source: IMF]
May 12, 2009 12.75% [source: IMF]
June 12, 2009 11.50% [source: IMF]
September 30, 2009 10.00% [source: IMF]
May 12, 2010 11.00% [source: IMF]
April 28, 2011 11.50% [source: IMF]
August 25, 2011 11.75% [source: IMF]
October 25, 2011 12.25% [source: IMF]
March 19, 2012 12.75% [source: Mongol Bank]
April 18, 2012 13.25% [source: Mongol Bank]
January 25, 2013 12.50% [source: Mongol Bank]
April 8, 2013 11.50% [source: Mongol Bank]

CURRENCY RATES – APRIL 18, 2013
Currency Name Currency Rate
US dollar USD 1,416.34
Euro EUR 1,848.96
Japanese yen JPY 14.42
British pound GBP 2,160.41
Hong Kong dollar HKD 182.25
Chinese Yuan CNY 229.16
Russian Ruble RUB 44.73
South Korean won KRW 1.26
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.

19.04.2013, NEWSWIRE, Issue 270

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19.04.2013, NEWSWIRE, Issue 270