25.09.2009, NEWSWIRE, Issue 87

BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 87, September 25, 2009
NEWS HIGHLIGHTS:
Business:
 Ivanhoe, Rio agree to change provisions of their agreement;
 “Last-minute issues” in OT agreement being ironed out, says Minister;
 Updated mining report terms OT agreement “a landmark”;
 Enkhbayar unhappy with OT agreement terms;
 MNMA President flays two laws related to mining;
 Rio Tinto sells part of Alcan for USD349 million;
 BHP to start Zambia mineral exploration next month;
 With demand improving, BHP will spend USD10 billion next year;
 New mining technology identifies ore 3,000 meters underground;
 First railway tracks built by private company;
 Railway comes out of crisis;
 MSM gets distributorship for German technology provider;
 Director of Darkhan Metallurgical Plant resigns.
Economy:
 Mongolia sees crisis as “an opportunity to change”, says Elbegdorj;
 Debt repayment extension sought for State companies;
 IMF relaxes fiscal deficit targets for Mongolia;
 Draft 2010 budget shows deficit equal to 5% of GDP;
 Mongolia drops four places in Doing Business rankings;
 Proposed national bank will be “base of Mongolian development”;
 Quick action needed to save wheat under snow;
 39.5% of registered job seekers are new;
 Why does the economy continue its slide?
 Almost half of mining licenses are for gold;
 SME entrepreneurs issued loans worth MNT23.4 billion;
 Boom time for mobile phone market in Mongolia;
 Mongolia, EU begin talks on new agreement;
 President lauds NAMBC contribution;
 Global foreign direct investment to keep plunging;
 Gold bounces from one-week low.
Politics:
 Ministers say every citizen will get MNT50,000 after next year’s census;
 Enkhbayar party members’ choice for by-election seat;
 Lost election was not fair, says Enkhbayar;
 President’s aide rubbishes Enkhbayar’s claims;
 GEC to tell President that Erdene is winner from Bayangol;
 Elbegdorj in USA to attend UN assembly;
 Police disperse ninjas, but not for long;
 India shelves plan for airbase in Mongolia;

 Ulaanbaatar drawing fewer people from the provinces;
 Underground water level going down fast;
 40,000 Apartments program nearing successful completion;
 Plans do not reflect reality;
 Cheap coal for ger districts;
 Fewer foreign workers, fewer deportees;
 China spreads aid, with a catch for recipients.
MEETING NOTICE TO BCM MEMBERS
The next BCM monthly meeting for Members will be Monday, September 28, at 5 PM at the Open
Society Forum.
Our bilingual meeting will feature two presentations: the first by Mr. Parmeshwar Ramlogan,
Resident Representative, International Monetary Fund (IMF) on "The IMF Stand-By Arrangement With
Mongolia: How It Is Helping To Safeguard Macroeconomic Stability", and the second by Mr. Chad
Blewitt, Chief Financial Officer, Ivanhoe Mines Mongolia Inc. (IMMI), on ―An Overview of the Oyu
Tolgoi Procurement Process – Opportunities and Challenges‖.
Updates on their work will be provided by the Heads of two of BCM‘s Working Groups, Mrs.
D.Onchinsuren, General Director of Onch Audit and Chair of the Tax WG, and Mr. B.Bayar, Managing
Director of Economic & Legal Consultancy (ELC) and Chair of the Legislative Committee.
We will conclude the business portion of the meeting by asking BCM members in the audience to
briefly comment on specific problems, solutions, risks, opportunities and/or strategies affecting
their businesses. We believe that BCM members may learn from one another from sharing good
news and bad.
Teleconferencing will again be available for Members not able to attend. The call number is (1-
218) 936-7979, access code 771358 to be connected. The cost will be solely that of the long
distance call to the above U.S. number.
_____________________________________________________________________________________
BUSINESS
IVANHOE, RIO AGREE TO CHANGE PROVISIONS OF THEIR AGREEMENT
Ivanhoe Mines Ltd., seeking to build the Oyu Tolgoi copper and gold project in Mongolia with Rio
Tinto Group, may consider selling up to a 9.9 percent stake in the company after being approached
by sovereign wealth funds. Ivanhoe and Rio agreed to change provisions of Rio‘s agreement to
invest USD2.4 billion in Ivanhoe to allow a sale, the Toronto-based company said on Wednesday in a
statement. Any sale will not affect Rio‘s accord to buy a 43.1 percent stake in Ivanhoe, the
statement said.
―Several sovereign-wealth funds are among potential investors who have expressed unsolicited
interest in participating in Ivanhoe‘s growth opportunities,‖ Ivanhoe President John Macken said in
the statement without specifying them. ―Ivanhoe Mines and Rio Tinto also have agreed to cooperate
in considering potential investments in Ivanhoe by one or more strategic shareholders,‖ the
statement said.
Rio, based in London, has also agreed with Ivanhoe to change their accord to allow it to delay the
October 27 deadline for the second stage of its planned investment in Ivanhoe. The deadline will be
delayed in 30-day increments until ―either until the completion of an approved, unconditional
investment agreement for Oyu Tolgoi, or until April 27, 2010,‖ the statement said.
―Rio Tinto is committed to its partnership with Ivanhoe in developing Oyu Tolgoi,‖ Mr. Bret Clayton,
Rio‘s chief executive of copper and diamonds, said in the statement. ―We have made good progress
with the Government of Mongolia and expect to sign the investment agreement shortly.‖

Source: Bloomberg.com
An Ivanhoe Mines news release dated September 22, reaffirming its long-term commitment to the
three-year-old strategic partnership with Rio Tinto and detailing their present agreement to fine-
tune two provisions in the 2006 private-placement agreement, can be seen at BCM Website,
Articles/Reports on Mongolia.
“LAST-MINUTE ISSUES” IN OT AGREEMENT BEING IRONED OUT, SAYS MINISTER
Minister for Mineral Resources and Energy D. Zorigt has said ―last-minute issues‖ were being ironed
out so that the Oyu Tolgoi agreement could be signed by September 30. ―We are in the process of
negotiations, but I am sure we will be able to go ahead and sign it in the near future,‖ Mr. Zorigt
said in an interview. ―We will try to work it out by the end of this month.‖
Mr. Zorigt estimated the project could boost Mongolia‘s per capita GDP, which stood at about
USD1,800 in 2008, to USD15,000 by 2015. ―This is a four-billion-dollar investment project,‖ he said.
―As you can imagine, Mongolia will benefit from this flow significantly.‖ The Minister said he hoped
production would begin at Oyu Tolgoi ―sometime by 2012 or 2013‖.
Source: AFP
UPDATED MINING REPORT TERMS OT AGREEMENT “A LANDMARK”
The "Mongolia Mining Report Q3 2009" report provides independent forecasts and competitive
intelligence on Mongolia's mining industry. The country‘s mineral resources are largely unexplored
and unexploited. The exploration that has been so far carried out has found sizable reserves of
about 80 types of minerals in Mongolia. However, the biggest drawback to foreign investment
remains regulatory issues.
The finalization of what will be a landmark agreement over drilling rights at the Oyu Tolgoi gold
and copper mine should result in a surge in FDI inflows through the remainder of 2009 and 2010.
Indeed, the importance which Oyu Tolgoi, and the underlying legal contract between the
Government and Anglo-Australian Rio Tinto and Canada's Ivanhoe, will play for Mongolia's growth
dynamics cannot be downplayed. As the biggest foreign investment project in Mongolia's history,
the benchmark mining agreement will not only increase investment inflows in the short term, but
also serve as the framework upon which future projects will be based.
Source: www.researchandmarkets.com/research/ef56a4/mongolia_mining_re
ENKHBAYAR UNHAPPY WITH OT AGREEMENT TERMS
Former President N.Enkhbayar last week said in an interview that he was happy there would now be
an early start to exploration of mining deposits, but the way the Oyu Tolgoi agreement has been
reached ―is not right‖. Mongolia should not have abandoned its claim to 51 percent ownership and
to a 15-year agreement. ―We have been irresponsible about the future of our children,‖ he said.
About the controversy over the debt to Russia, Mr. Enkhbayar said his position always had been that
the outstanding amount was a commercial transaction restricted to Mongolrostsvetment, and had
nothing to do with the national Government. ―I cannot blame the Russians for their claim, as every
country has to further its own interests. But there was no need for the Mongolian President to
accept that Mongolia still had a debt,‖ he said, adding that it is harmful to the nation if every
office-holder goes against his predecessor‘s stance.
Source: Undesnii Shuudan
MNMA PRESIDENT FLAYS TWO LAWS RELATED TO MINING
The President of the Mongolian National Mining Association, Mr. D.Ganbold, has termed the recent
amendments to four laws ―a mixed bag‖. Repealing the windfall profits is a big boost to the mining
sector but both the ban on mining in forest areas and near water sources and the law on nuclear
energy are matters of great concern. The nuclear energy law violates international laws and
agreements, as well as the Mongolian Constitution. The rights and interests of many companies and
investors are at stake. Shares are the legal property of an investor, but the law allows the
Mongolian Government to grab them for free.
Asked why he opposed the environment-friendly law banning mining operations near forests and
water sources, Mr. Ganbold said whatever it looks like now, its results will be actually negative.
Ninjas will begin work in the mines, certainly harming the environment more than responsible
mining might have. Mr. N.Algaa, Executive Director of the MNMA, sees the law as ―eliminating the

gold sector from the mining industry and as providing a chance for small scale miners to enter the
scene‖. Once they occupy the sites ―they will ruin the environment without taking any
responsibility for reclamation. The number of mining licenses in such areas grew from 200 to almost
1,000 during the time this law was debated and passed. If these licenses are now canceled, as they
should be under the law, the Government will have to pay compensation according the Mineral Law.
Monpolimet Company now stands to be stripped of its license after spending USD50 million. This
does not include its exploration costs. Most others may not be that big but when the total number
to be compensated is 1,000, the amount to be paid is sure to be beyond the capacity of the
Government, Mr. Ganbold said.
Read more…
Asked how the amount of compensation will be determined when licenses are revoked, Mr.
L.Davaatsogt, Director of Geology and Cadastral Department of the Mineral Resource Authority of
Mongolia, said the new law calls for the formulation of a special procedure for this. The taxes the
companies paid on each hectare of land under the license will be considered and ―probably also
exploration costs‖. However, he felt that ―in case of mines, it may be very difficult to estimate and
review the investment and other expenditures‖. The compensation was unlikely to include the cost
of lost revenue as ―there is no such provision in the law‖, he said.
Source: www.news.mn, Undesnii Shuudan
RIO TINTO SELLS PART OF ALCAN FOR USD349 MILLION
Rio Tinto has sold its Alcan Composites business, which was part of its Alcan Engineered Products
division, to Swiss textile and semiconductor machinery manufacturer, Schweiter Technologies, for
USD349 million. The transaction is expected to close by the end of the year. Rio Tinto bought Alcan
for USD38 billion in October 2007, but has since sold some of the division‘s assets in line with the
group‘s overall divestment strategy to preserve cash flows and reduce debt levels as a result of the
global economic crisis.
―In the last three months, we have made significant inroads into divesting the downstream assets
acquired with Alcan, including offers or agreed sales for the majority of Alcan Packaging and Cable.
Schweiter Technologies is well placed to successfully develop the Composites business, and we are
realizing further value for Rio Tinto shareholders,‖ Rio Tinto financial director Guy Elliott said in a
statement.
Rio Tinto earlier this month sold a 56% stake in the cable business of the Alcan division to Platinum
Equity for an undisclosed amount. It has, since March last year, announced asset sales worth USD7
billion, including the Alcan Composites sale. It had, in August, received a binding offer of USD2
billion from Amcor for the sale of its Alcan Packaging global pharmaceuticals, global tobacco, food
Europe and food Asia divisions.
Source: www.miningweekly.com
BHP TO START ZAMBIA MINERAL EXPLORATION NEXT MONTH
Mining giant BHP Billiton will next month start exploring for copper, gold and silver in western
Zambia, using specialized equipment according to the mines minister of Africa's largest copper
producing country. The Minister said Zambia would continue to encourage mining companies to
venture into mineral exploration and mining to get the full benefits from the country's mineral
deposits.
In a related development, Zambian President Rupiah Banda has defended his Government's
scrapping of a 25 percent mining windfall tax earlier this year, rejecting criticism from civic groups
and opposition political parties that this would lead to loss of revenue. The tax had drawn
complaints from foreign investors in the copper and cobalt mining industry. The Government says
the windfall tax, which had been backed by the World Bank when it was introduced, was scrapped
to boost foreign investment in mining. Mr. Banda said the Government would promote investments
in small-scale mining and marketing of gemstones to broaden the tax base and to create new jobs.
Source: Reuters.com
WITH DEMAND IMPROVING, BHP WILL SPEND USD10 BILLION NEXT YEAR
BHP Billiton, which is planning to spend about USD10 billion in capital investments and exploration
in 2010, is seeing demand for commodities picking up, as economic conditions in China improve.
The company has boosted its project pipeline to USD14 billion, as it expects the resource-intensive

nature of Chinese growth to continue to drive global raw materials demand.
CEO Marius Kloppers said in the group‘s annual report that China‘s reduction of lending controls had
facilitated an increase in real estate and mortgage lending, which, in turn, had supported an
increase in construction and an increased demand for products supplied by BHP Billiton. The
infrastructure stimulus measures to improve China‘s rail, road and air transport links would also, in
due course, create a need for raw materials.
Outgoing chairperson Don Argus said that there was evidence of increasing stability in the financial
systems and economies in the UK, the US, Europe and Australia, but there remained a level of
uncertainty about the rate of economic growth in the short-term, as it was difficult to measure the
impact of economies responding to government-driven economic stimulus packages.
Mr. Kloppers cautioned that BHP Billiton did not expect to return to the same buoyant demand
conditions that prevailed before the global financial crisis, or a return to record global growth rates
within its forecasting horizon.
Source: www.miningweekly.com
NEW MINING TECHNOLOGY IDENTIFIES ORE 3,000 METERS UNDERGROUND
Technology that can identify ore bodies more than 3,000 meters underground have discovered new
gold and copper deposits along a 20-km stretch near the Oyu Tolgoi copper-gold project in
Mongolia's Gobi desert, Ivanhoe Mines chairperson Robert Friedland has said. Mr. Friedland said this
technology measures electrical conductivity to locate mineral deposits.
―What we're doing is stretching enormous copper wires across the Gobi...and through those wires
we put an enormous electrical current,‖ said Mr. Friedland. ―This is technology that separates the
needles from the haystacks.‖ Results of the survey allow mining engineers ―to directly see copper
and gold‖. The information is then sent to the drill rigs which can drill straight into the ore body,
avoiding the hit-and-miss of traditional mining.
Source: Reuters.com
FIRST RAILWAY TRACKS BUILT BY PRIVATE COMPANY
For the first time in Mongolia, a private company has started making railway tracks, a development
made possible by recent amendments to the law. The first consignment of tracks built by Bold
Tumur-Eruu Gol Company was received last week. The company will build tracks for the entire 98
km from Dulaankhaan pass to Bayangol in Selenge province.
Source: Udriin Sonin
RAILWAY COMES OUT OF CRISIS
The Mongolian railway sector last week disbanded the commission set up to steer it through the
economic crisis. The decision was taken after the Erdenet copper factory and the Mongolian Stock
Exchange had announced that the country was out of recession.
Freight movement has increased and 700 wagons are coming from Russia. The railway
administration expects its losses from domestic services to be offset by the increased income from
transit transportation. Workers who were asked to go on unpaid leave will not only be asked to
resume work, but their salary is likely to be increased.
MSM GETS DISTRIBUTORSHIP FOR GERMAN TECHNOLOGY PROVIDER
Mongolian Stars Melchers LLC has been appointed distributor of Humboldt Wedag Coal & Minerals
Technology, a leading German provider and supplier of solutions on mineral concentration and
processing technology. The announcement was made at a seminar last week where Humboldt-
Wedag offered presentations on their processing equipment to mining companies like Energy
Resources, Erdenes MGL, Erdes Holding, Beren Group, Baganuur, Shivee-Ovoo, and MAK.
Source: Mongolia National Mining Association Newsletter
DIRECTOR OF DARKHAN METALLURGICAL PLANT RESIGNS
The uniformly profit-making Darkhan Metallurgical Plant has had to cut down on production because
of falling demand from the construction sector. Its financial health is poor and now its director has
resigned, citing personal reasons, adding to the company‘s woes.
Source: Onoodor

ECONOMY
MONGOLIA SEES CRISIS AS “AN OPPORTUNITY TO CHANGE”, SAYS ELBEGDORJ
President Ts. Elbegdorj has told Forbes in New York that Mongolia sees the present economic crisis
as an opportunity to change. ―Our economy needs diversification and this is the time to do it. We
need to institutionalize and streamline financial institutions; investment is important and we have
worked to level the playing field for domestic and foreign investors,‖ he said.
Attributing the 34% inflation last year mainly to the high price Mongolia had to pay for importing
oil, Mr. Elbegdorj said, ―Now that the oil prices have gone down, we are in a better position. There
is oil in Mongolia and some day we shall have our own oil. But we have the same problem as the
USA -- we can't drill!‖
Asked what Mongolia was doing to protect itself against any future fall in prices of commodities, Mr.
Elbegdorj said the country was working to become ―a value-added exporter of products related to
both mineral resources and agriculture‖. Requested to enumerate ―some of the exciting investment
opportunities for outsiders‖ in Mongolia, the President said it is ―a politically stable country that
values and respects freedom, human rights, and agreements‖.
Source: Forbes.com
DEBT REPAYMENT EXTENSION SOUGHT FOR STATE COMPANIES
The Government has ordered a review of the principal debts of state-owned companies to foreign
organizations to see how their repayment terms can be extended by three years. It has stressed the
need in the present economic situation to improve their productivity and efficiency so that they
need less support from the Mongolian Development Fund and/or the state budget.
Relevant Ministries have also been asked to explore the possibilities of establishing management
contracts with companies, both domestic and foreign, with a view to strengthening the financial
viability of state-owned companies in the fuel and energy sector. State companies in the housing
sector were asked to settle their debts to the Asian Development Bank so that new loans can be
granted. They were also asked to see how much of the repayment can be made in MNT, to reduce
imports in the health sector so as to boost national production, and also to augment the authorized
capital of road construction and repairing companies.
Source: Montsame
IMF RELAXES FISCAL DEFICIT TARGETS FOR MONGOLIA
The Executive Board of the International Monetary Fund (IMF) completed on Monday the second
review of Mongolia's economic performance under a program supported by an 18-month Stand-By
Arrangement (SBA). The completion of the review enables the immediate disbursement of an
amount equivalent to SDR 15.33 million (about USD24.2 million), bringing total disbursements under
the arrangement to an amount equivalent to SDR 91.95 million (about USD145.7 million). The SBA
was approved on April 1 for an amount equivalent to SDR 153.3 million (about USD242.9 million) or
300 percent of Mongolia's quota.
Following the Executive Board's discussion on Mongolia, Mr. Takatoshi Kato, Deputy Managing
Director and Acting Chair, stated, ―The Mongolian authorities‘ strong policy implementation, which
supported the stabilization of market conditions and reduction in inflation, is encouraging. Since
Mongolia‘s economic recovery will likely be slower than previously expected due to a stronger-than-
projected external shock, policy targets have been recalibrated to provide greater fiscal support to
the economy.‖
Accordingly, ―fiscal deficit targets for this year and next have been loosened modestly‖, in the
hope that ―automatic stabilizers‖ will operate. Calling the Government‘s fiscal adjustment program
―appropriately ambitious‖, especially given the ―limited availability of financing‖, Mr. Kato said
structural reforms would strengthen the effectiveness of fiscal policy.
―Strengthening the banking system remains a top priority, which includes pressing ahead with the
planned international external audit of all banks and the prompt resolution of Anod Bank,‖ he said.
Source: www.imf.org
DRAFT 2010 BUDGET SHOWS DEFICIT EQUAL TO 5% OF GDP
Prime Minister S.Bayar was at work on Wednesday morning, not long after returning home from
more than two weeks of medical care in Seoul. He chaired the weekly meeting of the Government

which discussed the preliminary outlines of next year‘s budget.
The present draft prepared by the Finance Ministry shows a deficit of MNT312.6 billion or 5 percent
of GDP. The revenue has been estimated on the basis that the average price of gold in the year will
be USD900 per ounce and that of copper USD4,650 per ton. The economy will grow at 7.4 percent
and inflation will be in one digit.
Source: en.News.mn
MONGOLIA DROPS FOUR PLACES IN DOING BUSINESS RANKINGS
Mongolia has dropped four places in the Doing Business 2010 rankings prepared by the World Bank,
to stand 60th
among the 183 countries ranked. The following gives its standing in individual criteria,
with the change from 2009 within brackets. A plus sign indicates the number of places Mongolia has
climbed since the last report, while a minus sign denotes the number of drops. The World Bank has
clarified that Mongolia did not carry out any major reforms in the past year and its change in rank is
because other countries overtook it. Starting a business: 78(-17), Dealing with construction permits:
103(+1), Employing workers: 44(+5), Registering property: 25(-5), Getting credit: 71(-3), Protecting
investors: 27(-2), Paying taxes: 69(+18), Trading across borders: 155(+1), Enforcing contracts: 36(-
1), and Closing a business: 110(0).
Since 2004 Doing Business has been tracking regulatory reforms aimed at improving the ease of
doing business. Despite the challenges presented by the financial crisis, the number of reforms hit a
record level this year. Between June 2008 and May 2009, 287 reforms were recorded in 131
economies, 20% more than the year before. Reformers focused on making it easier to start and
operate a business, strengthening property rights and improving the efficiency of commercial
dispute resolution and bankruptcy procedures.
Singapore, a consistent reformer, is the top-ranked economy on the ease of doing business for the
fourth year in a row, with New Zealand as runner-up. But most of the action occurred in developing
economies.
Source: The World Bank Group
PROPOSED NATIONAL BANK WILL BE “BASE OF MONGOLIAN DEVELOPMENT”
Mr. Ch.Khashchuluun, director of the National Development Office and Innovation Committee and
head of the working group charged with setting up a Development Bank, has said the need for the
bank stems from the inability of commercial banks to give big loans for big development projects. A
Central Bank survey has shown that 99.4 percent of bank loans were for small amounts while only
0.1 percent amounted to between MNT200 million and MNT500 million. The Development Bank will
be only for big projects and, if used properly, can become the base of Mongolian development.
Reminded that banks run by the Government have not done well in Mongolia, Mr. Khashchuluun
said, ―We have all learnt from experience. I do not think there will be any danger of
misappropriation or such frauds.‖ A Japanese professional group will be coming soon to recommend
guidelines, and the World Bank and the Asian Development Bank are also involved in the planning.
Besides, the Development Bank will be under the control of not only the Central Bank but also of
foreign investors. International economic organizations will own shares in it. ―Even if a loan turns
bad, the Government will guarantee its repayment. It will issue low-interest credit to develop
domestic industry and will not be tempted by chances to make more profit,‖ he said.
Not everybody is convinced, though. Mr. O.Chuluunbat, MP and former President of the Central
Bank, has said the new bank will ―use development as a façade‖, and will in fact be ―used to give
big loans to people in power and their friends and family‖, and these will never have to be repaid.
Read more…
Dispelling fears that the new bank will hurt the prospects of commercial banks, Mr. Khashchuluun
said, ―On the contrary, commercial banks will be afforded better opportunities. For example, if a
project requires MNT10 billion, and a commercial bank cannot spare more than MNT3 billion, the
Development Bank will provide the rest, thus allowing the other bank a chance it would have
otherwise lost. The Development Bank will finance development projects and will use commercial
banks if it invests in rural areas. It will not take away the food of commercial banks; instead, it will
feed them.‖
Source: Ardiin Erkh, Udriin Sonin

QUICK ACTION NEEDED TO SAVE WHEAT UNDER SNOW
The sudden cold spell over the weekend has badly affected the prospects of a good harvest. Around
50,000 tons of wheat on some 170,000 hectares of land is under snow. Experts estimate that 10
percent of the total expected harvest or 30,000 tons of the crop is lost, but much of the rest can be
saved with emergency action. The plants have fallen to the ground and special equipment will be
needed to recover the wheat before it gets too soft. The Ministry of Agriculture and Light Industry
is arranging to bring them from Russia. More harvest workers are needed to help the 300 soldiers
and students now on the job. Agriculture companies have asked the Government for help in
providing food to this increased labor force.
Source: Ardiin Erkh, Montsame
39.5% OF JOB SEEKERS ARE NEW
The number of active job seekers registered in provincial and city labor departments reached
40,700 at the end of August, up by 9,232 or 29.4 percent against the same period last year. Uvs
province has registered a two-fold increase while the rates in Ulaanbaatar, Khentii, Dornogobi,
Bulgan and Tuv have increased by between 35 and 63 percent.
This year, the number of new registrations is up by 39.5 percent. Of them, 1.7 percent are from
companies that have been closed down, 2.2 percent are people who quit their job because of low
salary, 2.4 percent have been unable to find jobs suited to their qualification, 5.8 percent are
university graduates, and 6.4 percent have lost their job. There are many who have come back
from foreign countries and are looking for jobs.
Most of the unemployed were 35-44 years old. Companies which employ people who have been
without a job for three years or are disabled receive 60 percent of the salary for them from the
Labor Encouragement Fund.
Source: Ardiin Erkh
WHY DOES THE ECONOMY CONTINUE ITS SLIDE?
For long, the Government told us that the Mongolian economy was suffering because the global
economy was in trouble, and we believed this. What does the Prime Minister have to say now when
the world economy has started looking up, but Mongolia continues its slide? The Government has
encouraged fuel prices to rise, and coal prices are expected to follow suit soon. When a few local
engineers produced the green fuel they called Eco-92, the Government showed no enthusiasm,
giving the feeling it did not like the idea. Only the President was excited about the feat.
Meanwhile, people are becoming more and more dependent on imported food and have taken to
using plastic bags to keep themselves warm. Not that the authorities do nothing. District Governors
have demanded that their present official vehicles be replaced with more expensive status symbols.
ALMOST HALF OF MINING LICENSES ARE FOR GOLD
The number of mining license today is 5.5 times more than it was on July 1, 1997, before the law on
mineral resources came into force. From 198 it has risen to 1,093, and if exploration licenses are
counted, there are over 5,000 licenses. In 1997, 106 of the mining licenses were for gold, 41 for
coal, 22 for construction material, 10 for fluorspar, and 18 for other minerals. Almost half or 458 of
the mining licenses now are for gold, 212 for construction material, 168 for coal, 138 for fluorspar,
29 for iron, and the rest for other minerals. Altogether 195 licenses are owned by 107 fully foreign
invested companies, while 73 joint companies hold 195. The rest are owned by 449 Mongolian
companies.
Source: Onoodor
SME ENTREPRENEURS ISSUED LOANS WORTH MNT23.4 BILLION
Entrepreneurs feel that their access to loans under the Government program to encourage small
and medium enterprises is being hampered by unreasonable conditions set by the disbursing banks.
They claim that some banks are insisting on titles to 5 apartments as collateral in certain cases, a
demand few individuals in Mongolia can meet.
However, MNT23.4 billion has so far been issued as credit, including MNT7 billion to 20 entities.
Only about MNT6 billion is left to be disbursed.

BOOM TIME FOR MOBILE PHONE MARKET IN MONGOLIA
While the fixed-line network has been expanding slowly in Mongolia, the mobile phone market has
seen a remarkable boom, with the number of subscribers growing at an average rate of over 100%
year-on-year for a number of years. The Government gives high priority to national infrastructure
development and has focused on the development of the telecoms sector, seeing it as central to
the overall development of the country.
Not all areas of Mongolia are connected to the Internet. However, good progress has been made,
with most universities and research institutes, government organizations, agencies, banks, and
companies in Ulaanbaatar being online. Market penetration continues to remain strong in the urban
centers, but the rural sector is catching up with over 50% of provincial centers having high speed
Internet access. Although approximately 80% of Internet users still use narrowband connections, the
number of e-commerce services is growing. The Government adopted the One Home One PC
program in 2005 providing low-cost computers for around USD250. Nationwide PC penetration has
since increased by 60% and continues to rise steadily. In what is promising to be Mongolia's first real
broadband network, MCS Electronics started implementing a two-year Fiber to the Building (FttB)
project covering all Ulaanbaatar districts.
Poor infrastructure for fixed-line phones has contributed to the explosive growth of Mongolia's
mobile industry. Subscribers are primarily in urban areas, 85% of all subscribers being in
Ulaanbaatar. In April 2009 MobiCom launched the first high-speed mobile broadband network in the
country, making use of HSPA technology. The company plans to introduce mobile broadband
services to its subscribers across Mongolia, offering a range of new services, such as high-speed
mobile Internet access, video telephony, MMS and other innovative multimedia services related to
e-health and e-commerce.
Read more…
Efforts were renewed earlier this year to complete the privatization of Mongolia Telecom which
provides services throughout the country by leasing network assets from the Posts and
Telecommunications Authority, which owns the infrastructure. Although Mongolia Telecom had
been a very profitable company throughout most of the 1990s, the advent of mobile competition,
international IP telephony providers and later on the substitution of international SMS for voice, all
had a negative impact on its profit margins. By 2008 the major portion of its revenue was being
gained through international telephone calls where the regulations meant it faced no competition.
Source: www.companiesandmarkets.com
MONGOLIA, EU BEGIN TALKS ON NEW AGREEMENT
Mongolia and the European Union (EU) began talks last week on an agreement on partnership and
cooperation that would elevate bilateral relations to a higher level. The EU already has such
agreements with Russia, Ukraine, Moldova, Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan
and Uzbekistan and is negotiating with ASEAN members like the Philippines and Malaysia on having
one.
Source: Montsame
PRESIDENT LAUDS NAMBC CONTRIBUTION
President Ts.Elbegdorj has appreciated the significant contribution the North America-Mongolia
Business Council (NAMBC) has made in the last 17 years to attracting U.S. and Canadian investment
to Mongolia and to widening of ties between Mongolia and the two North American countries. He
made the comments when Mr. Edward Story and Mr. Steve Saunders, chairman and president
respectively of the NAMBC, called on him last week.
The President also received a business delegation from Thailand who expressed interest in investing
in Mongolia's mining, energy and infrastructure sectors. Another visitor was Mr. Nick Clark,
Executive Director of the Central Asia Metals Ltd. of the UK, which has conducted exploration of
mineral resources for three years and discovered deposits of gold, copper and molybdenum. The
company now wants to look for silver in Mongolia.
Source: Montsame
GLOBAL FOREIGN DIRECT INVESTMENT TO KEEP PLUNGING
Global inflows of foreign direct investment (FDI) — purchase of controlling interests in productive
assets overseas — will fall below USD1.2 trillion this year, from USD1.7 trillion in 2008, the United

Nations Conference on Trade and Development predicts in its annual World Investment Report. The
20% decrease continues the downward trend of investment inflows, which fell 14 percent in 2008
from a historic peak of USD1.98 trillion the year before.
The global economic crisis has hurt the capacity of transnational corporations to invest, the report
found, because tighter credit and lower profits have reduced their resources for financing overseas
investment projects. The agency forecast a slow recovery in 2010, with the level of foreign direct
investment reaching no more than USD1.4 trillion, accelerating to nearly USD1.8 trillion in 2011.
Business investment is essential for economic recovery, so the weak performance suggests global
growth will remain capped for some time.
Read more…
Among developing countries, inflows to India fell 56 percent in the first quarter, to China 21
percent and to Brazil 39 percent. In Africa, after a record USD88 billion in 2008, inflows dropped by
67 percent in the first quarter. About 85 percent of the 240 transnational companies surveyed for
the report said the economic downturn influenced their investment cuts; 58 percent of large
transnational corporations said they intended to reduce their foreign direct investment
expenditures in 2009.
Investment in agriculture and the mining, oil and gas industries held up ―relatively well‖, the report
said ―compared with business-cycle-sensitive industries such as metal manufacturing. In addition,
there is a better outlook for FDI in such industries as agribusiness, many services and
pharmaceuticals.‖ The agency found that government policies since the onset of the crisis ―have so
far been mostly favorable to FDI‖.
Source: The New York Times
GOLD BOUNCES FROM ONE-WEEK LOW
Gold edged up on September 22 as bargain hunters resurfaced after the price had dropped to its
weakest in almost a week the previous day, although a firm US dollar looked set to limit gains.
Worries that speculators who have built up extremely long positions in New York would liquidate,
plus the impact of the IMF's plan to sell gold, were still at the back of investors' minds, but lower
prices could also attract buying from jewelers.
Gold was quoted at USD1,005.85 an ounce, up USD3.30 from New York's notional close on Monday,
when a rally in the dollar dragged it down to USD995.50, its lowest since September 15, in volatile
trade.
Source: Reuters.com
POLITICS
MINISTERS SAY EVERY CITIZEN WILL GET MNT50,000 AFTER NEXT YEAR’S CENSUS
Finance Minister S.Bayartsogt has said the agreement dealing with the USD250 million advance
payment by the investors in Oyu Tolgoi is expected to be signed in March. The payment will be
made in three installments. USD100 million will be paid immediately as the agreement is signed,
USD50 million six months later, and the remaining USD100 million before mining operations begin.
Asked how the money will be spent, Mr. Bayartsogt said a final decision was yet to be made but it is
likely that every Mongolian enumerated in next year‘s census will get ―a certain amount of money
as promised by both parties during the election last year‖. Minister of Mineral Resources and Energy
D.Zorigt confirmed this in a newspaper interview where he specified the amount as MNT50,000 or
USD35.
Source: Frontier Securities
ENKHBAYAR PARTY MEMBERS’ CHOICE FOR BY-ELECTION SEAT
Former President N. Enkhbayar is predictably emerging as the front runner for the MPRP candidate
at the parliamentary by-election from Chingeltei district. MPRP members in all the 19 sub-districts
in the constituency met last Saturday to express their preference, and with 86.4 percent of the
votes Mr. Enkhbayar was the clear winner among five probables. He was the first choice in 18 sub-
districts while Mineral and Energy Minister D.Zorigt won in one. Even though Mr. Zorigt won in one
sub-district, he was only fourth in the total count.
These five names were forwarded to the MPRP‘s city unit which then selected three of them to be

discussed at the party plenum on September 25. The three are Mr. Enkhbayar, Mr. Zorigt and a
member of the party‘s youth organization, Mr. G.Byambasuren. The by-election and the likely
choice of Mr. Enkhbayar have opened up differences in the MPRP. Mr. Zorigt may yet be the surprise
choice at the plenum as he has considerable support among leaders.
Source: Ardiin Erkh
LOST ELECTION WAS NOT FAIR, SAYS ENKHBAYAR
In an interview last week breaking his long public silence since losing the presidential election in
May, former President N.Enkhbayar revealed that he had conceded defeat even before the results
were formally declared despite there being ―enough reason to think the election had not been
fair‖. Saying that ―maybe one day my memoirs will give a full account of all that happened‖, he
said he took the decision, unprecedented in Mongolian history, ―against the wishes of many
ordinary voters and politicians‖, as his ―main consideration‖ was furthering the interests of
Mongolian democracy, and ―not clinging to power‖.
He felt election results are certainly important in a democracy, but ―so is the process that delivers
those results‖. The July 1 incidents had taken place as certain people placed their victory above
the principles of democracy, and ―my decision to concede without trying to dispute the results, was
also meant to show that the July 1 protests had been wrong and ill-advised‖. Mr. Enkhbayar
recalled Prime Minister S.Bayar telling him at the time that by conceding he had ―shown real
courage and acted like a real man‖.
Referring to the widespread perception that his own party was not united behind him during the
election, Mr. Enkhbayar said ―maybe it was really like that if so many people got that impression‖.
Asked if he would be the MPRP nominee at an ensuing by-election to Parliament, he said,
―Mongolian politics may do without Enkhbayar, but if my country wants to use my experience, my
knowledge of public affairs and my reputation in countries abroad, I‘m ready to serve it and give
everything I have. I don‘t have a right to refuse.‖
PRESIDENT’S AIDE RUBBISHES ENKHBAYAR’S CLAIMS
Mr. D.Dorligjav, Head of the President‘s Secretariat, has joined issue with former President
N.Enkhbayar on points of both fact and opinion as expressed in his interview with a Mongolian daily
that has created waves. Mr. Dorligjav wonders how the Russian President could establish there was
unpaid debt if, as Mr. Enkhbayar says, it had really been paid off. Mongolia certainly did not rake up
the issue, but merely accepted facts that had been concealed during Mr. Enkhbayar‘s watch.
Commenting on Mr. Enkhbayar‘s claim that the last Presidential election had been unfair, Mr.
Dorligjav recalled that in his speech conceding defeat, Mr. Enkhbayar had said he was ―respecting
the people‘s choice‖. Obviously the people‘s choice is not reflected in an unfair election. He also
rebutted the impression given by Mr. Enkhbayar that the release of prisoners under the amnesty law
had led to a great surge in crime. Statistics do not support the claim.
GEC TO TELL PRESIDENT THAT ERDENE IS WINNER FROM BAYANGOL
The General Election Committee decided yesterday to forward to President Ts.Elbegdorj the name
of Mr. S.Erdene as elected to Parliament from the 25th constituency of Bayangol district. The
President is now in the USA.
Mr. Erdene was declared a provisional winner when ballots were counted after the elections in June
last year, but no formal announcement was made. Instead he was arrested and jailed for electoral
malpractice, then acquitted of all charges after almost a year. If Parliament approves the GEC
decision, Mr. Erdene will be sworn in to become the 28th MP from the DP in the present House.
Source: Onoodor
ELBEGDORJ IN USA TO ATTEND UN ASSEMBLY
President Ts.Elbegdorj is now in the USA to participate in the 64th Session of the UN General
Assembly. His schedule there includes chairing a round table meeting on climate change. Several
media interviews have also been arranged. He will meet with UN Secretary-General Ban Ki-moon,
former U.S. President Bill Clinton, the Emir of Qatar Sheikh Hamad bin Khalifa Al-Thani, South
Korean President Lee Myung-bak, and investor George Soros.

He will also attend a reception hosted by President Obama.
POLICE DISPERSE NINJAS, BUT NOT FOR LONG
The gold fields in the three western provinces of Uvurkhangai, Bayankhongor and Govi-Altai can be
said to have fallen into the hands of artisanal miners whose numbers keep increasing with every
passing week. Local governments and the Emergency Authority chase them away, but both sides
know that is no permanent solution. In one such cleaning campaign in Govi-Altai recently over
10,000 ninjas threw stones to break a number of police car windows, and put up a long fight before
giving in. A 100-strong force seized the ninjas‘ metal detectors, as they melted away among the
local families. There they will hide for some time, until the police leave, and then prey upon the
land again to look for gold.
INDIA SHELVES PLAN FOR AIRBASE IN MONGOLIA
India appears to have shelved a proposal to have an airbase in Mongolia to increase its strategic
outreach in the Central Asian region, amid concerns that it could exacerbate tensions with China.
Mooted in 2004 during the Indian visit of the then Mongolian Prime Minister N. Enkhbayar in January
2004, the idea elicited a positive response in Mongolia, a country with which India has been rapidly
developing ties in the space and defense fields.
Besides providing enhanced reach to the Indian Air Force (IAF), the Mongolian base was seen as
giving India strategic leverage vis-a-vis China. Resource-rich Central Asia is also important for India
to secure its energy supplies. But the proposed airbase did not figure during the recently concluded
four-day visit of President Elbegdorj to India. Mr. Elbegdorj signed a civil nuclear pact with India.
Four other pacts were inked, including one to enhance defense cooperation.
These ties have steadily proliferated since the late 1990s as part of New Delhi‘s ‗Look East‘ policy
and strategy to build strategic ties with China‘s neighbors. And with China-Mongolian relations de-
emphasising Mongolian nationalism and focusing more on regional security cooperation, the Central
Asian country is keen to strengthen its ties with other countries as well.
Source: IANS
ULAANBAATAR DRAWING FEWER PEOPLE FROM THE PROVINCES
Migration to Ulaanbaatar from the provinces has been decreasing. From a peak of 74,847 people in
2004 the number dropped to 33,387 last year. In a further fall, the first half of this year saw just
13,503 people seeking registration to live in the capital city.
One reason for this may be that in the last few years living standards have markedly improved in
rural areas and the compulsion to seek a living elsewhere has weakened. The state has paid more
attention to develop both agriculture and animal husbandry in the provinces, and it has also
become easier for those with professional qualification to get a suitable job there. Another reason
could be that opportunities have become fewer in Ulaanbaatar, leading to a loss of allure.
Source: Zuunii Medee
UNDERGROUND WATER LEVEL GOING DOWN FAST
Participants at a conference on Tuesday on the Science and Technology of Urban Development
expressed concern about the ecological future of Ulaanbaatar. The city produces 49 percent of the
country‘s GDP and accounts for 70 percent of the national trade, postal, transport and other social
services. However, the city‘s survival can be at stake if steps are not taken to stop the steady
depletion of the underground water level at an alarming rate.
40,000 APARTMENTS PROGRAM NEARING SUCESSFUL COMPLETION
Minister for Road, Transport and City Development Kh.Battulga has reported to the Government
that the 40,000 Apartments program was nearing successful completion. The program began in 2004
and apartments for 31,550 households were constructed by 2008. Another 2,432 apartments were
finished in the first four months of 2009. The total number of available apartments would be 40,150
when 104 buildings that are 80 percent finished are finally completed.
The Apartment Investment Corporation was established with MNT28.3 billion from sale of

Government bonds and MNT4.4 billion from the Asian Development Bank. MNT 4.7 billion was given
to 278 citizens as long-term apartment loans.
MNT43.08 billion was spent from the state budget between 2004 and 2008 to support construction
work and develop infrastructure. A survey last year found there were 1,634 companies and 61,600
workers in the construction sector. Some 95 percent of post-construction repair work is done by
Mongolian companies, but foreign workers are needed for much of the initial building work because
of lack of skilled local workers.
The Minister said future plans included the following:
 Encouraging dispersal of the population from Ulaanbaatar by building more apartments in
other cities;
 Training construction workers, particularly in use of new technology;
 Establishing factories to produce construction material so that less will have to be
imported;
 Implementing real estate mortgage law and increasing availability of long-term, low-
interest loans;
 Implementing the Apartment Development Fund proposal, by using part of the mining
revenue to increase the buying capacity of low- and middle-income citizens.
PLANS DO NOT REFLECT REALITY
We have become used to hearing at regular intervals that some program of the Government has
been successfully implemented. However, the realities on the ground never appear to change. Even
after the ―successful completion‖ of projects like the Government‘s 40,000 Apartments,
Apartments of Government Employees, Turning Ger Districts into Apartment Districts, and
Improving the Condition of Ger Districts, the number of residents in ger districts has not decreased.
Indeed, there are now 10,000 more households after these projects were implemented. They are
held responsible for 80 percent of the air pollution of Ulaanbaatar. They, however, use only one
percent of the water consumed in the city.
The mismatch was emphasized once again when a new proposal was mooted to change the way the
low income households in ger districts live. The director of the Planning Department in the
Metropolitan City Development and Planning Authority has proposed building single-floor houses for
10 households on a plot of land now owned by one family. The project will be low-cost and soft
loans will be available for the people. This will decrease the number of chimneys.
The intentions are good, but will it work? How will the people be persuaded to give up their land to
live in a house without water or heating connection? Will it be easy to arrange for energy supply to
units built horizontally, not vertically?
Source: Ardiin Erkh
CHEAP COAL FOR GER DISTRICTS
Mineral and Energy Minister D.Zorigt has signed an agreement with City Mayor G.Munkhbayar on
cheap coal supply for the 160,000 ger district residents in Ulaanbaatar. Their winter demand is
estimated to be around 700,000 tons.
Each district will be supplied from one of the several State-owned coal mines near Ulaanbaatar.
Source: www.news.mn
FEWER FOREIGN WORKERS, FEWER DEPORTEES
The Foreign Citizens Authority has 35,000 workers from 108 countries registered with it. With the
construction sector still in the doldrums, the number has decreased this year. So has the number of
those deported for working here without valid papers. This is because the Chinese, who account for
the majority of workers in construction, also are the majority among those who violate terms of
working here. To avoid paying the legal fees, many Chinese enter Mongolia on a tourist visa for 30
days and then stay on illegally.
The problem, it seems, is not restricted to Mongolia. Thousands of Chinese workers in India may
have to head home if the Indian Government stays firm that they cannot continue working in the
country without employment visas. Beijing has sought more time from Delhi so that these Chinese
employees can get their business visas converted to employment visas, a long-drawn process that

can take up to a year. Delhi has held out so far, although it has set no concrete deadlines on when
the errant workers have to leave.
Only employment visas allow foreigners to draw regular salaries in India, but as getting them is
time-consuming, some 25,000 Chinese are working in India on business visas, valid for 60 days with
a multiple-entry provision. Most of them are professionals, engaged in engineering and technical
services in the petrochemical, power, gas and steel sectors. Only about 3,000 have applied for
employment visas.
Source: en.News.mn, The Telegraph, Kolkata
CHINA SPREADS AID, WITH A CATCH FOR RECIPIENTS
An aura of boosterism, secrecy and back-room deals has clouded China‘s use of billions of dollars in
foreign aid to court the developing world. China is using its enormous pool of foreign currency
savings to cement diplomatic alliances, secure access to natural resources and drum up business for
its flagship companies. Foreign aid — typically cut-rate loans, sometimes bundled with more
commercial lines of credit — is central to this effort. The results can be clearly seen in new roads,
power plants, and telecommunications networks, many financed with preferential loans from the
Chinese Government‘s Exim Bank.
Increasingly, though, experts argue that China‘s aid comes with a major catch: It must be used to
buy goods or services from companies, many of them state-controlled, that Chinese officials select
themselves. Competitive bidding by the borrowing nation is discouraged, and China pulls a veil over
vital data like project costs, loan terms and repayment conditions. Even the dollar amount of loans
offered as foreign aid is treated as a state secret.
Anticorruption crusaders complain that secrecy invites corruption, and that corruption debases
foreign assistance. ―China is using this financing to buy the loyalty of the political elite,‖ said Mr.
Harry Roque, a University of the Philippines law professor who is challenging the legality of
Chinese-financed projects in the Philippines. ―It is a very effective tool of soft diplomacy. But it is
bad for the citizens who have to repay these loans for graft-ridden contracts.‖
China has no specific law against bribing foreign officials. And the government seems none too
eager to investigate or punish companies it selects if they turn out to have engaged in shady
practices overseas.
Read more…
In fact, such secrecy runs counter to international norms for foreign assistance. In parts of the
world prone to corruption and poor governance, it also raises questions about who actually benefits
from China‘s projects. The answers, international development specialists say, are hidden from
public view. ―We know more about China‘s military expenditures than we do about its foreign aid,‖
said Mr. David Shambaugh, a China scholar. ―Foreign aid really is a glaring contradiction to the
broader trend of China‘s adherence to international norms. It is so strikingly opaque it really makes
one wonder what they are trying to hide.‖
Source: The New York Times
ANNOUNCEMENT
“MM TODAY” ON MNB-TV
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 for 9:15 PM tonight. Tune in to watch this program that reports stories from today‘s BCM
NewsWire.
_____________________________________
CHINA EURASIA INVESTMENT FORUM IN BEIJING
The first China Eurasia Investment Forum (CEIF) will be held on October 23 in Beijing. With focus
on investment trends and opportunities in China and the Eurasia region (Russia, Central Asia and
Mongolia), CEIF aims to become an international forum of decision-makers on growing trade and
investment links between China and the Eurasian countries.

More than 200 participants are expected to attend, including senior government officials from
China, Russia, Kazakhstan, Mongolia, Turkmenistan, Uzbekistan, Azerbaijan and Iran as well as
executives from sovereign wealth funds, major resources companies, international development
agencies, stock exchanges, investment funds, private equity groups, investment banks and
international media.
Source: www.ceif2009.com
SPONSORS
ECONOMIC INDICATORS
MSE WEEKLY REVIEW
For the week ended September 18, 2009, trading activity on the Mongolian Stock Exchange (MSE)
totaled 551,700 shares with 34 companies traded. Total market value of transactions was MNT
283.6 million. Total market capitalization of the 358 stock companies listed on the MSE was MNT
660.3 billion, and increased by MNT 89.1 billion or 15.6% from the previous week.
The Top-20 Index increased by 1,027.04 points or 16% compared to the previous week, closing at
7,462.32 points. The MSE Composite Index increased by 372.72 points or 12.3% compared to the
previous week, closing at 3,394.35 points.
Most active stocks traded were: Khuh gan (236,800 shares), Baaz (68,200 shares), UID (53,400
shares), Hermes (42,000 shares), and Moningbar (26,900 shares).
Major share price percentage gainers were: Mon.Tsakh.Kholboo (67.4%), Baganuur (56.8%), UB Hotel
(51.4%), Darkhan Nekhii (43.8%), and Bayangol Hotel (43.1%). Major share price percentage losers
were: Naco tulsh (25 %), APU (4.5%), and Auto impex (1.8%).

INFLATION
Year 2006 6.0% [source: National Statistical Office of Mongolia (NSOM)]
Year 2007 *15.1% [source: NSOM]
Year 2008 *22.1% [source: NSOM]
August 31, 2009 *0.6% [source: NSOM]
*Year-over-year (y-o-y)
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 to present 11.50% [source: IMF]
CURRENCY RATES - September 24, 2009
Currency name Currency Rate
US dollar USD 1427.00
Euro EUR 2115.00
Japanese yen JPY 15.79
British pound GBP 2345.00
Hong Kong dollar HKD 189.00
Chinese yuan CNY 210.50
Russian ruble RUB 47.30
South Korean won KRW 1.22
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.

25.09.2009, NEWSWIRE, Issue 87

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25.09.2009, NEWSWIRE, Issue 87