The document provides a summary of business and economic news from Mongolia. It discusses Mongolian Mining finalizing a debt restructuring plan, a report calling the Northern Rail Corridor a competitive route for China-Europe trade, an oil explorer abandoning its operations in Uvs Aimag, a miner dying in an accident at a Chinese-owned mine, and a Japanese ramen chain considering expanding to Mongolia and Greece. It also summarizes Mongol Bank currency auctions and procurement of gold, the tugrik reaching a new low against the dollar, and Mongolia rejecting most project funding requests in its 2017 budget.
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BCM NewsWire Issue 451
1. BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 451 ā November 4, 2016
BCM NewsWire provides short summaries of news collected from around the world. Each
article is kept to a maximum of 150 words for brevity, but click on the link next to
āSourceā to read the full article.
NEWS HIGHLIGHTS:
Business:
ā¢ Mongolian Mining finalizes plan for debt restructuring
ā¢ Report calls Northern Rail Corridor āCompetitiveā for China-Europe trade
ā¢ Oil explorer leaves site
ā¢ Miner dies in accident
ā¢ Japanese ramen chain eyes Mongolia, Greece in overseas expansion
ā¢ AsianDate turns the focus on Mongolia this November
ā¢ NAMBC board meets PM
ā¢ Mongolian investment pitch met with skepticism
ā¢ A bailout alone wonāt save the economy, Bogd Bank CEO says
ā¢ Mobicom works with Zoological Society for protecting Mazaalai
ā¢ Engie seeks to power Asia with gas, renewables
ā¢ World Vision and companies āSpread the WarmthāāVIDEO
Economy:
ā¢ Mongol Bank: FX Auctions, swaps, T-bills
ā¢ Mongol Bank procures 13.7 tons of gold
ā¢ Mongol Bank to expand currency swap deal with PBOC
ā¢ Tugrik reaches new low against dollar
ā¢ IMF bailout could end tugrikās downward spiral
ā¢ 2017 budget rejects most project proposals
ā¢ China-Mongolia ports promote border business
ā¢ Wheat harvest sufficient enough to cover domestic flour
ā¢ Ganbaatar is Parliamentās richest, IAAC reports
ā¢ Chinggis Khaan International to become aviation training center
ā¢ Grant signed to improve disaster resilience for herders in Mongolia
ā¢ Mongolia sees slight drop in gender equality rank
ā¢ In rural Mongolia, global health students look for dangerous pathogens
ā¢ Electricity costs halved during nighttime
ā¢ UBās overcrowded schools forced to teach students in shifts
ā¢ N. Korea sounding out labor export to Mongolia
ā¢ LMEWEEK-Copper market seen 'broadly balanced' in 2016, 2017
ā¢ Among Mongoliaās solutions to debt crisis: reprofilingāEDITORIAL
2. Politics:
ā¢ Finance minister has a plan to overcome economic difficulties
ā¢ Investor confidence is priority No. 1, PM says
ā¢ Government bans solicitation for organ donors
ā¢ Parliament to receive WTO agreement for ratification vote
ā¢ Parliament consider new anti-corruption program
ā¢ Family members say Suspects were framed for Zorig assassination
ā¢ Former vice minister to see trial for corruption allegations
ā¢ 42 journalist attacked last in 2015, report says
ā¢ Turkey wants Mongolia to shut down Turkish schools
BCM Updates:
ā¢ Working Groups News
ā¢ Job vacancies at member organizations
ā¢ Member-to-Member Special Offers & Benefits
ā¢ Websites Update - Presentations, Mongolia Reports, Interviews
Economic Indicators:
ā¢ Inflation
ā¢ Central Bank Policy Rate
ā¢ Currency Rates
*Click on titles above to link to articles.
SPONSORS
Khan Bank Wagner Asia Automotive
National News Corporation International SOS
BUSINESS
MONGOLIAN MINING FINALIZES PLAN FOR DEBT RESTRUCTURING
Mongolian Mining Corp. has concluded discussions for enacting a debt restructuring that it
says will safeguard its ability to continue to trade as a going concern and send maximum
3. returns to the creditors. The restructuring proposal gives lenders and QGX the
outstanding principal amount and the interest accrued but unpaid under their
respective indebtedness.
Source: Mongolian Mining Corp.
REPORT CALLS NORTHERN RAIL CORRIDOR āCOMPETITIVEā FOR CHINA-EUROPE TRADE
A new reported has called the so-called Northern Rail corridor that Australia-listed Aspire
Mining Ltd. is raising funds to build possibly the quickest and most-economical route
between China and Europe. The project could become a key route for trade between Asia
and Europe, as well as between Russia and China based on the finding in the report by
European logistics specialists TransCare GmbH. An extension to the Russian city Kyzyl, for
example, and the Elegest coal basin would provide competitive access to trade with China,
according to the report.
Source: Aspire Mining Ltd.
OIL EXPLORER LEAVES SITE
An oil explorer has abandoned its operations at Uvs Aimag and has threatened to sue local
authorities for USD1.8 million. Authorities have accused Mongolia Gladwill Uvs Petroleum,
which is exploring for oil in an area roughly about a third of the entire province and
spanning multiple counties, of violating both Mongolian and international law. A working
group under the governorās office at Uvs last September launched an investigation into
Mongolia Gladwill that has cited 13 types of violations.
Those violations include a lack of transparency into its operations for the public and
operating without permission from the local government at Tes Soum. They also say the
exploration threatens Uvs lake, which is included on the UNESCO list of world heritage
sites. Mongolia Gladwill has threatened legal action in response to a written order from
the governor of ZuunGobi Soum to halt its operations, and took down its camp sites after
two months of disputes.
Source: Zuunii Medee
MINER DIES IN ACCIDENT
A miner has died while working at a mine owned by the Chinese company Shin shin from
alleged negligence. A man only identified as O, 25, was killed in an accident involving a
truck while working underground at the mine before it was approved for operation from
the state commission. The accident is the second at the mine after a previous incident
resulted in a severe injury for one worker.
The company has been accused by locals of damaging the environment, but has never had
its work suspended by local authorities.
Source: Unuudur
JAPANESE RAMEN CHAIN EYES MONGOLIA, GREECE IN OVERSEAS EXPANSION
A ramen restaurant chain operator in Japan is going off the beaten path to target markets
including Mongolia and Greece, with unique menu tweaks such as use of lamb in Mongolia.
Tentakaku, which operates the Menya Iroha ramen restaurant chain based in Toyama
Prefecture, plans to open its first outlet in Ulaanbaatar, where it will feature lamb for
toppings and soupsāan unconventional choice for the Japanese noodle-in-soup bowl.
"Lamb is a favorite meat in Mongolia, and our trial ramen was received very favorably,"
according to a spokesperson.
4. The game plan is to strike franchise deals with local companies to open outlets in Greece,
Mongolia and Taiwan by the end of fiscal 2016 for an accelerated expansion in the
respective areas. The company is in a final phase of negotiations with a local partner in
Mongolia, according to the spokesperson.
Source: Nikkei Asian Review
ASIANDATE TURNS THE FOCUS ON MONGOLIA THIS NOVEMBER
AsianDate looks to inspire November romance among members by focusing on intriguing
Mongolia. AsianDateā a dating service for singles looking for Asian matchesā is turning its
attention on Mongolia this November. The combination of its intriguing culture and
incomparable natural beauty makes Mongolia one of the top Asian destinations for the
adventurous traveler. One of the top places to visit in Mongolia is the countryās capital
city, Ulaanbaatar, for sights including the Genghis Khan statueā the Choijin Lama Temple
Museum and the Zaisan Memorial. Terelj National Park is another located in one of the
most scenic areas of the country and the Hustai National Park, which is home to many wild
horses.
Each month, AsianDate aims to share more about its international dating service by
focusing on different countries in Asia to boost knowledge about the peopleā cultures and
traditions of Asia.
Source: Digital Journal
NAMBC BOARD MEETS PM
The North America-Mongolia Business Council (NAMBC) has expressed cautious optimism
about Mongoliaās economic recovery and the governmentās commitment to welcome back
foreign direct investment. After leading a delegation of the groupās board of directors for
four days of talks in October with senior Mongolian Government leaders, including Prime
Minister Jargaltulga Erdenebat, NAMBC Chairman Frank Herbert said he was āimpressedā
with the sincerity of the governmentās ārenewed commitment to stability, consistency,
and transparency.ā
Herbert also noted with approval the extent of sharp official focus on moving forward on
essential infrastructure and big mining projects, ratifying the Mongolia-Canada Foreign
Investment Protection and Promotion Agreement (FIPA), implementing the US-Mongolia
Transparency Agreement, improving the regime for the mining sector, revising the 2009
Customs Law to remove WTO-inconsistent language requiring Certificates of Origin for all
imports, improving the nationās image for foreign investors and dealing with the nationās
debt and fiscal situation.
Source: NAMBC
MONGOLIAN INVESTMENT PITCH MET WITH SKEPTICISM
The Mongolian economy is undergoing restructuring and belt tightening years since it fell
from its status an investors darling. Officials who came to Hong Kong this week to woo
investors to reignite interest were met with an unhappy and unenthusiastic audience "I am
very angry about this," said Thomas Hugger, chief executive and fund manager of Asia
Frontier Capital, who raised his recent experience of being blocked from trading for about
two months.
The Hong Kong-based fund manager was neither able to buy nor sell any shares as the local
stock broker that it uses was suddenly suspended from trading. On top of that, claims
addressed to the regulator and the exchange were ignored, Hugger said. Altai, who was
5. not at the exchange during the episode, accepted Hugger's complaint and vowed to
"carefully examine" the case. "Mongolia as a country has learned a lesson. Maybe based on
that, proper decisions will be made."
Source: Nikkei Asian Review
A BAILOUT ALONE WONāT SAVE THE ECONOMY, BOGD BANK CEO SAYS
A bailout strategy that doesnāt underpin growth on the back of Mongoliaās natural
resources wonāt solve Mongoliaās problems, according the head of Bogd Bank. Whether it
be the International Monetary Fund, China or any other partners bailing out Mongolia, the
country will have pull in foreign investment to its mining sector to halt the tugrikās tumble
and revive growth, said G. Saruul, chief executive officer of Bogd Bank. āTo ameliorate
that growing (debt) burden upon our citizens, we should as a matter of urgency embark
upon a dual policy of identifying means whereby the country could now monetize some
elements of our huge endowment of mineral resources while actively stimulating foreign
direct investment flows.ā
Established in 2014, Bogd Bank was the result of a split from split with Bodi Group. Today
it seeks to uphold the highest standards in Mongoliaās banking sector following scandals
and bankruptcies at commercial banks in recent years, said Saruul. Our motto is quite
simple; it is āinspiring trust,āā he said.
Source: Ikon News
MOBICOM WORKS WITH ZOOLOGICAL SOCIETY FOR PROTECTING MAZAALAI
Mobicom Corp. has agreed to work alongside the Zoological Society of London to protect
the rare Gobi bear. Mobicom has worked with the government since 2015 for programs
that aim to protect the bear known as Mazaalai in Mongolia, and also plans to cooperate
with the World Wide Fund. Experts believe there to be as many as 35 left.
Mobicom has collaborated on five projects that aim for research and improving its habitat.
Work to improve the environment for the bear included climate modification for increased
rainfall and growing more plants that the bear eats, while researchers have installed 15
motion sense cameras. This year, officials reported three Gobi bear babies have been
born.
Source: Mongolia.GoGo.mn
ENGIE SEEKS TO POWER ASIA WITH GAS, RENEWABLES
France's Engie, the world's largest independent power producer, is rolling out natural gas
and renewable power projects across Asia-Pacific as it gradually exits coal-fired power
generation in the region. "We will go to low carbon solutions... it's not sure that coal
power plants will remain sustainable for (the next) 30 years," Engie Asia Pacific's President
and Chief Executive Officer Jan Flachet said.
Renewables accounted for more than half of net annual additions to power capacity and
overtook coal in terms of cumulative installed capacity in the world for the first time in
2015, the International Energy Agency said this week. Natural gas would remain important
to resolve intermittent power generation issues from renewables, he said.
Source: Reuters
WORLD VISION AND COMPANIES āSPREAD THE WARMTHāāVIDEO
World Vision is working with local companies Air Market LLC and Tenkhleg Zuuch to keep
children warmer this year with new winter gear. More than 28 percent of Ulaanbaatar's
6. population is under 15, and about 20 percent of children live in poverty. World Vision is
accepting donations to hand out scarves, hats, mittens and socks made to children in the
ger districts at the capital and Uvurkhangai Aimag. World Vision has taken donations from
its own employees as well as Air Market and Tenkhleg Zuuch for the program.
World Vision and its partners are also accepting cash donations from the public. Donated
goods are made from Mongolian sheep wool at the local factory Mungun Pyramid.
Watch the full video in English or Mongolian.
Source: World Vision
ECONOMY
MONGOL BANK: FX AUCTIONS, SWAPS, T-BILLS
The Bank of Mongolia on 1 November sold USD46 million and CNY103 million to commercial
banks at currency auction for closing rates of MNT2,380 and MNT348, respectively. Also
that day, it rejected an equivalent of USD44 million in tugrik swap agreements.
On 2 November, the central bank received MNT30 billion in bids for 28-week bills with a
face value of MNT20 billion at a discounted price and weighted average yield of 16.89
percent. It received MNT20 billion in bids for 52-week bonds with a face value of MNT20
billion that was sold at a discounted price and weighted average yield of 19.995 percent.
Source: Bank of Mongolia
MONGOL BANK PROCURES 13.7 TONS OF GOLD
The Bank of Mongolia has bolstered its gold reserves by to 13.7 tons in the first nine
months of 2016. This year the Bank of Mongolia has bought about 9.3 percent less from
what it purchased during the same period in 2015āwhich was an all-time high of 15.1 tons.
Source: Montsame
MONGOL BANK TO EXPAND CURRENCY SWAP DEAL WITH PBOC
The Bank of Mongolia said it will expand a currency swap agreement with the Peopleās
Bank of China (PBOC) to CNY25million, paving the way for more yuan-based trade
settlements amid a balance of payments squeeze. The ongoing CNY15 million currency
swap agreement between the two central banks is scheduled to expire in 2017.
The IMF added the Chinese yuan to its basket of reserve currencies last month. China has
stepped up efforts to promote the yuan's use in cross-border trade and finance to reduce
its reliance on the U.S. dollar in the wake of the global financial crisis. The increased
circulation of the yuan offshore is also key to China's efforts to internationalize its
currency. In recent years, the People's Bank of China has established bilateral currency
swap agreements with a number of central banks, including those of Hong Kong, South
Korea, Malaysia, Indonesia, Belarus and Argentina.
Source: News.mn
TUGRIK REACHES NEW LOW AGAINST DOLLAR
The tugrikās exchange rate hit a new low against the U.S. dollar this week, falling to
MNT2,400 at the black market currency exchange called Naiman Sharga. The exchange
rate posted by the Mongolia fell to MNT2,385 for buying dollar versus on Naiman Sharga on
1 November MNT2,400 for selling.
This month. the tugrik has also depreciated against the yuan, by 2 percent.
Source: Unuudur
7. IMF BAILOUT COULD END TUGRIKāS DOWNWARD SPIRAL
Economists are hoping that a standby agreement with the International Monetary Fund will
help slow down or even halt the tugrikās downward spiral based on historical precedent.
Mongoliaās draw from an IMF standby agreement in 2009 was followed by a 12.5 percent
appreciation of the tugrik against the U.S. dollar. In 2009, Mongolia accepted USD200
million from the IMF and USD100 million from the World Bank, JICA and Australia.
Observers have speculated that a bailout from the IMF could lift the tugrik to MNT2,000
versus the dollar, compared with todayās price hovering around MNT2,400.
Source: Montsame
2017 BUDGET REJECTS MOST PROJECT PROPOSALS
Mongolia has had to reject 85 percent of government funding requests for project
development as it projects for more realistic investment plans in todayās troubled
economy. Mongolia is prepared to invest MNT547 billion out of a total MNT3.8 trillion
requested from various agencies. Spending plans include MNT259.1 billion for the
governmentās own infrastructure projects, MNT115.4 into concession projects where the
government will team up with private companies, and MNT172.8 billion to be granted to
the Development Bank of Mongolia.
Source: Undesnii Shuudan
CHINA-MONGOLIA PORTS PROMOTE BORDER BUSINESS
North China's Inner Mongolia Autonomous Region has seen a trade surge in the first three
quarters following the development of China-Mongolia border ports, authorities said
Monday. According to the figures released by the regional commercial department, nearly
30 million tons of freight was exported or imported between the two countries via the 10
ports in Inner Mongolia from January to September, up 32.3 percent year on year.
Mongolian businessman Menggen Shaga was delighted as a new policy has helped halve his
trips to buy commodities at Erenhot, the largest port along the China-Mongolia border, to
half a day. Enacted in May, customs clearance, quarantine and inspection have all been
combined and cut down on wait time. clear all of the port's procedures. "The new policy
simplifies everything and saves me time," he said.
Source: Ecns.cn
WHEAT HARVEST SUFFICIENT ENOUGH TO COVER DOMESTIC FLOUR
Mongoliaās wheat harvest this year should be enough to cover domestic demands,
according to the Ministry of Food, Agriculture and Light Industry, which should help
prevent the natural disaster known as the dzud. Mongolia will also have 120 million tons of
grain from Russia. Wheat is currently being sold at USD150 a ton compared with between
MNT500 and MNT550 in Mongolia.
Last year, a drought severely cut wheat production, which made animal feed scarce for
herders. More than 800,000 livestock died amid tough winter conditions exacerbated by
the shortfall. That compared with nearly 10 million in the 2009-2010 winter.
Source: Montsame
GANBAATAR IS PARLIAMENTāS RICHEST, IAAC REPORTS
J. Ganbaatar is todayās wealthiest MP, earning a whopping MNT10.3 billion in 2015,
according to the income statements released by the Independent Agency Against
8. Corruption. Lawmakers submitted their 2015 income declarations shortly after being voted
in office last June. Ganbaatar earns about twice as much as G. Batkhuu, who was the
highest-earning MP in the last government.
The minister of environment, MP A. Sukhbat, led the pack in terms of assets, with two
commercial properties worth MNT9.3 billion, and MNT2.2 billion in jewelry. B. Narankhuu
had the largest savings worth MNT21.19 billion. He also had the most cars, with five cars
worth MNT1.185 billion, including a Rolls-Royce Phantom.
Source: UB Post
CHINGGIS KHAAN INTERNATIONAL TO BECOME AVIATION TRAINING CENTER
Chinggis Khaan International Airport will become an aviation training center following the
completion of the new airport under construction at Khushig Valley, according to the
minister of roads and transportation. Currently, over 3,000 pilots are needed in China and
South Korea, opening up and opportunity for Mongolia, said Minister D. Ganbat. New pilots
are trained in the United States and Canada, but is expensive at costs between
USD100,000 and USD150,000 per pilot.
The new international airport is currently under construction 52 kilometers south of
Ulaanbaatarās city center in Sergelen Soum, Tuv Aimag. Construction commenced in May
2013, and is expected to be completed by December 2016.
Source: News.mn
GRANT SIGNED TO IMPROVE DISASTER RESILIENCE FOR HERDERS IN MONGOLIA
The Asian Development Bank (ADB) and the Mongolian government on 28 October signed a
USD3 million grant to pilot community-based approaches to disaster risk management in
parts of Dornod, Gobi-Altai, Khuvsgul and Sukbaatar Aimags to increase herdersā resilience
to dzuds, fires, and other disasters. The grant is funded by the Japanese government-
financed Japan Fund for Poverty Reduction (JFPR), which over the past 16 years has
supported projects in Mongolia dealing with poverty alleviation, community development,
livelihoods, and the environment.
āThe Strengthening Community Resilience to Dzud and Forest and Steppe Fires Project is
the first in Mongolia to introduce a bottom-up institutionalized approach for involving rural
communities in disaster risk managementāan undertaking that will help strengthen the
capacity of herders and local disaster risk management administrations to manage risks of
dzud and forest and steppe fires in some of the more vulnerable and poor areas of
Mongolia,ā said ADB Country Director Yolanda Fernandez Lommen.
Source: Reliefweb
MONGOLIA SEES SLIGHT DROP IN GENDER EQUALITY RANK
Mongolia has fallen two places in a index measure gender equality. Mongolia ranked 58th
out of 448 countries in the World Economic Forumās (WEF) index of nations based on the
gender gap in key areas such as economy, politics and education. This yearās index
highlighted that the global gender gap had widened to its largest degree since 2008.
Mongolia is one of the āfive most-improved countries over the past decade on the health
and survival gender gapā, according to the Global Gender Gap Report 2016 of the WEF.
Mongolia received an overall score of 0.705 for gender parity, a small decrease in its
overall score from a widening of gender gap among legislators, senior officials and
managers. In the East Asia and Pacific region, Mongolia ranked sixth, faring better than
more economically developed countries such as China and Japan. The Philippines came in
9. first in the regional ranking and in seventh in the global ranking.
Source: UB Post
IN RURAL MONGOLIA, GLOBAL HEALTH STUDENTS LOOK FOR DANGEROUS PATHOGENS
The fortified Toyota Land Cruiser slipped and bounced in the muddy hollows of the rain-
drenched Mongolian steppe. The driver slowly engineered the vehicle along what just two
days earlier was a dusty pair of dirt tracks. In the back seat of the Cruiser, Duke master of
science in global health students Laura Pulscher and Thomas Moore braced themselves
during the ride, relaxing when the vehicle stopped to ask a goat herder for directions.
Moore and Pulscherās individual projects differed, but the studentsā goals were the same:
to detect in rodentsā blood and ticks the presence of dangerous pathogensāBorrelia (Lyme
disease), Rickettsia (spotted fever), and anaplasma (blood disease seen mostly in livestock
but can cause mild fever in humans) ā and share lab results with local health officials and
veterinarians. āObserving these diseases as they circulate throughout wildlife and livestock
has a tremendous impact on the health and welfare of humans here,ā Moore said.
Source: Duke Today
ELECTRICITY COSTS HALVED DURING NIGHTTIME
Consumersā energy costs in Ulaanbaatar will be cut in half during night, authorities have
announced, in an attempt to cut down on air pollution from the cityās so-called ger
districts. The price for consumed energy will be cut in half beginning from 31 March as a
measure to help reduce the amount of coal, wood and more that must be burned by
residents who do not have access to the cityās utilities. Those who live in the gers at
neighborhoods throughout the city will be encouraged to use electric heat instead of their
stoves with the discounted price available between the hours of 21:00 and 06:00.
Source: Montsame
UBāS OVERCROWDED SCHOOLS FORCED TO TEACH STUDENTS IN SHIFTS
Some secondary schools are dealing with overcrowded classroom by teaching different
students at different times of the day. Some classrooms in schools throughout Mongolia
have more than 50 standards, while national standards require no more than 35. School
No. 67 in Bayankhoshuu, which has nearly twice as many students as its capacity, and
many others are dealing with the problem by holding a full dayās of classes in morning and
evening shifts. At school No. 67, for example, classes are held from from 08:00 to 13:00,
13:00 to 17:00, and 17:00 to 20:20.
However, this is not an ideal situation for children with parents who work past 20:00, as
itās already dark for them when they start walking home. The colder weather wants winter
ramps up adds to the danger. Itās also making it impossible from hosting extra-curricular
activities.
Source: Udriin Sonin
N. KOREA SOUNDING OUT LABOR EXPORT TO MONGOLIA
North Korea is seeking ways to export its workers to Mongolia as the central Asian country
is recruiting foreign laborers to work at its mines, a U.S. broadcaster, monitored here, said
Wednesday. "(As far as I know), the North Korean authorities recently set up ways to make
use of its workforce, and keeps trying to make contacts with the Mongolian side," the
Radio Free Asia (RFA) cited a Mongolian construction official as saying over the phone.
Mongolia began to hire North Korean workers en masse in 2008, and such employment
10. peaked with 5,000 in 2013. At present, however, the number of North Korean workers
working in Mongolia has decreased to some 1,000 due to an economic slump that hit the
central Asian nation in 2014.
Source: Yonhap
LMEWEEK-COPPER MARKET SEEN 'BROADLY BALANCED' IN 2016, 2017
Global demand for copper is expected to broadly meet supply in 2016 and 2017, while
there is a chance of stronger-than-expected consumption in top user China, an industry
body said on Friday. The International Wrought Copper Council (IWCC) sees a modest
120,000-ton deficit this year, narrowing to 60,000 tons in 2017. "Forecasts therefore
suggest that in both 2016 and 2017 the copper market will be broadly balanced," the IWCC
said in a statement.
Refined copper production in 2016 is expected to rise 2 percent from the year before to
22.38 million tons, while global demand for refined copper will climb 2.6 percent to 22.26
million tons. For 2017, the body sees refined copper output at 22.77 million tons, growing
1.7 percent compared with 2016, with demand climbing 2 percent to 22.71 million tons.
Demand in top consumer China is set to hit 10.5 million tons this year, up 4.1 percent on
last year, with 2.4-percent growth next year to 10.75 million tons.
Source: Reuters
AMONG MONGOLIAāS SOLUTIONS TO DEBT CRISIS: REPROFILINGāEDITORIAL
Mongolia is not the only nation in economic crisis because the slump in commodity prices
have left many commodity-driven economies in distress. A number of finance ministers
came to Washington D.C. for the Annual and Spring Meetings of the International Monetary
Fund (IMF) and the World Bank Group, with similar agendas to Mongolia for negotiating
crisis assistance.
Based on past practice, Mongolia faces a decision between three options: refinance,
restructure or a reprofiling. Re-profiling is a less severe form of restructuring where there
is no change to the principal or the coupon rate (some cases), but the date of maturity is
extended for a period of 3-5 years (Extension Period). A reprofiling with the IMFās backing
seems to be the best of the three options for Mongolia.
Source: NAMBC
POLITICS
FINANCE MINISTER HAS A PLAN TO OVERCOME ECONOMIC DIFFICULTIES
The minister of finance has presented a draft of a new Program on Overcoming Economic
Difficulties and Stabilization as a means of lifting the economy as it flatlines this year. The
program includes over 60 policy proposals designed to stabilize the Mongolian economy,
assist with economic restructuring, and securing sustainable growth and 3 percent
economic growth in 2017. This is be accomplished by coordinating monetary and budget
polices, and attempts to increase foreign exchange. Growth of 5.1 percent is targeted in
2018 and 7.1percent in 2019. Better infrastructure, transportation and non-extractive
exports are expected to contribute to growth.
The program aims to increase annual FDI investment to USD2 billion to MNT3 billion. It lays
out growth of 20,000 jobs each year between 2017-2019 and aims for 8 percent
unemployment by the end of 2019. The processing industry is expected to grow by 6.3
percent by 2019. Exports were estimated to be USD5.4 billion in 2019, alongside USD5.5
11. billion in imports.
Source: Lehman Law
INVESTOR CONFIDENCE IS PRIORITY NO. 1, PM SAYS
Taxes will be cut and foreign investment will be encouraged to pull Mongolia out of its
economic slow down, said Prime Minister Jargaltulga Erdenebat in a press conference. The
cabinet has revised the 2016 government budget and craft the the 2017 budget
assumptions quickly along with a economic recovery program, he said.
The prime minister said that in the past 100 days, the tax accounts of 3,993 entities had
been re-opened so that they could receive social insurance and income tax returns. The
Cabinet Secretariat has also presented to Parliament amendments to the law on
companiesā income tax to include tax cuts for companies with annual sales income of less
than MNT1.5 billion.
Source: Montsame
GOVERNMENT BANS SOLICITATION FOR ORGAN DONORS
A new amendment for Parliament to vote on, if passed, would ban solicitation for organ
donations in an effort to combat human-trafficking rings. The legislation would ban all
advertisements seeking procurement of human organs. It also sets out to encourage organ
transplants at home.
Source: Montsame
PARLIAMENT TO RECEIVE WTO AGREEMENT FOR RATIFICATION VOTE
The agreement signed at Morocco in 1994 established the World Trade Organization came
out of the General Agreement for Tariffs and Trade as well as other for trade in services,
sanitation, intellectual property and dispute resolution. The Cabinet Secretariat on 2
November pushed forward the Marrakesh Agreement for ratification by Parliament for
ratification.
The agreement has been ratified by 89 of the 164 countries that have signed it.
Source: Montsame
PARLIAMENT CONSIDER NEW ANTI-CORRUPTION PROGRAM
Parliament has created a task force to prepare a draft program for combating corruption.
The Anti-Corruption Law established the Independent Authority Against Corruption in 2007,
charged with the functions to raise anti-corruption public awareness and education, and
corruption prevention activities, and to carry out under-cover operations, inquiries and
investigations in detecting corruption crimes, and to review and inspect the assets and
income declarations.
Source: Lehman Law
FAMILY MEMBERS SAY SUSPECTS WERE FRAMED FOR ZORIG ASSASSINATION
Family members have come out to proclaim the innocence of individuals officials believe
may be related to the assassination of the renowned politician and democratic
revolutionary figure Sanjaasuren Zorig. B. Sodnomdarjaa and T. Chimgee have been in
detention since 2015 while theyāre being investigated for the crime. But according to his
mother, Sodnomdarjaa was at home and working with his father on their farm when Zorig
was killed on 2 October 1998. T. Khurelbat, said his brother Chimgee has been framed by
their familyās adopted son, Amgalanbaatar. He added that Amgalanbaatar used to live
12. close to Sodnomdarjaaās family.
B. Bulgan, the widow of the assassinated politician, was released from jail due to health
issues in September. She had been in solitary confinement for 10 months without being
charged. According to unofficial sources, Bulgan was being investigated for concealing
information about S.Zorigās murder and giving false statements about her husbandās death
in court 17 years ago.
Source: News.mn, 2
FORMER VICE MINISTER TO SEE TRIAL FOR CORRUPTION ALLEGATIONS
A former vice minister of energy, D. Dorjpurev, may see trial for corruption allegations
from the Independent Agency Against Corruption . The Prosecutors Office has received
case files from the anti-corruption group that allege Dorjpureve took funds from a project
to install a 50-megawatt expansion for Thermal Power Plant No. 3 while he was vice
minister. Between USD500,000 and USD1 million worth of the USD35 million alloted to the
project must be accounted for, anti-corruption authorities say. Another allegation is
Dorjpurev awarded a contract to Chinese Hunan Industrial Equipment Installation without
any public tender for bribes in return.
D. Dorjpureve and two others were arrested for alleged fraud and embezzlement on 21
September.
Source: Unuudur
42 JOURNALIST ATTACKED LAST IN 2015, REPORT SAYS
Forty-two journalists were attacked last year, according to the Press Freedom report from
Globe International. The report said that 75 percent of offenders in the incidents worked
for government, including public officials.
Source: Unuudur
TURKEY WANTS MONGOLIA TO SHUT DOWN TURKISH SCHOOLS
The incumbent Turkish ambassador in Mongolia is prodding Mongolian officials to shut
down Turkish schools and companies. The schools are part of a vast global network of a
U.S.-based cleric, arch nemesis of the Turkish president, and have ranked as Mongoliaās
leading private educational facilities for many years. Since the failed military coup
attempt, Turkey has escalated its full-fledged campaign to put pressure on dozens of
countries to curb activities of a movement led by Fethullah Gulen, who is living in a self-
imposed exile in rural Pennsylvania.
Turkish lawmakers planned to visit Ulaanbaatar this week, and the most important item on
the agenda is closing Gulenās school. Last month, Turkeyās Ambassador to Mongolia, Murat
Karagoz, acknowledged that he officially notified the Mongolian authorities about the
āupcoming dangerā Gulenists posed to Mongolia and that he continues to warn the
Mongolian people through the media.
Source: Turkey TMS
BCM WORKING GROUP NEWS
- Risk Working Group meeting on āDraft Amendments to Law on Disaster Protectionā 13
October 2016
- Business Ethics Working Group meeting āThird Party Bribery Risksā 27 September 2016
13. - Education & Innovation Working Group Meeting on āOpportunities for Fostering
Innovation in the Mongolian Marketā 22 September 2016
- Energy & Environment Working Groupās consultation meeting with J.Batbayasgalan,
Deputy Governor of Capital City on āMUNICIPALITYāS ACTION PLAN FOR THE NEXT 4
YEARSā, 15 September 2015
- Business Ethics Working Group Meeting on āCSR, GIFTS AND HOSPITALITY POLICYā, 7 June
2016
- Capital Markets Working Group Meeting on āOYU TOLGOI UNDERGROUND PROJECT
FINANCINGā, 5 April 2016
- Tax Working Group Meeting on āVAT LAWā, 2 March 2016
JOB VACANCIES AT MEMBER ORGANIZATIONS
- B Production is hiring Accountant. For more information, please contact at
azbayar@bproduction.mn
- Transwest Mongolia LLC is hiring Project Product Support Representative. Deadline for
application: Nov 04, 2016. For more information, please contact at careers@transwest.mn
- Sandvik Mongolia LLC is hiring Order Desk. Deadline for application: Nov 09, 2016. For
more information, please contact at +976 7012 1930
- World Vision is hiring Partnership Coordinator. Deadline for Application: 08 Nov 2016 and
for more information, please contact at : 7015-5323 /ext124, 125, 128/
Please click here to view full list of Job Vacancies at member organizations.
MEMBER-TO-MEMBER SPECIAL OFFERS & BENEFITS:
- Orchuulga 24 is providing 15% discount on written translation services to BCM Members
- MNC HD TV offers BCM members 20% discount from the fee to be showcased in their āThe
Story of Business/ŠŠøŠ·Š½ŠµŃŠøŠ¹Š½ ŃŅÆŅÆŃ ā TV program.
- American University of Mongolia is offering BCM members a 20% discount on all of ELI
Summer Courses.
- Matoza LLC is offering 15% special discount to BCM members on Intensive Business English
Language Course in Poland with a Sightseeing Trip.
Please click here to view full list of Member-to-Member special offers & Benefits.
WEBSITE UPDATES: PRESENTATIONS, MONGOLIA REPORTS
PRESENTATIONS:
- Presentations from āInvest Mongolia 2016ā Conference
Please click here to view full list of Presentations.
MONGOLIA REPORTS:
- World Bank, āMongolia Economic Briefā, Sep 2016
- WPP and Y&R Mongolia, BradnZās first ever āSpotlight on Mongoliaā, Sep 2016
14. - ADB, āAsian Development Outlook 2016: Asiaās Potential Growthā (forecasts of the next 2
years for the 45 economies in Asia and the Pacific including Mongolia)
- Invest Mongolia, āYour Guide to Invest in Mongoliaā 2016
- BTI, āMongolia Country Reportā 2016
- World Bank, āDoing Business: Economic Profile of Mongolia 2016"
Please click here to view full list of Reports.
ECONOMIC INDICATORS
INFLATION
Year 2006 6.0% [source: National Statistical Office of Mongolia (NSOM)]
Year 2007 *15.1% [source: NSOM]
Year 2008 *22.1% [source: NSOM]
Year 2009 *4.2% [source: NSOM]
Year 2010 *13.0% [source: NSOM]
Year 2011 *10.2% [source: NSOM]
Year 2012 *14.0% [source: NSOM]
Year 2013 *12.5% [source: NSOM]
Year 2014 *11.0% [source: NSOM]
September 30, 2016 *-0.1% [source: NSOM]
*Year-over-year (y-o-y), nationwide
Note: -0.7% y-o-y - Ulaanbaatar City, September 30, 2016
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]
June 25, 2013 10.50% [source: Mongol Bank]
July 30, 2014 12.00% {source: Mongol Bank}
January 14, 2015 13.00% {source: Mongol Bank}
January 14, 2016 12.00% [source: Mongol Bank]
May 6, 2016 10.50% [source: Mongol Bank]
August 18, 2016 15.00% [source: Mongol Bank]
15. CURRENCY RATES ā 3 November 2016
Currency Rate
U.S. dollar USD 2,396.13
Euro EUR 2,664.86
Japanese yen JPY 23.34
British pound GBP 2,959.82
Hong Kong dollar HKD 308.97
Chinese Yuan CNY 354.49
Russian Ruble RUB 37.73
South Korean Won KRW 2.10