The document provides a summary of business and economic news from Mongolia. It includes the following key points: - Oyu Tolgoi copper mine expects to meet 2016 production targets despite declines in copper and gold output due to lower ore grades. - South Korea will provide $44.6 million for Mongolia's transport infrastructure and digital education. - Japan's SoftBank forms an alliance with Korean and Mongolian partners to develop 10 GW of renewable energy in Mongolia. - Construction will begin on a 100 MW power plant in western Mongolia to provide energy to that region.

1. BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 436 – July 22, 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
“Source” to read the full article.
NEWS HIGHLIGHTS:
Business:
• Oyu Tolgoi still expects to reach 2016 goals despite slight declines
• KEXIM to provide $44.6 mn to Mongolia
• SoftBank forms renewables alliance in Mongolia with KEPCO
• Sharp, partners to build 10-MW PV park in Mongolia
• Shina Asia, SEPCO to build energy plant to power western provinces
• Mongolian Mining continues debt restructuring talks
• Did the Erdenet deal out-of-left-field cost the Democrats the election?
• State Bank rolls out debt card for tourists
• Emart opens first store in Mongolia
• IMAX movie theater to open in Mongolia
• Mongolian media streaming services launches
• Fashion designer Tuvshinzaya targets Chinese market
• Taiwan, Mongolia universities to strengthen cooperation
• Wiinsway proposes name change to e-commodities holdings
• S. Korean president attends business forum
• BCM hosts business delegation to Singapore
• Udriin Sonin named Mongolia’s most popular newspaper
Economy:
• Mongol Bank: FX Auctions, 1-Week Bills
• H1 2016 Coal trade via Gashuunsukhat expands 23%
• China expands economic corridor with Mongolia, Russia
• KEA partners with Mongolia for energy efficiency, renewable energy
• IDA to provide $20 mn loan to Mongolia
• Russia stalls China's $1 bn hydropower loan
• Czech Republic presents 1:50,000 scale geological maps
• Supporting Export Development for SMEs
• MPP to introduce investor, miner-friendly policies
• Belt & Road Initiative expected to boost Mongolia's development
• Youths’ role at ASEM
• ‘Marmot’ plague vaccination underway
• Red Cross sends aid to flood-stricken Ulgii
• Drinking water restored at Ulgii
• Northern Michigan University group researches biodiversity in Mongolia
• Przewalski's mares fly from Prague Zoo to Mongolia
• Mongolian child contortionists stretch for international success
• Gold’s Run Could Hit Roadblocks

2. • What’s in a category?—EDITORIAL
• Mongolia's nesting program helps save the prized saker falcon—VIDEO
Politics:
• Mongolia Picks Former Finance Minister to Lead New Government
• New PM appoints 13ministers for new government structure
• Bayartsaikhan Nadmid appointed as central bank governor
• Parliament appoints standing committee members
• Parliament confirms anti-corruption agency head appointment
• UB leaders appointed
• China writes off Mongolia’s $18 mn debt
• S. Korea, Mongolia Agree to Pursue EPA
• Japan, Mongolia agree to boost economic ties
• Kazakhstan, Mongolia mull expansion of mutually beneficial co-op
• Mongolian Peacekeepers awarded NATO medal
• Former minister under investigation for corruption returns after 6 months
abroad
• Battulga, Ganbat appeal to court against MPP win at 2016 election
• Bayanzurkh land official arrested for graft
• Former president urges N. Korea to give up nukes for economic
development
• Asia Foundation releases 2016 SPEAK survey
• U.S. asks other nations to curb use of North Korean workers
• Mongolia’s election – a protest vote for the good—EDITORIAL
BCM Updates:
• Announcements
• Advocacy Notes
• Working Groups News
• Member-to-Member Special Offers & Benefits
• Websites Update - Presentations, Mongolia Reports, Interviews
Economic Indicators:
• Inflation
• Central Bank Policy Rate
• Currency Rates
*Click on titles above to link to articles.
SPONSORS
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3. Mongolian Business Database International SOS
BUSINESS
OYU TOLGOI STILL EXPECTS TO REACH 2016 GOALS DESPITE SLIGHT DECLINES
Copper and gold production is on the decline at the Oyu Tolgoi copper mine but is still
expected to meet annual targets, according to a 19 July statement from the mining unit.
The mining unit, Oyu Tolgoi LLC, will be processing lower-grade ore from the open-pit
mine while it waits on an underground mine that was delayed for two years but began
construction in June. Copper and gold production fell 10.3 percent and 52 percent,
respectively, in the second quarter from the first of this year, reflecting lower grades
while concentrator throughput was broadly consistent between the two quarters. Average
throughput was approximately 105,000 tons per day for the quarter. Concentrate sold in
for the second quarter increased 6.7 percent over the first.
Oyu Tolgoi is expected to produce 175,000 to 195,000 tonnes of copper in concentrates
and 255,000 to 285,000 ounces of gold in concentrates for 2016.
Source: Montsame
KEXIM TO PROVIDE $44.6 MN TO MONGOLIA
State-run policy lender Export-Import Bank of Korea announced on 18 July that it will
provide USD44.6 million to Mongolia to help upgrade its transport system. KEXIM said it will
use USD25 million of its economic development cooperation fund to replace aging buses
with new ones in Mongolia and use another USD19.6 million to build classrooms equipped
with information and communications technology, and develop digital textbooks.
The export credit agency said its projects in Mongolia could help South Korean firms
expand their presence in the East Asian country.
Source: Korean Herald
SOFTBANK FORMS RENEWABLES ALLIANCE IN MONGOLIA WITH KEPCO
Japan’s SoftBank Group Corp. has signed a pact with Korea Electric Power Corp., or
KEPCO, and Mongolian investment company Newcom LLC to co-develop and co-invest in
renewable energy projects with the target of generation 10 gigawatts of power production
in Mongolia. This new memorandum of understandingfrom 19 July calls for the three
companies to work together primarily on wind and solar photovoltaic (PV) projects in
Ulaanbaatar city, SoftBank announced in a statement on Tuesday.
Source: SeeNews
SHARP, PARTNERS TO BUILD 10-MW PV PARK IN MONGOLIA
Japanese company Sharp Corp. will work with Mongolia-based Solar Power International
LLC and Shigemitsu Shoji Co. Ltd. for the construction of a 10 megawatt solar project in
Darkhan, Mongolia. Construction works will begin later this month, Sharp said in a 19 July
statement, while the park is to launch commercial operations in December. The plant is
expected to generate 14,182 megawatts an hour in a year, which is enough to offset
around 14,746 tons of carbon dioxide (CO2) emissions.
Sharp will be the supplier of solar modules, mounting structures and other components,
such as the inverters. The Japanese giant will also be in charge of the design and
engineering services. The Japanese trading company Shigemitsu Shoji will support the joint

4. management and operation of the plant for the next 25 years.
Source: SeeNews
SHINA ASIA, SEPCO TO BUILD ENERGY PLANT TO POWER WESTERN PROVINCES
Construction of the 100 megawatt energy plant which is expected to power the western
half of the country, is scheduled to launch in August. Construction is expected to span 30
months at Telmen Soum, Zavkhan Aimag by Shina Asia Group and Chinese construction
firm SEPCO Corp and will run on coal mined from the Mogoi river.
Source: Udriin Sonin
MONGOLIAN MINING CONTINUES DEBT RESTRUCTURING TALKS
Mongolian Mining Corp. is continuing to progress negotiations with its creditors in relation
to the potential debt restructuring, the Mongolia-focused miner said in a 8 July statement.
The company has filed an application for the appointment of provisional liquidators over
the company on a "soft touch" basis to assist in this process and to facilitate recognition of
the debt restructuring in different jurisdictions (as appropriate), as well as a petition for
the winding up of the company which is a necessary pre-cursor to facilitate the
application, with the Grand Court of the Cayman Islands.
Source: etnet, Mongolian Mining Corp.
DID THE ERDENET DEAL OUT-OF-LEFT-FIELD COST THE DEMOCRATS THE ELECTION?
Controversy has swirled around the sale of Russia’s shares in the Erdenet copper mine, and
it may have been the downfall of the Democratic Party government. Announced one day
before the 29 June elections, the proposed sale of the 49 percent Russia-owned shares of
Erdenet Mining Corp. and Mongolrostsvetment for USD500 million will be debated by
parliament when it reconvenes. Columnist D. Jargalsaikhan (“Jargal de Facto”) asserts
that last-minute popular anger with the transaction may have cost the ruling Democratic
Party more than 20 seats. Cover Mongolia publisher Mogi Badral Bontoi wrote a similar
thesis for the Nikkei Asian Review, where the called the Erdenet sale announcement the “
tipping point” for the Democrats before the elections.
The buyer is the newly-formed Mongolian Copper Corporation, headed by 28-year-old Tsooj
Purevtuvshin. He briefly worked previously as a legal adviser to the Trade and
Development Bank of Mongolia LLC (TDB), which also provided partial financing for the
sale.
Source: NAMBC
STATE BANK ROLLS OUT DEBT CARD FOR TOURISTS
The Mongolian government-owned State Bank LLC is rolling out its new “Travel Card,”
allowing tourists to make transactions in the local tugrug currency. The card, which is only
valid in Mongolia, will allow for payment as well as receive information on discounts
provided at service centers.
Source: Mongolia.GoGo.mn
EMART OPENS FIRST STORE IN MONGOLIA
The South Korean discount retailer Emart will open its first store in Ulaanbaatar on 28 July
as it continues to expand its presence in the global market. Emart, which is part part of
the Shinsegae Group. It will be Mongolia’s largest discount store "Two to three stores will
also be opened in Ulaanbaatar in the future to help local small and medium size firms
expand exports to Mongolia," said Lee Gab-su, Emart’s chief executive Officer.
The first Emart store in Mongolia will be operated by local retailer Sky Trading, a
subsidiary of one of Mongolia's largest business groups Altai Holdings. Sky Trading covers 90
percent of the capital expenditure, while Emart covers 10 percent. Emart will receive
loyalties in return for providing its brand, products and consulting services to the
Mongolian retailer.
Source: Retail Analysis

5. IMAX MOVIE THEATER TO OPEN IN MONGOLIA
Urgoo cinema’s opens its first IMAX Theater on 22 July at the Shangri-la Mall with the
premier of Star Trek Beyond. Urgoo Cinemas is Mongolia’s first to partner with Canada’s
IMAX Corp. for the extra-large, high-definition screens.
Source: News.mn
MONGOLIAN MEDIA STREAMING SERVICES LAUNCHES
A Mongolia-based website dubbed “Mongolia’s online cinema” has launched its streaming
service, providing Mongolian-made television shows, short films and documentaries in high
definition. MIYE.mn launched on 5 July to provide Mongolia-made media content here and
abroad.
Source: Montsame
FASHION DESIGNER TUVSHINZAYA TARGETS CHINESE MARKET
Distinguished Mongolian fashion designer A. Tuvshinzaya has made her summer collection
for sale in the Chinese market for the first time this month. Tuvshinzaya, who won the
“Best Young Designer” award at the Goyol Festival, released her collection in China on 1
July. Her clothes are noted for their distinct traditional Mongolian styles and feature wide
variety of traditional patterns.
Source: UB Post
TAIWAN, MONGOLIA UNIVERSITIES TO STRENGTHEN COOPERATION
Taipei National University of the Arts (TNUA) and Mongolian State University of Arts and
Culture (MSUAC) signed a memorandum of understanding on 15 July in Ulaanbaatar to
foster bilateral cooperation in cultural and arts education. TNUA and MSUAC will jointly
organize forums on education, carry out programs on experimental education, engage in
faculty and student exchanges, and host joint exhibitions of the arts, according to a
statement issued by Taipei Trade and Economic Representative Office in Ulaanbaatar.
Source: Focus Taiwan
WIINSWAY PROPOSES NAME CHANGE TO E-COMMODITIES HOLDINGS
Winsway Enterprise Holdings Ltd. has proposed a change of its name to E-Commodities
Holdings Ltd. to reflect its new business model of providing an integrated supply chain
services model. Following the completion of the rights issue and the effectiveness of the
restructuring, the group has came out of the financial difficulties, and has started to
upgrade its business from traditional bulk commodities trading, such as the trading of
seaborne coal, Mongolian coal, and petrochemical products.
Source: AA Stocks
S. KOREAN PRESIDENT ATTENDS BUSINESS FORUM
The arrival of South Korean President Park Geun-hye brought extra prestige to the
Mongolia-South Korean business forum held in Ulaanbaatar on 18 July. About 190
representatives from South Korean businesses attended the forum last week. “Our two
countries have broad capacity to counter-complement each other’s economy and widen
the cooperation, she emphasized,” said Park, who arrived in Ulaanbaatar for the Asia-
Europe Meeting held here last week..
South Korean business has been active in catering, hospitality, health care and technology,
with new interest growing in renewable energy production. South Korea is Mongolia's
fourth-largest partner for trade and the seventh larger for foreign investment.
Source: Montsame
BCM HOSTS BUSINESS DELEGATION TO SINGAPORE
The Business Council of Mongolia (BCM) sent a delegation of 13 businesspeople to
Singapore to engage high-level business leaders their to tap into interests in investment

6. and partnerships with Mongolia. Erdenes Mongol LLC hosted a networking lunch with the
Singapore Business Federation on 15 July. From 12 to 16 July, 11 Singaporean
businesspeople were in Mongolia for the Asia-Europe Business forum held in conjunction
with the Asia Europe Meeting summit held that same week.
Source: BCM
UDRIIN SONIN NAMED MONGOLIA’S MOST POPULAR NEWSPAPER
Udriin Sonin was named the most popular newspaper among 40 in Mongolia, with a 55
percent market share. Behind Udriin Sonin was Unuudur, with 242 percent market share in
the city, followed by Zuunii Medee’s 19 percent and Zasgyn Gazryn Medee’s 5 percent.
Udriin Sonin had a 40 percent market share in the provinces, according to the survey.
Source: Udriin Sonin
ECONOMY
MONGOL BANK: FX AUCTIONS, 1-WEEK BILLS
The Bank of Mongolia on 21 July sold USD4 million and CN47.5 million at currency auctions
for closing rates of MNT2,045 and MNT306.66, respectively. That day, it accepted
commercial banks’ tugrik swap agreement offers for an equivalent of USD41.5 million. On
20 July, it issued MNT333 billion in one-week bills at a weighted interest of 10.5 percent.
Source Bank of Mongolia
CHINA EXPANDS ECONOMIC CORRIDOR WITH MONGOLIA, RUSSIA
Mongolian designer Ganchimeg never imagined her clothing store in Inner Mongolia's
Erenhot City could be so popular that sometimes she is too busy to stop for a drink of
water. "I came to China two years ago and have seen trade fairs and expos between the
two countries rise. I met buyers at these events, and the orders just keep coming,"
Ganchimeg said.
The former tour guide opened a business in China after Chinese tourists showed interest in
Mongolian culture. They arrive in Mongolia on the the Erenhot-Ulan Bator-Ulan-Ude route,
one of the main routes on the China-Mongolia-Russia economic corridor. The trilateral
channel aims to boost transportation connectivity and economic cooperation in border
regions. The economic corridor has also accelerated other cross-border transportation
infrastructure projects, said Tumen-Tsetseg, a regional assessment researcher and
professor with Inner Mongolia University.
Source: Xinhua
KEA PARTNERS WITH MONGOLIA FOR ENERGY EFFICIENCY, RENEWABLE ENERGY
The Korea Energy Agency (KEA) has signed a memorandum of understanding for
cooperation in energy efficiency and a new renewable energy sector with the Mongolian
Energy Development Center. The two institutions have agreed to set up policies and
systems for the Mongolian energy sector, and the information related to energy and
climate change. In addition, they plan to develop promising projects of reducing
greenhouse gases.
According to the KEA, Mongolia is working out plans to push ahead with an energy
efficiency enhancement project across all the sectors of the country.
Source: Business Korea
IDA TO PROVIDE $20 MN LOAN TO MONGOLIA
The International Development Association (IDA) has committed to a USD20 million loan to
Mongolia for a project aiming to boost Mongolia’s range of export products. The World
Bank’s executive council has approved this loan, which will facilitate credit easing in all
non-mining sectors, particularly fpr small-and medium-sized enterprises (SME’s).
Source: News.mn
H1 2016 COAL TRADE VIA GASHUUNSUKHAT EXPANDS 23%

7. The delivery of coal to China through the Gashuunsukhait land port was up 23 percent for
the first half of the year compared with the same period a year ago, according to Chinese
data. China reported a total 4.3 million tons of coal exports received through the port.
Meanwhile, stockpiles of coal there has fallen over the past two months. Industry analysts
have explained the uptick as a consequences of China’s cut of exploration for new coal
supplies.
Chinese Customs reported that Mongolia had supplied 46 percent of China’s coking coal
consumption as of May 2016. Revenue for coal was still down by USD20 million from last
year, however, because of price declines.
Source: UB Post
RUSSIA STALLS CHINA'S $1 BN HYDROPOWER LOAN
Russia’s concern about water rights is holding up a USD1 billion loan package Mongolia is
seeking from China to build a hydroelectric dam that would help the landlocked central
Asian nation ensure independent supplies of energy. The proposed Egiin Gol dam would
would harnessing the power of the Eg River, which flows into Russia’s Lake Baikal—the
biggest freshwater body on Earth. China is withholding funds until a compromise can be
found with Russia, according to Mongolian government documents.
While Putin has ask for time to study the plans and the United Nations Educational,
Scientific and Cultural Organization (UNESCO) has reported that the dam would impact
endangered species of fish and birds, project manager Odkhuu Durzee said Russia’s
environmental concerns are unfounded and the push back from Russia and UNESCO is
politically motivated.
Source: Japan Times
CZECH REPUBLIC PRESENTS 1:50,000 SCALE GEOLOGICAL MAPS
A new geological map in the west has brought the the total mapped area of Mongolian
territory to 40 percent. The Czech ambassador to Mongolia, Ivana Grollova, has presented
the Mineral Resources Authority with a 1:50,000 scale geological maps. In 2013, the MRA
and Czech Geological Survey established an agreement to geological maps of
Munkhkhairkhan, Zereg and Mankhan Soums of Khuvd Aimag, as well as conduct general
research funded by grant aid from the Czech government.
According to the MRA, Mongolia now has geological maps for around 40 percent of its
territory.
Source: UB Post
SUPPORTING EXPORT DEVELOPMENT FOR SMES
Mongolia’s efforts to expand and diversify its exports got a boost with a USD20 million
credit from the International Development Agency (IDA), approved by World Bank’s board
of executive directors. The credit finances the Export Development Project, which will
support Mongolian small- and medium size enterprises (SMEs) in non-mining sectors to
strengthen their export capabilities and expand access to export markets. The Project will
provide training, matching grants and access to export credit insurance products for the
SMEs. The Project aims to support economic diversification to agricultural-related products
and have an important impact on employment and productivity in the country.
In 2015, 87 percent of Mongolia’s total exports were in mining commodities, while
cashmere products represented 5 percent of total exports. Export diversification is
expected to boost productivity, overall entrepreneurship, and encourage new entrants to
the market.
Source: World Bank
MPP TO INTRODUCE INVESTOR, MINER-FRIENDLY POLICIES
Mongolia's mining sector is set for a comeback from a few troubled years, after the
country's investor-friendly opposition party regained control of parliament. The Mongolian
People's Party (MPP) won an impressive 85 percent majority in parliamentary elections last

8. Wednesday, sweeping back to power following a four-year hiatus and ending the ruling
Democratic Party's (DP) reign.
“MPP's victory will reduce political friction within the parliament given that MPP appears
to be an older party with stronger structure and discipline, as compared to DP, which is
operated by several factions,” Citi economist Adrienne Lui commented in a note this
week.
Source: CNBC, Global Risk Insights
BELT & ROAD INITIATIVE EXPECTED TO BOOST MONGOLIA'S DEVELOPMENT
More and more Mongolians think the China-proposed Belt and Road Initiative provides a
good chance to boost the landlocked country's economy. In a recent interview with China
Radio International, Mongolian Ambassador to China Tsedenjav Sukhbaatar said China is
Mongolia's largest foreign investor and trading partner. “Mongolia will contribute to the
implementation of the Belt and Road Initiative” and “will also greatly benefit from the
increased trade turnover and good shipment,” he said.
Mongolia boasts 73 million heads of livestock farmed by about 200,000 herder households
in the vast countryside. Currently, the country's agricultural products lack market access
and the government wants to sell them to big consumer markets including China,
according to Mongolian media. However, the country's poor infrastructure and ineffective
veterinarian and vaccination services have proved to be a big hindrance.
Source: Xinhua
YOUTHS’ ROLE AT ASEM
Some 130 youth representatives from 51 Asia-Europe Meeting (ASEM) countries, including
Malaysia, attended the five-day 7th Model ASEM in Ulaanbaatar. The participants, who are
students and young professionals from various fields such as diplomacy, law, engineering
and journalism, engaged in political debate and negotiation on Asia-Europe future
collaborations such as the creation of a unified employment bloc and labor exchanges.
They also developed a chair’s statement of the 7th Model ASEM.
From Mongolia, over 120 young ASEM volunteers were trained to assist the international
journalists present for the conference. The volunteers were given instructions on points to
remember while working with international journalists.
Source: The Star, ASEM11.mn
‘MARMOT’ PLAGUE VACCINATION UNDERWAY
Health authorities have issued a warning that adults and children over six years old to be
vaccinated for marmot plague where outbreaks have occurred. The government will
provide vaccinations until 28 July.
According to the World Health Organization, about 2,000 people contract the plague each
year in Asia, South Africa and South America, which is found in rodents carrying fleas, with
between 5 and 15 percent mortality rate. In Mongolia, 137 counties in 17 provinces have
seen outbreaks of the disease.
Source: Montsame
RED CROSS SENDS AID TO FLOOD-STRICKEN ULGII
Red Cross of Mongolia has donated 100 blankets, 100 mats and 100 water bottles to the
State Emergency Commission for the families left homeless after a flood hit the provincial
center of Bayan-Ulgii Aimag last week. The trucks carrying the donated goods left
Ulaanbaatar for Ulgii Soum on 19 July following the floods. The Secretary General for the
Mongolian Red Cross, N. Bolormaa, said the Mongolian office would be requesting further
assistance from the International Federation of Red Cross and Red Crescent Societies with
the expected results from detailed disaster survey it has conducted.
Other donations for the disaster include five ger homes from World Vision and MNT15
million in adult and children’s apparel from Es Sain LLC’s S’Outlet.
Source: Montsame

9. DRINKING WATER RESTORED AT ULGII
Residents of Ulgii Soum, Bayan Ulgii have regained access to clean drinking water after
severe storms contaminated sources and cut off supply. The storm swept away more than
160 families’ homes, leaving some 700 people homeless, said the commission’s secretary,
M. Enkh-Amar at a 19 July meeting. Authorities have removed 7.7 tons of contaminants
from the drinking supply since flooding hit the city on 10 July.
Source: Mongolia.GoGo.mn
NORTHERN MICHIGAN UNIVERSITY GROUP RESEARCHES BIODIVERSITY IN MONGOLIA
Northern Michigan University is sending professor and four students to Mongolia this month
to study the biodiversity of mammals and parasites in remote regions. Professor Kurt
Galbreath will lead the team to collect specimens and extract DNA for genetic clues as to
how climate change and other factors influence population patterns. “There has not been
much research done in Mongolia,” adding that the research can be compared with new
samples years later to determine how the biodiversity changed.
Source: Up Matters
PRZEWALSKI'S MARES FLY FROM PRAGUE ZOO TO MONGOLIA
Four Przewalski's horse mares from the Prague Zoo left for Mongolia, where they would be
transported to the Gobi B National Park and released into the wild later, aboard a military
special plane in the afternoon. After two intermediate landings in Kazan and Novosibirsk,
Russia, the plane will finally land in Bulgan, Mongolia on Sunday morning. This time, the
Prague Zoo in cooperation with the military prepared a double transport. Apart from the
four mares from Prague, the CASA military plane will also transport horses internally in
Mongolia.
After their arrival in Mongolia, the mares in their transport boxes will be loaded to lorries
and driven to the strictly protected Gobi B where they will be released to special fences
for acclimatisation. Next Wednesday, the CASA military plane will fly from Bulgan to
Ulaanbaatar to take another four horses from the Khustain Nuruu National Park and fly
them to Takhin Tal reserve in Gobi B.
Source: Prague Monitor
MONGOLIAN CHILD CONTORTIONISTS STRETCH FOR INTERNATIONAL SUCCESS
Nine-year-old Mongolian schoolgirl Suvd-Erdene spends four hours a day perfecting the art
of doing a head-stand on a pole clenched with her teeth and push-ups without her feet
touching the ground. She and about a dozen team mates are training in a basement in the
capital, Ulaanbaatar, to be contortionists, a revered art that Mongolians say was
developed in the palace of 13th century warlord and national hero Genghis Khan.
Usually performed by females, the discipline involves twisting and stretching the body to
the extreme. The girls are given time off school to train down a drab Ulaanbaatar back
street under the guidance of 22-year-old Urangoo, a third generation contortionist.
Mongolian contortionists are in high demand and performers may be vaulted into an
international career if they are lucky enough to be spotted by scouts from theatrical
producers like Cirque du Soleil.
Source: Reuters.com
WHAT’S IN A CATEGORY?—EDITORIAL
One year ago, Mongolia was designated an Upper Middle Income Country (UMIC) when the
country’s GNI per capita crossed the threshold between lower and upper middle income
countries. While Mongolia’s progress is unmistakable, we also know that 22 percent of the
population lives below the national poverty line of roughly $2.70 per day—what does it
mean to be an “upper middle income country” in the face of such a statistic? Last week,
Mongolia was re-designated a Lower Middle Income Country (LMIC). How is this possible
and what does it mean?

10. The designations are not judgments on anyone’s part. They are completely based on
official statistics regarding levels of income. The World Bank does not use the
classification per se for aid allocations, although the same economic statistic that is used
for the classifications, GNI, does figure into aid allocation decisions and the thresholds do
have implications, even if not hard and fast and some organizations do.
Source: World Bank
GOLD’S RUN COULD HIT ROADBLOCKS
After three bearish years, gold’s 25 percent year-to-date price increase has pushed its
long-term fans to predict a sustained bull run. Whether they are right could depend on
whether central-bank action boosts inflation, which has historically been positive for gold.
Gold’s gains have boosted the beaten-down mining sector and brought rare cheer to
beleaguered developing world commodity producers that Mongolia could join in on.
The precious metal has shined as a gloomy global economic outlook—from China’s
slowdown to the U.K.’s exit from the European Union—has boosted the fortunes of haven
assets. But unless consumer prices start to climb, those gold bets could sour. Some
analysts point to another potential problem for gold: Its price has risen so rapidly that the
extra expense may put off the Chinese and Indian retail buyers who are responsible for
more than 50 percent of physical demand for the metal.
Source: Wall Street Journal
MONGOLIA'S NESTING PROGRAM HELPS SAVE THE PRIZED SAKER FALCON—VIDEO
Mongolia is home to the Saker falcon, which is a bird prized in the Middle East known for
its speed and stealth to catch prey in the desert. But it's an endangered bird.
Watch a special report on the national bird here.
Source: Al Jazeera
POLITICS
MONGOLIA PICKS FORMER FINANCE MINISTER TO LEAD NEW GOVERNMENT
Mongolia’s new parliament has named a former finance minister who helped oversee the
an expansion of the massive Oyu Tolgoi mine to steady the economy as the country’s next
premier. A week after the Mongolian People’s Party unseated the Democratic Party in a
landslide election win, lawmakers voted in Erdenebat Jargaltulga, 41, as prime minister.
"The economy is in a difficult situation," Erdenbat said in his acceptance speech. “We fully
intend to establish a professional, merit-based government at all levels. The focus will be
on urgent stabilization of the economy, plus fiscal discipline. We will cooperate with
international financial institutions.”
Erdenebat served as finance minister under former Prime Minister Saikhanbileg Chimed in
2014-15, when the major parties unified to approve the second phase of the Oyu Tolgoi
project. He has been a member a parliament since 2012 and previously served as
provincial governor in Selenge Aimag, north of Ulaanbaatar.
Source: Bloomberg, Montsame
NEW PM APPOINTS 13MINISTERS FOR NEW GOVERNMENT STRUCTURE
Prime Minister Jargaltulga Erdenebat has proposed a new government structure with a 16-
member cabinet, including the prime minister, deputy prime minister and Cabinet
minister,. The new prime minister on 20 July submitted to Parliament plans would see the
establishment of 13 ministries. In total, Mongolian government would comprise the same
number of government agencies as the previous government, with 10 regulators and 17
policymaking agencies. The Mongolian People’s Party-government will also divided again
some agencies consolidated under the Democrats. The taxation and customs bodies will be
separated as well as the National Statistics Office and General Authority for State
Registration and Intellectual Property.
The appointments approved by the standing committee in Parliament on 22 July are:

11. Deputy Prime Minister: U. Khurelsukh
Head of the Cabinet Secretariat: J. Munkhbat
Minister of Environment and Tourism: D. Oyunkhorol
Minister Foreign Affairs: Ts. Munkh-Orgil
Minister of Finance: B. Choijilsuren
Minister of Justice and Internal Affairs: S. Byambatsogt
Minister of Labour and Social Protection: N. Nomtoibayar
Minister of Defense: B. Bat-Erdene
Minister of Construction and Urban Development: G. Unurbolor
Minister of Education, Culture, Science and Sport: J. Batsuuri
Minister of Roads and Transportation: D. Ganbat
Minister of Mining and Heavy Industry: Ts. Dashdorj
Minister of Food, Agriculture and Light Industry: Ts. Anandbazar
Minister of Energy: D. Tsengel
Minister of Health: J. Tsolmon
Source: Montsame, News.mn
BAYARTSAIKHAN NADMID APPOINTED AS CENTRAL BANK GOVERNOR
Parliament has confirmed Bayartsaikhan Nadmid as the Bank of Mongolia’s next governor,
succeeding Zoljargal Naidansuren. Nadmid was a parliamentarian from 1992 to 2008. He
has a Ph.D. in economic from the State Institute of Economic in Irkutsk, Russia. He was a
lecturer for an institute under the Mongolian People’s Revolutionary Party from
Source: Bank of Mongolia
PARLIAMENT APPOINTS STANDING COMMITTEE MEMBERS
Parliament on 7 July announced the eight standing committees for the legislature.
Legislation will divided among committees for security and foreign policy; state structure;
state budget; the legal system; the economy; environment; food and agricultural; social
policy; education; culture and science; and petitions.
MP S. Byambatsogt reported that all nine Democrats in Parliament were posted in three
standing committees each. “In 2012 the Mongolian People’s Party MP’s did not have any
standing committee membership. ”
Source: Undesnii Shuudan
PARLIAMENT CONFIRMS ANTI-CORRUPTION AGENCY HEAD APPOINTMENT
Parliament has confirmed Kh. Enkhjargal as the next head of the Independent Agency
Against Corruption. Born in 1964 in Ulaanbaatar, Enkhjargal has served as head of the
Information Technology Division at the General Police Department. Prior to that post, he
worked in the police departments of Bayanzurkh District, Nalaikh District, Erdenet and Tuv
Aimag, in addition to the Traffic Police Department.
Source: Montsame, News.mn
UB LEADERS APPOINTED
Ulaanbaatar’s new mayor has promised to continue with the development of Ulaanbaatar’s
so-called ger district slums, but with a focus on developing infrastructure rather than
relocating families. “I will support ger district development plan. However, I will
emphasize need of service centers and infrastructure development in the ger area rather
than housing project,” he said.
The Mongolian People’s Party, which took a majority in the runaway election for the
municipality in June, has appointed S. Batbold as Ulaanbaatar’s next mayor. The recently
appointed Parliament speaker, Miyegombo Enkhbold, met with Batbold and Citizens
Council Speaker D. Amarbayasgalan to congratulate them on their wins and wished them
success. The Mongolian People’s Party holds 34 seats at the City Council compared with
the Democrats 11. Ts. Sandui will serve as the party head for Ulaanbaatar.
Source: News.mn, Montsame, Udriin Sonin

12. CHINA WRITES OFF MONGOLIA’S $18 MN DEBT
China has forgiven USD18 million in debt from credits issued as far back as 1958 with an
agreement signed by Chinese Prime Minister Li Keqiang while in Ulaanbaatar for the Asia-
Europe Meeting last week. The debt forgiveness was one of seven agreements signed by
Finance Minister B. Bolor on 14 July, including a CNY350 million grant for the re-planning
of Ulaanbaatar’s ger districts.
Source: Mongolia.GoGo.mn, Udriin Sonin
S. KOREA, MONGOLIA AGREE TO PURSUE EPA
South Korea has agreed with Mongolia to pursue a bilateral economic partnership
agreement (EPA), a move to expand bilateral economic cooperation and exchanges with
the world's 10th largest producer of natural resources. The possible Korea-Mongolia EPA is
Mongolia’s second FTA following the Japan-Mongolia EPA which came into effect in June.
The East Asian country initially took a passive attitude toward EPA with South Korea due to
negative public sentiment of Japan-Mongolia EPA but it has decided to seek the bilateral
EPA in the summit meeting.
Once the negotiation begin, the EPA is expected to come into effect in four years. The
problem is the issue in the negotiation with interests between the two countries. South
Korea and Mongolia are also highly likely to have difficulties in reaching an agreement in
tariffs for goods in the agricultural, dairy and industrial sectors to conclude the EPA.
Source: Business Korea
JAPAN, MONGOLIA AGREE TO BOOST ECONOMIC TIES
The top leaders of Japan and Mongolia agreed Thursday to boost economic ties by taking
full advantage of a new bilateral trade deal. Prime Minister Shinzo Abe and Mongolian
President Tsakhia Elbegdorj held talks on the eve of a biennial summit of Asian and
European leaders. “As we are precious partners in this region that share basic values, the
importance of our relations remains unchanged,” Abe said after the meeting while in
Ulaanbaatar for the Asia-Europe Meeting.
As the volume of trade between Japan and Mongolia is still relatively small, the immediate
impact of a free trade agreement between the two countries that took effect last month is
expected to be limited. Still, the Japanese government sees Mongolia, landlocked between
China and Russia, as becoming more strategically important, not only economically but
also in geopolitical terms.
Source: Japan Times
KAZAKHSTAN, MONGOLIA MULL EXPANSION OF MUTUALLY BENEFICIAL CO-OP
Kazakhstan’s Prime Minister Karim Massimov met with Mongolian leadership at the 11th
ASEM (Asia-Europe Meeting) Summit of Heads of State and Government in Ulaanbaatar,
Mongolia, to discuss the expansion of bilateral cooperation, the Kazakh prime minister’s
website reported on 15 July. During Massimov’s met with President Tsakhia Elbegdorj and
Prime Minister Jargaltulga Erdene bat in separate meeting to discuss expanding trade.
During the meeting with Erdenebat, Massimov pointed to the significant potential for
increasing trade turnover between the two countries, as well as expressed willingness to
further expand cooperation and enhance trade and economic relations. He also said the
energy and mining industries, agriculture, transportation infrastructure, housing, mining
and processing of gold and uranium are the most promising areas for establishment of
mutually beneficial partnerships between Kazakhstan and Mongolia.
The prime minister also promised USD200,000 in aid for Bayan-Ulgii Aimag, which is where
Mongolia’s much of Kazakh minority population lives.
Source: Trend.az, Mongolia.GoGo.mn
MONGOLIAN PEACEKEEPERS AWARDED NATO MEDAL
Mongolia’s “Blue Helmet” soldiers sere honored with medals from NATO for their

13. professionalism in their duty alongside U.S. armed forces in Afghanistan. Operation
“Resolute Support” launched on 1 January 2015 with about 13,000 personnel from both
NATO and partner countries posted throughout the country during the foreign occupation.
Source: News.mn
FORMER MINISTER UNDER INVESTIGATION FOR CORRUPTION RETURNS AFTER 6 MONTHS
ABROAD
Former minister of roads A. Gansukh has returned to Mongolia after being added to
Interpol’s wanted list and six months away from the country. Gansukh and Khaltmaa
Battulga are both being investigated for USD40 million that went missing from an account
held by Samsung C&T, which was contracted for the construction of a railway line between
the Tavan Tolgoi coal deposits in the Gobi desert and the Gashuun Sukhait land port to
China.
Gansukh denies the allegations that he was on the run from the law while abroad. “I am
working in Russia and U.S.A,” he said in a post on Facebook, adding that he had also
visited Japan and South Korea since January this year. “In every visit, I informed to
relevant legal authorities and the Independent Agency Against Corruption, and I have no
reason to escape Mongolia.”
Source: Undesnii Shuudan
BATTULGA, GANBAT APPEAL TO COURT AGAINST MPP WIN AT 2016 ELECTION
Former MPs Khaltmaa Battulga and D. Ganbat, who were voted out of office in the June
election, have filed complaints with a court about the election results, claiming voters
relocated to sway outcomes in specific constituencies. Many people moved out of
Ulaanbaatar to vote in the countryside, according to the National Registration and
Statistics Office. The Democratic candidates from Bayankhongor—N. Tuvshinbayar, Ganbat
and Battulga—all lost by slim margins.
Ganbat and Battulga have filed appeals with the administrative court asking to check on
the mass migration. They’ve also sent a letter to the General Election Committee about
the irregularity.
Source:Undesnii Shuudan
BAYANZURKH LAND OFFICIAL ARRESTED FOR GRAFT
The director of land registration at Ulaanbaatar’s Bayanzurkh District has been arrested
after bing caught accepting a MNT240 million bribe from a Chinese construction company.
The company, which has run 10 years in Mongolia, was allegedly paying off the official for
the construction of a 42-unit housing complex. Also under arrest are three Mongolian
women who allegedly acted as mediators for the deal.
Source: Udriin Sonin
FORMER PRESIDENT URGES N. KOREA TO GIVE UP NUKES FOR ECONOMIC DEVELOPMENT
Former Mongolian President Punsalmaa Ochirbat has said North Korea's simultaneous
pursuit of nuclear weapons and economic development is an "impossible" task, adding that
Pyongyang should first give up its nuclear program to seek economic growth. Ochirbat,
who served as Mongolia's first directly elected president from 1990 to 1997, said economic
cooperation with North Korea will be impossible, unless the reclusive state gives up its
nuclear program. “North Korea needs to focus on enhancing its relationships and economic
cooperation with neighboring countries to boost its economy,” Ochirbat said.
Ochirbat has been an important figure in building the relationship between South Korea
and Mongolia. During his presidency, South Korea and Mongolia established diplomatic ties
in 1991. In the same year, he also became the first Mongolian leader to visit South Korea.
Ochirbat is also known for leading denuclearization in his country. In 1992, he declared
Mongolia as a "nuclear-weapon-free zone," at the United Nations General Assembly.
Source: Yonhap News

14. ASIA FOUNDATION RELEASES 2016 SPEAK SURVEY
Political Parties topped the list for the first time in recent ten years of a survey measuring
perceived sources of corruption by The Asia Foundation and Sant Maral Foundation. In
March 2016, the Asia Foundation and Sant Maral Foundation, conducted tge seventeenth
Survey on Perceptions and Knowledge of Corruption (SPEAK) in Mongolia, a nationwide
survey of citizens in rural counties, provinces and the capital city, Ulaanbaatar.
In the survey, political parties were followed by government and parliament rounding up
the top five sources of corruption.
Read the full report here.
Source: Asia Foundation
U.S. ASKS OTHER NATIONS TO CURB USE OF NORTH KOREAN WORKERS
The administration of President Barack Obama is asking other nations to cut the
employment of North Korean workers as a way to reduce Pyongyang’s access to foreign
currency, a U.S. official said on Thursday. The official, speaking on condition of
anonymity, spoke a day after the United States sanctioned North Korean leader Kim Jong
Un for the first time, citing "notorious abuses of human rights" in a move that infuriated
the nuclear-armed country.
A U.N. report last year estimated over 50,000 North Koreans were working abroad, earning
the state USD1.2 billion to USD2.3 billion annually, although some experts question these
figures. Aside from China and Russia, many are believed to be working in African countries
and on construction sites in the Middle East, including in Qatar which is preparing to host
the 2022 World Cup. Workers are also in Mongolia.
Source: Reuters
MONGOLIA’S ELECTION – A PROTEST VOTE FOR THE GOOD—EDITORIAL
Amidst the chaos sown by Brexit, one country’s protest vote is being greeted with relief by
investors. In a landslide election, three million Mongolians opted to end an era of policies
that contributed to a fall off in foreign direct investment and economic growth. After
clinching an 85 per cent majority in the election, the Mongolian People’s Party (MPP)
hopes to reinvigorate the economy through a more permissive operating environment and
friendlier attitudes toward investors. The combination of the commodities downturn and
perceived hostility toward foreign investors has resulted in economic growth shrinking
from 17.5 percent in 2011 to 2.4 percent last year. The dearth of opportunity has triggered
unemployment, inflation and a currency devaluation.
While the Democratic Party was genuinely thought of as well meaning, it lacked the
experience of running a country. The MPP, which has governed outright or through
coalitions from 2000 to 2012, has no such problem.
Lee Cashell is the founder and chief executive officer of Asia Pacific Investment Partners
and Mongolia Properties
Source: Financial Times
BCM UPDATES:
UPCOMING EVENTS
JOIN BCM’S TRADE DELEGATION TO MINEXPO INTERNATIONAL 2016
The Business Council of Mongolia (BCM) is now registering members to join a Mongolian
business delegation for MINExpo International 2016 at the Las Vegas Convention Center on
26 to 28 September. The expo is the world's largest show of its kind and most
comprehensive exposition dedicated to mining equipment, products and services. More
than 1,800 exhibitors in twelve exhibit halls will display the latest technology, equipment,
components, parts and services for exploration, extraction, safety, environmental
remediation and more!

15. Attendees will learn about improving productivity, controlling costs, keeping operations
competitive, improving safety and managing risk with all the new equipment, services,
products and technology. There will also be plenty of opportunities to network and meet
industry leaders & experts for finding potential partners and suppliers.
BCM has partnered with the U.S. Embassy’s Commercial Section in Ulaanbaatar for the
event. The registration deadline is 29 July. Contact BCM at 70114442 or email
tugi@bcmongolia.org for registration or more information.
JOIN BCM’S DELEGATION TO GLOBAL GREEN GROWTH WEEK 2016
BCM in collaboration with the Global Green Growth Institute (GGGI), is now registering a
Mongolian business delegation to participate in Global Green Growth Week 2016
(GGGW2016), which will be organized at the Jeju International Convention Center,
Republic of Korea on 5-9 September 2016. GGGW2016 will engage high-level officials from
government, multi-lateral development banks and international development agencies,
private-sector leaders, and representatives from academia and non-governmental
organizations. Participants will assess green growth policy, research, partnerships,
financing, and technology through GGGW2016 policy dialogues, expert panels and
presentations, discussions, capacity building workshops, country-focused briefings, and
technology exhibits.
Why you should attend:
· See and experience the latest trends in Green Growth Technology from around the
world, especially in the Energy, Urban Infrastructure, Water and Land Use sectors.
· Engage with experts on the show floor and in education sessions to help you solve
the challenges you face daily and the ones you see on the horizon.
· Network and meet government and industry leaders & experts.
· Find potential partners & suppliers.
For more information about the event, please click here or contact BCM at 70114442,
99109887, bayarmaa@bcmongolia.org.
Registration deadline is August 13, 2016.
BCM ADVOCACY NOTES
"BCM Workshop & Advocacy Efforts on the New Corporate Income Tax (CIT) Draft Law"
As a follow-up action on BCM's position paper on the draft Corporate Income Tax law, on
24 May meeting was held with MP Amarjargal Rinchinnyam, who led the Working Group
established at the Parliament to oversee the drafting of the draft legislation. With other
private sector representatives present at the meeting, BCM has shared the concerns
identified in the position paper. Read more…
BCM WORKING GROUP NEWS
BCM’s Energy and Environment Working Group Meeting, 16 June 2016
BCM’s Energy and Environment Working Group meeting was held on 16 June 2016 with 3
speakers in roundtable experience sharing format.
Oyunbat Tumurkhuyag, Founder of Best Energy Savings LLC introduced vacuum heater,
vacuum steam boiler, smart socket and smart ger which were produced by Mongolian
engineers. MP Oyun discussed about the need to leapfrog from brown to green economy,
and suggested BCM to send an official letter to the Ministry of Environment, Green
Development and Tourism to get a full list of laws, policies and regulations that support
green development and provide incentive to private sector to go green. BCM will send this
official letter and share the received list to all members and post on BCM website. The
final speaker Solongo Khurelbaatar, (Former) Assistant Advisor for Asia-Oceania, Ramsar
Convention Secretariat shared her work experiences at RAMSAR convention. To see the full
meeting summary and upload presentations, please click here.

16. - Risk and Legislative Working Groups' Joint Meeting on the "DRAFT AMENDMENT OF THE
LAW ON DISASTER PROTECTION" 16 June 2016
- Business Ethics Working Group Meeting on “CSR, GIFTS AND HOSPITALITY POLICY”, 7 June
2016
- Education Working Group Meeting on “BCM SSUMMIT PROCEEDINGS”, 5 May 2016
- Capital Markets Working Group Meeting on “OYU TOLGOI UNDERGROUND PROJECT
FINANCING”, 5 April 2016
- Tax Working Group Meeting on “VAT LAW”, 2 March 2016
JOB VACANCIES AT MEMBER ORGANIZATIONS
-The British Embassy is recruiting a Press & Public Affairs Assistant who will provide
general support to the Political & PPA section of the British Embassy. The chosen
candidate will play a key role in helping to upgrade the Embassy’s Facebook and Twitter
channels, including launching and delivery of Mongolian content.
Only short-listed candidates will be contacted, and the position is on a fixed-term basis
for six months. Click here to apply.
- Mercy Corps is hiring Director of Programs. Deadline for Application: August 10, 2016. For
more information: Please refer to website here
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 “The
Story of Business/Бизнесийн түүх” 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:
BCM Monthly Meeting, 30 May:
- B. Byambasaikhan, Chairman, BCM - “BCM Summit Proceedings”
- Ch. Mergen, Executive Director, BCM - "BCM Report"
- Anthony Woolley, Senior Associate, Hogan Lovells - “CIT Draft Law Update”
- D. Bat-Oktyabri, Director APAC, Techstars - “Start-up community in Mongolia”
- Michael Morrow, Executive Director, MACU & Ya. Enkhee, Owner & Partner at Gandan
Live House, Mexikhan & Guantanamera Restaurant - “It’s all about wine & cheese” event
- New Members Introduction
Please click here to view full list of Presentations.
MONGOLIA REPORTS:
- ADB, “Asian Development Outlook 2016: Asia’s Potential Growth” (forecasts of the next 2
years for the 45 economies in Asia and the Pacific including Mongolia)
- Invest Mongolia, “Your Guide to Invest in Mongolia” 2016
- BTI, “Mongolia Country Report” 2016
- World Bank, “Doing Business: Economic Profile of Mongolia 2016"

17. 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]
May 31, 2016 *1.8% [source: NSOM]
*Year-over-year (y-o-y), nationwide
Note: 1.8% y-o-y; 3.2% Core - Ulaanbaatar City, May 31, 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}
CURRENCY RATES – JULY 21, 2016
Currency
Rate
US dollar USD 2,043.40
Euro EUR 2,254.79
Japanese yen JPY 19.06
British pound GBP 2,709.04
Hong Kong dollar HKD 263.46
Chinese Yuan CNY 306.27
Russian Ruble RUB 32.12
SouthKorean won KRW 1.80