Mongolia Business Council NewsWire Highlights Latest Business and Economic News

BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 345 – October 3, 2014
NEWS HIGHLIGHTS:
Business
 Mongolia near mine funding pact with Rio Tinto, official says;
 Lenders expect Rio Tinto to miss Mongolia deadline;
 Oyu Tolgoi board meeting on 2 October;
 Mongolia-Russia JV to create Asgat mining unit;
 Aspire receives encouraging results at Nuurstei coal project;
 SouthGobi announces construction completed of paved coal highway;
 Gashuun Sukhait rail consortium to build spring 2015;
 Guildford announces trial test results for BNU coal mine;
 Diasoft signs with TDB for custody solution;
 First Frontier and Golomt sign cooperation agreement;
 State Bank joins Visa worldwide network;
 Chinese firm proposes construction materials factory at Altanbulag;
 Singapore Changi Airport welcomes MIAT Mongolian Airlines;
 Toyota showroom opens;
 Aspire inks advisory mandate with Argonaut;
 Fire breaks out at Shangri-La;
 Da Khuree auto market vendors evicted by city;
 Mongolia Talent Network sees record quarter;
 ABB trains engineers;
 Korea-Mongolia business forum;
 French-Mongolian economic forum;
 Healthy foods and livestock exhibitions see MNT 634.7mn in sales.
Economy
 Mongol Bank: FX auctions, swap agreements, 1-week bills, treasury bills;
 Government lends MNT 74.3bn to 56 projects for domestic production;
 Harvest delayed due to snowfall;
 KOICA donates tech for “E-Parliament” program;
 Car ownership in UB up 16.5% since 2011, Toyota makes up half;
 UB-Dalanzadgad road commissioned;
 UB partners with Google for 'Street View' for Google Maps;
 103 students poisoned from school meals in Bayan-Ulgii;
 Mongolia lays tracks to boost trade;
 Mongolia's terms for oil and gas attractive for investors, says GlobalData;
 Banks to introduce new products and services;
 Air in UB more poisonous than ever despite improvements, says analyst;
 Mongolia's mines threaten traditional herding;
 Mining the legacy of Genghis Khan;
 Peabody urges advanced coal use in energy poverty, emissions fight;
 End of the Iron Age.
Politics
 Premier announces plan to consolidate to 13 ministries;
 Legislative agenda for autumn session;
 Minerals Policy Council convenes;
 Cabinet nominates justice deputy minister;
 Parliament looking to 31 December deadline to vote on Altan Bulag FTZ;
 National program for protection of Mazaalai adopted;

 CAREC chooses Azerbaijan, Mongolia as workshop organizers;
 Health Minister receives health facility project proposal from Hungary;
 WTO addresses Mongolia's trade policy;
 Slow progress in changing media’s legal codes;
 Meet the woman who saved Mongolia’s dinosaurs from smugglers;
 Journey of a North Korean defector: escaping by bike to singing for crowds;
 'Silk Road' diplomacy for inclusive growth - EDITORIAL.
Others
 Announcements;
 BCM Updates - Working Groups; Websites; Social Networks; Photo Gallery.
ECONOMIC INDICATORS
 Weekly Market Indicators from MIBG;
 Supermarket Price Comparison – September 2014
 Inflation;
 Central bank Policy Rate;
 Currency Rates.
*Click on titles above to link to articles.
SPONSORS
Khan Bank International SOS
Wagner Asia Automotive Invest Mongolia Agency
BUSINESS
MONGOLIA NEAR MINE FUNDING PACT WITH RIO TINTO, OFFICIAL SAYS
Mongolia and Rio Tinto Group are days away from resolving a protracted dispute over development
of one of the world’s largest copper and gold deposits, according to a board member at the
company managing the mine.
Development of the Oyu Tolgoi mine has been held up for more than 18 months due to a tax
dispute, cost overruns and shareholder conflicts between the two parties. An agreement will
unleash USD 4.2 billion to develop the underground section of the mine, where 80 percent of Oyu
Tolgoi’s wealth lies. Obstacles to underground development of the mine, known as Phase two,
included a tax dispute from an audit covering 2010 to 2012. Turquoise Hill (TRQ) protested when
the Mongolian Tax Authority claimed USD 127 million was owed in back taxes and said it would
withhold the feasibility study for phase two until the matter was settled. Turquoise Hill said

Monday the amount had been lowered to USD 30 million and that it had issued the feasibility study
to the Mongolian shareholders. The Mongolian Minerals Council must now review and accept the
feasibility study.
Phase two costs have increased USD 300 million to USD 5.4 billion, according to the feasibility
study. Underground construction is expected to resume in the first half of 2015 with mining now set
to start in 2019, according to Otgochuluu. Part of the negotiations has included mutual agreements
and guidelines on how to deal with taxes and potential cost overruns, said Otgochuluu.
“For Phase two, we do need more transparency and better economics. We also need an
independent operational audit, not just a financial audit. And also it’s in both parties interest that
we keep the cost low,” said Otgochuluu.
The dispute helped turn investors off Mongolia, with foreign direct investment plunging 60 percent
this year through July, on top of a 52 percent drop last year. The drying up of investment helped
push Mongolia’s currency, the tugrik, to record lows and lowered GDP growth to 5.3 percent in the
first half compared with 17.5 percent in 2011. The mine has the potential to generate USD 3 billion
to USD 4 billion a year, from which Mongolia initially earns a five percent royalty, according to
Otgochuluu. Initial investor costs for Phase one could be recovered in five to six years, he added.
Revenue from the supply chain that feeds the mine, including banking, construction and
transportation may potentially generate USD 400 USD 600 million for every USD 1 billion spent on
the mine, said Otgochuluu.
Source: BusinessWeek
LENDERS EXPECT RIO TINTO TO MISS MONGOLIA DEADLINE
Rio Tinto PLC appears unlikely to be ready to push ahead with the second stage of the Oyu Tolgoi
mine this week, despite an imminent deadline and improving relations with the Mongolian
government.
The majority of lenders toward the USD 5.4 billion second stage have attached a 30 September
deadline to their funding commitments, after the initial deadline on March 31 was breached. The
second stage of the giant copper and gold mine has been delayed for more than a year because of
numerous disputes between the Mongolian government and Rio's subsidiaries, including a tax
dispute and an argument over the construction cost of the project.
But there has been a flurry of activity in recent weeks between the two camps, including a promise
by Mongolia to reduce the amount of tax owed by Rio's subsidiaries, and the publication of a new
feasibility study for the mine by Rio. Mongolian officials have made particularly bullish comments in
recent days, with a senior figure in the mining ministry, Otgochuluu Chuluuntseren, saying over the
weekend that a resolution was just days away. But multiple lenders indicated on Monday they were
not expecting a full resolution of the issues in time to meet the 30 September deadline.
Several of the 15 international banks involved in the deal said they would be happy to extend their
funding deadlines once again, having been encouraged by the recent improvement in relations
between the two camps. The lenders said they were increasingly confident a deal could be solved
by the end of the 2014 calendar year. The European Bank for Reconstruction and Development,
which is part of the funding group, confirmed that its deadline was already set at 31 December,
rather than 30 September.
Source: Sydney Morning Herald
OYU TOLGOI BOARD MEETING ON 2 OCTOBER
Oyu Tolgoi LLC's board of directors are set to meet on 2 October to discuss the feasibility study for
the second phase of the copper mine, said the Mining Minister D. Gankhuyag last week. Board
approval would next bring the feasibility study to the newly established Minerals Policy Council for
government approval, he added.
Source: Montsame
MONGOLIA-RUSSIA JV TO CREATE ASGAT MINING UNIT

Erdenes Mongol LLC plans to sign a memorandum with Russia's state-owned Rostechnology for the
establishment of a company to explore the Asgat silver deposit in Bayan-Ulgii Aimag. The Asgat
license held by Mongolia-Russia joint venture Mongolrostsetmet has a reserve of 7,300 tons of
silver.
Source: Unuudur
ASPIRE RECEIVES ENCOURAGING RESULTS AT NUURSTEI COAL PROJECT
Aspire Mining Ltd. reported that its joint-venture mining unit for the Nuurstei coking coal project
had intersected coal in all six of its exploration holes for the exploration program it launched in
September.
Exploration drilling at Nuurstei commenced earlier this month and is expected to be completed
mid-October. This drilling program at Nuurstei is designed to test resource continuity of coal, and
to target near surface coal resources which could support a small road based tucking operation.
The work follows on from an earlier exploration program completed at Nuurstei in 2011.
To date, six holes have been completed, all of which intersected coal seam intervals, some with
claystone partings. The thickest intersections so far with apparent thickness of 10.25 meters from
24.95 meters and 9.79 meters from 184.9 meters occurred in hole NDH1006. The intersection of
near surface coal could present the possibility of an open pit minable resource, subject to further
work being completed, continuity of coal seams confirmed and sufficient tonnage being identified.
Raw coal quality testing will be required to confirm ash and coking properties. Down hole
geophysics from both the re-logging of the 2011 holes and the holes completed so far in the 2014
program indicate densities in parts of the coal seam intervals, averaging between 1.3 to 1.4, which
suggest moderate to low raw ash levels are expected in those coals, indicative of a possible coking
coal product.
Aspire is a 50 percent owner of the Ekhgoviin Chuluu joint venture with the Noble Group for the
Nuurstei project.
Source: Aspire Mining Ltd.
SOUTHGOBI ANNOUNCES CONSTRUCTION COMPLETED OF PAVED COAL HIGHWAY
SouthGobi Resources Ltd. on 27 September held a commissioning ceremony for a new paved
highway from the Ovoot Tolgoi complex to the Shivee Khuren border crossing.
“With the completion of the paved highway, I am pleased to announce that we have achieved one
of our key objectives for 2014. The highway will significantly increase the safety of coal
transportation, reduce environmental impacts, and improve efficiency and capacity of coal
transportation” said Ross Tromans, president and chief executive officer.
The paved highway has a carrying capacity in excess of 20 million tons of coal per year. The State
Property Committee (SPC) awarded SouthGobi Resources Ltd. the tender to construct a paved
highway in August 2011 as part of a consortium partners with NTB LLC and SouthGobi's Mongolia
subsidiary SouthGobi Sands LLC, and a 15-year build-transfer-operate agreement in October that
same year. The consortium, called RDCC LLC, began construction on 16 June 2012.
SouthGobi Sands has a 40 percent stake in RDCC.
Source: SouthGobi Resources
GASHUUN SUKHAIT RAIL CONSORTIUM TO BUILD SPRING 2015
Construction of 15 kilometers of rail to link with a railway already under construction by Mongolia's
state-owned rail company is set to begin spring next year, according to the head of the team
developing the rail line.
“The railroad`s feasibility study is finished already... [and] next spring the construction will start
directly, because there is no problem for finance,” said Kh. Ganbold, the executive director of the
consortium leading the project.
The project is a tremendous endeavor, said Ganbold, though the distance is short, because the new
rail must link up with rail lifted 27 meters above the ground. The consortium plans to build 15

kilometers of rail held up by 170 columns standing between 27 and 37 meters high to send 27
million tons of coal to China annually.
Erdenes Tavan Tolgoi LLC, Energy Resources LLC, Tavan Tolgoi JSC and China Shenhua Energy Co.
established their consortium Gashuun Sukhait Railway LLC on 7 April 2014. Shenhua owns 49
percent while the three Mongolian partners equally share ownership of 51 percent. The company
will build 15 kilometers of rail to connect with the Gashuun Sukhait-Gants Mod port to China with a
‘narrow gauge’ railway. Meanwhile, Mongolian Railways LLC (MTZ) is building a 260-kilometer
railway from the Tavan Tolgoi deposit to the Gashuun Sukhait port.
Gashuun Sukhait Railway signed a memorandum for a USD 150 million low interest loan, said
Ganbold. The project will come at no cost to the government, Ganbold added. Although they have
not yet determined a certain cost for construction, Ganbold said the figure would be somewhere
around USD 200 million.
Source: Udriin Sonin
GUILDFORD ANNOUNCES TRIAL TEST RESULTS FOR BNU COAL MINE
Guildford Coal Ltd. on 29 September released the results of the recent trial batch washing and
laboratory results at the Baruun Noyon Uul (BNU) mine.
Guildford confirmed initial BNU coal quality for negotiations with potential customers after it
delivered the first trial batch of coal (8,000 tons) from the BNU mine to the Ceke border point
between China and Mongolia earlier this year.
Whilst the first washing trial of the BNU coal has been encouraging, Guildford expects the
extraction process and the yield will become more favorable during subsequent delivery of trial
batches. The first batch of coal was taken from a stock pile of coal that had been dormant and had
been exposed to the weather at the BNU mine. In addition, the Zhongmeng wash plant utilized by
Guildford at the Ceke border had been dormant for an extensive period of time and the less than
efficient process undertaken at the wash plant for the BNU coal will be improved as more batches
of coal are washed.
The trial revealed that the coal could be washed to meet a premium quality hard coking coal
specification with very low sulfur and that the coal was naturally very low in inherent ash and
sulfur. That meant bulk washing of BNU coal will result in a highly marketable premium hard coking
coal for the China market
It also showed that the coal was friable, resulting in fines generation. The existing wash plant has
equipment that is designed to recover coal particles down to ‐0.35 millimeters, which is sufficient
for the BNU coal, although the company admits that additional operating experience at the wash
plant is needed to improve the performance. Float testing of the bulk sample prior to washing
demonstrated that the BNU coal was amenable to washing, showing yields of premium hard coking
coal greater than 80 percent are achievable when generating a product with ash less than 8 percent
and sulfur less than 0.6 percent.
The next batch of 12,000 tons is due to be shipped on 11 October. Meanwhile, Guildford is
negotiating with several Chinese customers for its sale. Guildford welcomed news that the Chinese
government would be restricting the import of coal that does not meet particular ash and sulfur
specifications, to 40 percent and 3 percent respectively, arguing that its product would be more
attractive.
Source: Guildford Coal Corp.
DIASOFT SIGNS WITH TDB FOR CUSTODY SOLUTION
Russia-based core banking supplier Diasoft is making headway with it banking software offerings in
Asia with a new deal with Mongolia's Trade and Development Bank (TDB) of Mongolia LLC. TDB has
selected the Diasoft Custody solution to help automate their custody business while integrating
with the rest of the back office. The deal marks a further step in the supplier's international
expansion.
Source: IBS Intelligence

FIRST FRONTIER AND GOLOMT SIGN COOPERATION AGREEMENT
First Frontier Capital Ltd. and Golomt Bank LLC announced on 1 October that they had entered into
a strategic cooperation agreement to promote foreign investment in Mongolia.
London-based First Frontier with this deal enters a key growth market in the region that is
attracting renewed investor interest following the much anticipated regulatory and securities law
changes.. The two firms will also seek to develop a range of financial products that will be of
interest to both domestic and international investors.
“Working with a market leader like Golomt Bank will allow us to deliver an international product
with a truly local flavor in one of the more under-researched capital markets, in which we believe
there will be significant investment inflows following the recent changes,” said Richard Adley, co-
chief executive at First Frontier.
Source: Golomt Bank LLC
STATE BANK JOINS VISA WORLDWIDE NETWORK
Turiin Bank LLC, also known as State Bank, on 24 September became Mongolia's third commercial
bank issuer of Visa cards with Union Pay. Cards will be available for both tugrug and U.S. dollar
accounts.
“The bank aims to be a bank with the best services and least risk. Specifically, Visa cards made
with [micro] chips can avoid fraudulent transactions and grant no risk for international payments,”
said State Bank Chief Executive Officer D. Batsaikhan.
The bank also plans to provide customers Union Pay cards for China and JCB cards for Japan.
Source: Zuunii Medee
CHINESE FIRM PROPOSES CONSTRUCTION MATERIALS FACTORY AT ALTANBULAG
Zhuoda Group has proposed it build a factory for the production of construction materials at the
Altanbulag Free Trade Zone.
China's Zhuoda Group hosted a delegation of representatives from the governor's office of the
Altanbulag Free Trade Zone and representatives of the Ministry of Construction and Urban
Development and Ministry of Economic Development have visited China, where they proposed a
joint venture where Mongolia would retain 50 percent ownership of the company. Zhuoda projected
USD 10 billion a year in earnings as Mongolia's share of the company.
“Development of the free zone must be fast,” said Zhuoda Group President Yang Zhuoshu. “If we
participate and invest in the development of Altanbulag FTZ, we can complete three years' work in
one year, using the advantages of our new materials.”
SINGAPORE CHANGI AIRPORT WELCOMES MIAT MONGOLIAN AIRLINES
Singapore Changi Airport celebrated the arrival of MIAT Mongolian Airlines LLC, directly connecting
Singapore to Mongolia for the first time. The Mongolian national carrier will operate a twice-weekly
service between Ulaanbaatar and Singapore, via Beijing. The route will utilize a 174-seat Boeing
737-800 aircraft in a two-class configuration.
To commemorate the new link, a delegation led by Amarjargal Gansukh, a member of Parliament
and minister of road and transportation, together with Gungaa Jargalsaikhan, president and chief
executive of MIAT, was on board the inaugural flight that arrived at Changi Airport at 17:00 hours.
They were welcomed by Banzragch Delgermaa, ambassador of Mongolia to Singapore, and Yam Kum
Weng, Changi Airport Group’s (CAG) executive vice president for air hub and development. MIAT
Mongolian Airlines is the fourth new carrier for Changi Airport this year, following Uzbekistan
Airways and Spring Airways that launched flights in April and VietJet in May, while Ulaanbaatar
becomes the third new city link this year, following Tashkent and Lanzhou.
“We are proud to welcome Mongolia’s national carrier to the family of airlines at Changi Airport.
Mongolia has enjoyed strong economic growth and as the country opens up its economy and
resource sectors, there will be more business and investment opportunities not only between our
two countries, but also between Mongolia and Asia-Pacific. The direct Ulaanbaatar-Singapore

service by MIAT Mongolian Airlines is thus timely to support growing demand for business and
leisure travel,” said Yam.
The new Ulaanbaatar-Singapore service opens up new business and tourism opportunities between
Singapore and Mongolia. Singapore is a well-regarded leisure and business destination for
Mongolians. In the 12-month period ending July 2014, Singapore welcomed more than 8,000 visitors
from Mongolia. With over 50 city links and close to 2,000 weekly services to Southeast Asia and
Southwest Pacific, Singapore is well-positioned to be Mongolia’s conduit to the region, through
MIAT Mongolian Airlines’ partnership with other carriers operating at Changi Airport. From the
capital city of Ulaanbaatar, MIAT Mongolian Airlines provides travelers direct access to Germany
and Russia.
Source: Travel Daily News
TOYOTA SHOWROOM OPENS
A Toyota dealership in Ulaanbaatar held a grand opening ceremony on 29 September.
The dealership, which is owned by Munkhada LLC, will sell seven types of vehicles, including the
Land Cruiser 200 and 70 Series, Prado, and RAV4. A showroom to be located next to ASA Circus will
also soon be completed, say company officials.
Toyota has the largest market share among motorists in Mongolia.
Source: InfoMongolia.com
ASPIRE INKS ADVISORY MANDATE WITH ARGONAUT
Aspire Mining Ltd. on 2 October announced that it had entered into an advisory mandate with
Argonaut Ltd.
The London-based corporate advisory firm will provide general corporate advice to Aspire regarding
debt and equity funding options for its rail infrastructure subsidiary Northern Railways LLC and to
assist in the negotiations with the Mongolian government to establish licenses to build and finance
the Erdenet to Ovoot railway. There are numerous funding options available to Aspire and Northern
Railways, including the sell down of interests in rail and the Ovoot coking coal project, export
credit agency and development bank tied debt funding, coal presales and other tools.
“Both Argonaut and Aspire believe that the recent developments in rail infrastructure in Mongolia
and the multilateral agreements between China, Russia and Mongolia will provide significant
opportunities to raise the development capital for the Erdenet to Ovoot Railway,” Aspire Managing
Director David Paull said.
Source: Aspire Mining Ltd.
FIRE BREAKS OUT AT SHANGRI-LA
A fire broke out on 30 September at the Shangri-La Hotel that is under construction in Ulaanbaatar,
a company spokeswoman said.
The fire started between 11:30 and noon on the seventh floor of the building, Lori Lincoln,
spokeswoman for Hong Kong-based Shangri-La International Hotel Management Ltd., said. Local
authorities have reported no injuries and firefighters are working to extinguish the fire, Lincoln
said, adding that the cause of the fire wasn’t clear.
Christopher de Gruben, managing partner at M.A.D. Investment Solutions, a boutique real-estate
investment and operations firm in Ulaanbaatar whose offices are a five-minute walk from the
Shangri-La site, said two sides of the building’s exterior have been burned. He also said that
firefighters were having trouble extinguishing the flames because their ladders can reach up only 10
floors and the building has more than 20 floors. As of Tuesday afternoon, he said, firefighters were
battling the fire from inside the building.
The hotel’s first phase was slated to open in December. Lincoln said it is too early to tell if the fire
will push back the opening. The hotel is a joint venture with Mongolian conglomerate MCS Holding.
In addition to 290 rooms, the hotel complex will have office and retail spaces, along with meeting
and banquet facilities. Shangri-La first announced the hotel in January 2005 and development

began later that year, according to documents from the joint venture. Ms. Lincoln said construction
began in 2009.
Source: Wall Street Journal
DA KHUREE AUTO MARKET VENDORS EVICTED BY CITY
Vendors were evicted from the Da Khuree car market on 1 October to some protest.
Construction is nearly complete for the first phase of a new 130-hectares auto market complex in
Songino Khairkhan District's 32nd Khoroo, located outside of the city center, to replace the
Bayanzurkh market. Heating, electricity, an automotive diagnostic center, cafeteria and restrooms
are already available at the new market.
The governor's office issued the eviction order in 2013 with the explanation that the market's
removal would cut down on traffic congestion in the area as well as for air and soil pollution
concerns.
Source: News.mn
MONGOLIA TALENT NETWORK SEES RECORD QUARTER
Mongolia Talent Network on 29 September announced a record quarter of performance under the
leadership of recruitment director and shareholder, Tuvshin Ganbold. Tuvshin leads a team of
international Mongolian recruitment consultants in a company with three years in the market.
Source: Mongolia Talent Network
ABB TRAINS ENGINEERS
ABB Group and the Energy Development Center of Mongolia have signed a Memorandum of
Understanding to further cooperate in areas of organizing training, research assistance to introduce
international standards and new technologies into Mongolia.
ABB Group on 17 and 18 September organized a training seminar for the Mongolian engineers of
energy and design engineering companies. The main focus of the training and seminar is to
introduce ABB Group Power Product solutions which provide safe, reliable and efficient operations,
and their technical specifications, advantages, technological advancements, requirements and
prerequisites, economic feasibility and the methods on how to implement and input them onto
design diagrams on projects for the Mongolian engineers.
Source: ABB Group
KOREA-MONGOLIA BUSINESS FORUM
A Korea-Mongolia business forum is being held on 3 October at the Ramada Hotel in Ulaanbaatar in
observation of 25th anniversary of the establishment of diplomatic relations. The event will be used
to promote the two countries’ small-medium enterprises. Delegates include Kwon Taek-soon,
director of Seongwoo Electrical Co., Ltd. (CCTV, CATV), Kim Chan-pal, director of satellite
broadcast system manufacturer Medialife Co., Ltd, and Kim Hyoung-tae, director of meat processor
and wholesaler GM Farming Co., Ltd.
FRENCH-MONGOLIAN ECONOMIC FORUM
A second Mongolian-France economic forum launched 26 September was held at Blue Sky Tower and
Hotel, focusing on cooperation in energy generation.
Both French and Mongolian companies attended, where discussions were held on investment and
policy for energy as well as urban development. The French-Mongolian Chamber of Commerce
served as one of the hosts of the events. The chamber has 50 members, including French Air Liquid
Ltd., Areva SA, GDF Suez, Schneider Electric Corp., and Erdenes Mongol LLC. In his address to the
forum, the French ambassador said France was eager to share with Mongolia its experiences in
exploiting both nuclear and renewable energies.
Source: Montsame

HEALTHY FOODS AND LIVESTOCK EXHIBITIONS SEE MNT 634.7MN IN SALES
Vendors sold MNT 634.7 million worth of goods and MNT 200 million in contracts were signed at the
2014 Golden Autumn exhibition for healthy foods at the Dunjingarav Shopping Center and 2014
Selected Livestock convention in Khui Doloon Khudag.
At the events, organizers distributed information on Mongolia's regulations for food safety and the
registration of livestock. In attendance were 320 independent producers as well as representatives
of 4 businesses, 12 co-ops, 17 provinces, and 5 cities.
The following is a list of awards granted to companies proving excellence in the Mongolian market:
APU JSC won the “Grand Prix” award
Suu JSC won “Best Dairy”
Ochir Daginas won “Best Meat Product”
Talkh Chikher won “Best Bakery Product”
Khujirt Water won “Best Beverage”
Jivertiin Orgil's SharDoctor juice brand won “Best Packaged Goods”
Ikh Taiga of Khuvsgul Aimag won “Best organic product”
Altan Tos' Mongolian Golden Oil won “Best National Product”
SPONSORS
Oxford Business Group Mongolian Economy Magazine
ECONOMY
MONGOL BANK: FX AUCTIONS, SWAP AGREEMENTS, 1-WEEK BILLS, TREASURY BILLS
The Bank of Mongolia on 2 October reported the sale of USD 9 million and CNY 67 million in
currency auctions for closing rates of MNT 1,842 and CNY 299.61. Also on 2 October, the Bank of
Mongolia accepted bid offers for an equivalent of USD 5 million from swap agreements with
commercial banks and ask offers for an equivalent of USD 28.8 million.
The central bank reported on 1 October the issue of one-week bills worth MNT 104.2 billion at a
weighted interest of 12 percent a year.
The central bank reported on 1 October MNT 35.62 billion in bids for the issue of 12-week treasury
bills with a face value of MNT 30 billion. Each unit was sold at a discounted price with a weighted
average yield of 15.633 percent.
Source: Bank of Mongolia
GOVERNMENT LENDS MNT 74.3BN TO 56 PROJECTS FOR DOMESTIC PRODUCTION
Mongolia has lent MNT 74.3 billion to companies in its effort to provide funds to companies to
establish or expand domestic production of goods.
The government has financed 56 projects from a list of 888 projects it initially selected for
financing. Most of the companies that received financing operate in the manufacturing of food
products, agricultural goods and construction materials.
HARVEST DELAYED DUE TO SNOWFALL

Snowfall last weekend caught farmers off guard to delay the completion of this year's harvest.
“Last weekend's snow stopped the harvest work for two days, but didn’t affect much the harvesting
conditions,” said B. Odonkhuu, the grain production specialist of the Ministry of Agriculture.
The harvest season should end by 20 October, he said. Farmers had harvested 60 percent of this
year's wheat harvest. Government has projected the production of 439,000 tons of wheat this year.
Farmers have so far harvested 30 percent more wheat than last year for a total 270,000 tons. The
Ministry of Agriculture has set the price for its subsidized purchase of wheat at MNT 550 a ton.
However, government does not set the market price. There are no plans for export, he said.
Last year Mongolia only collected 30 percent of the crops grown because companies waited too long
before harvesting. Companies trade equipment between each other, he said, which meant they
need lots of organization between them.
“Companies which started earlier in spring have almost finished harvest,” said Odonkhuu. “The
ones which started late still have a lot of work.”
Farmers have also produced 120,000 tons of potatoes and 60,000 tons miscellaneous vegetables so
far. The government expects to meet half of Mongolia's demand for potatoes, projecting 154,000
tons. It has also projected meeting half of the country's demand for other vegetables with 180,000
tons this year.
Source: Udriin Sonin
KOICA DONATES TECH FOR “E-PARLIAMENT” PROGRAM
Parliament launched its fall session with new technology donated by the Korea International
Cooperation Agency (KOICA). The E-Parliament project, which is funded by a USD 3.5 million grant
from the Korean government, brings to Parliament new audio and video equipment into government
offices.
CAR OWNERSHIP IN UB UP 16.5% SINCE 2011, TOYOTA MAKES UP HALF
The number of registered motor vehicles driving the streets of Ulaanbaatar has risen 16.5 percent
since 2011, according to a report issued by the Ulaanbaatar City Statistics Office.
The report shows 257,500 cars were inspected in 2013, or 46,800 more than 2011. Of the cars
inspected, 71.6 percent were private passenger cars. A total of 723 vehicles were registered to
foreign residents. Honda vehicles made up 4.4 percent of the market share while Nissan was 9.5
percent, Hyundai was 15.2 percent, Toyota was 51.9 percent, and other manufacturers were 15
percent.
Source: News.mn
UB-DALANZADGAD ROAD COMMISSIONED
Prime Minister Norov Altankhuyag was in Umnugobi Aimag for the opening ceremony of a 296
kilometer road connecting Dalanzadgad Soum with Ulaanbaatar.
During his visit the prime minister also visited local companies producing wooden furniture, and
leather goods. He also inspected a road under construction that will link Dalanzadgad with
Bayandalai and Gurvantes Soums, a new apartment complex under construction, Erdenes Tavan
Tolgoi LLC's mines, and a rail line running from Energy Resources LLC's Ukhaa Khudag mine to the
China-Mongolia border.
UB PARTNERS WITH GOOGLE FOR 'STREET VIEW' FOR GOOGLE MAPS
Ulaanbaatar has initiated a program to cooperate with tech giant Google to obtain images for a
360-degree panoramic view of the city for the “Street View” tool for its Google Maps application.
Deputy Mayor N. Bataa issued the order as part of the “Smart Ulaanbaatar” initiative being
undertaken by the city. Ulaanbaatar has hired the Mongolian tech company, I Tech LLC, for the
technical implementation.

Google first launched “Street View” in 2007 for several cities in the United States, and has since
expanded to locations worldwide. Not everyone appreciates the applications, however, with
countries such as Germany and India having requested that Google stop taking street images in
2011, citing privacy concerns. Google is now working to include Asian countries, with street-level
images for Indonesia and Cambodia becoming available on 20 August.
Source: Info Mongolia
103 STUDENTS POISONED FROM SCHOOL MEALS IN BAYAN-ULGII
Contaminated school foods sent 103 students from a school in Bayan-Ulgii Aimag to the hospital on
3 September.
Analysis by the Natural Studies Laboratory at the Mongolian Academy of Sciences of the food served
to the hospitalized children showed traces of acetyl, a chemical commonly found in benzene and
diesel fuel.
“The flour used in the meal that poisoned the students might have been contaminated with acetyl
during loading or shipping,” said a statement from the General Agency for Specialized Inspection. It
added that local authorities had launched an official investigation into the incident.
Source: News.mn
MONGOLIA LAYS TRACKS TO BOOST TRADE
Recent visits to Mongolia by Chinese Premier Xi Jinping and Russian President Vladimir Putin have
cemented deals that may see the mineral-rich country double trade with its neighbors and achieve
a wider market reach for its exports through the overhaul and expansion of its aging rail network.
A two-day visit by Xi in late August resulted in 26 new trade and cooperation agreements being
sealed, among them four targeting improvements and development of the rail sector, with another
two pending. China agreed to offer seaports and railway transport access to Mongolia and help
finance a number of projects in medical care, education, railroads and residential community
construction, according to media reports. This visit was followed by talks between Putin and
Mongolian President Tsakhia Elbegdorj in early September. Russia also agreed to step up
cooperation in developing Mongolia’s transport infrastructure, particularly its railway network.
“Mongolia is located between Russia and China after all. We are big trade and economic partners,
and Russia has bilateral trade with China that already has come to USD 65 billion to 67 billion in
2014. It therefore makes sense to put Mongolia’s transport possibilities to greater use than is the
case today,” Putin said during a press conference in Ulaanbaatar.
Talks with Xi centered on the use of the Trans-Mongolian railway, a national rail network aimed to
be 5,600 kilometers at completion, as a land route for trade between Asia and Europe with a goal
of transporting 100 million tons of cargo by rail to Europe by 2020. A sticking issue, however, is
whether Mongolia will retain the Russian broad gauge as its rail track size for the new projects
outside the expansion of the Trans-Mongolian line or change to the standard international width
used by China. Both Russia and China have a vested interest in seeing Mongolia’s rail network
upgraded due to the steadily increasing transit trade between them via Mongolia, which currently
represents at least a quarter of total rail freight and provides a significant source of revenue for
Mongolia.
Source: Oxford Business Group
MONGOLIA'S TERMS FOR OIL AND GAS ATTRACTIVE FOR INVESTORS, SAYS GLOBALDATA
The fiscal and regulatory provisions for the upstream oil and gas sector in Mongolia are attractive
for investors, especially following the recent clarification of legal framework on the exploration
and production operations, says research and consulting firm GlobalData (GD) in its recent report.
GD's latest report points out that the new Petroleum Law, which was passed in July 2014, has made
only few important changes to fiscal and regulatory regime for the conventional hydrocarbons
sector, but for the first time, it has made provisions for unconventional hydrocarbons in detail. A
particular fiscal incentive is a 10 percent royalty, rather than 15 percent for conventional
resources; nevertheless, the flexibility of the production sharing contract (PSC) framework means

that contractors would be able to negotiate better production sharing terms for unconventional
hydrocarbons.
"This is an important step for Mongolia, where there is growing interest in oil shale resources,” said
GlobalData upstream fiscal analyst Will Scargill. The government has already started to sign
agreements with investors for shale oil extraction pilots, envisaging conversion to a PSC once
commerciality is established. He added that exploration was extended by three years to 15, and
that production was extended from 25 to 30.
Scargill adds: "Mongolia reports proven reserves of 2.4 billion barrels of oil. However, the lack of
infrastructure to commercialize reserves is a significant problem. Combined with the relatively
unexplored nature of much of the country, this means that significantly increased competition for
acreage is unlikely in the medium term and should keep the negotiated fiscal terms in conventional
PSCs relatively stable."
Source: Hydrocarbons-Technology.com
BANKS TO INTRODUCE NEW PRODUCTS AND SERVICES
Expanding business will be essential if banks are to survive the transition being experienced within
the economy.
Mongolia plays a main role in the financial sector, with banks currently supplying the majority of
financing to the private sector. Central bank data shows loan growth at around 40 percent a year
since 2004, with growth only dipping during the 2009 financial crisis. As of the first half of this
year, the total loan amount has reached MNT 12.4 trillion. Yet the statistics also show Mongolia’s
banking sector is fast approaching market saturation. Clearly there are too many banks in such a
small market.
Four banks dominate the market, comprising 77 percent of total market share as of 2013. The
saturation of any sector means contracted growth, forcing banks to come up with an answer on how
to expand their business. To expand their business, banks may have to reach out to potential
clients that they had denied loans to in the past. However, the trouble there is the risk that kind of
lending can put on net capital. Banks will also have to adopt a new strategy to introduce new
products and services. In addition to loans, many businesses need opportunities such as direct
investment, bonds, leasing, and short-term financing, to name a few. Many commercial banks, for
example, have already expanded into selling insurance products.
Source: Mongolian Economy
AIR IN UB MORE POISONOUS THAN EVER DESPITE IMPROVEMENTS, SAYS ANALYST
Air quality has degraded in Ulaanbaatar, according to an environmental specialist, despite attempts
by government to keep pollution at bay.
Although toxic contents were down last year from the year before at the 14 sites tested, said J.
Bayarmagnai, a specialist at the Climate and Environment Office, the overall content of dangerous
matter in the air across the city has worsened he said. Sulfur content was down 20 percent,
nitrogen by 26 percent, and particulate by 21 percent.
“Overall, air pollution is still more than previous years, according to comparative analysis of air
quality standard.”
He noted that nitrogen content exceeded recommended levels at major intersections and the 13th
District while particulate matter was worse near construction sites, the power plants and the Zuun
Ail shopping center.
Source: Undesnii Shuudan
MONGOLIA'S MINES THREATEN TRADITIONAL HERDING
Mongolia's herders have been roaming the steppes for centuries, moving their animals from winter
grazing grounds to summer haunts, keeping their livestock—their livelihood—safe and well. Today
the mining industry is challenging that tradition.
"You can see the black holes all over the countryside now where they have just left the mines
open," said Tsolmon Khurekbaatar who, along with her husband Ganbat Batbaatar, has been herding

for 25 years. She added, "We do understand how important mining is to Mongolia—but it should be
more controlled, they do not look after the land properly."
Mining is essential to Mongolia's survival. The industry was responsible for the country's 2011
financial boom, when rich copper and coal deposits made it a focus for investors. That year, mining
helped account for a 17.3 percent increase in gross domestic product (GDP), making Mongolia the
fastest growing economy in the world. As the government struggles with the realities of its previous
financial mismanagement and looks to mining to solve its problems, the environment, and the
herders' way of life, could be put under greater threat.
The so-called “long-name law” that prohibits mining in forest and river areas nearly wiped out the
gold mining industry, said Chuluunbat Ochirbat, vice minister for economic development said. Now
that government might repeal the law, however, environmentalist groups fear mining companies
will be able to work almost unchecked in Mongolia's countryside.
"I can understand the angst on the part of the herders and the part of society and much of it is
actually warranted because a lot of fly-by-night miners and operators have come in and dug the
earth and walked away—[it] has led to this so it is not a surprise," Arshad Sayed, president of
Peabody Energy for Mongolia and India. He added, "I think there is a hunger [to improve
environmental policies]. A desire for it."
Source: Al Jazeera
MINING THE LEGACY OF GENGHIS KHAN
It's more than 800 years since Chinggis Khaan and his Mongol horde galloped out of central Asia, but
today the conqueror looms large in the Mongolian capital, Ulaanbaatar. He is the face of commerce
emblazoned on bank notes and multiple brands of vodka. There is even a Grand Khan Irish Pub.
Oyungerel Tsedevdamba, the Stanford-educated Minister for Culture, Sports and Tourism and one of
three female government ministers, says the sudden spike in expat numbers brought by the mining
boom was a mixed blessing: "For regular citizens of Ulaanbaatar, [the drop in expatriate numbers]
was good news," she says. "High numbers of well-paid expatriates had brought high inflation on
basic products like meat, house rent and house pricing… One thing I know is that Mongolia has seen
worse times and that our nomadic economy has proved resilient."
For most Mongolians, life is a struggle. According to the World Bank, around 30 percent of the
country lives in poverty. Most of them live in the ger district where there is no running water or
regular garbage collection. Alcohol dependency is rife, estimated at 13.6 percent of the entire
population by the Health Ministry of Mongolia and World Health Organization (WHO), compounded
by an unemployment rate of around 34 percent. The average temperature for December and
January is below minus 20, and with another zud likely this year, non-government organizations
such as the International Federation of Red Cross are preparing for the worst.
While the short term view for Mongolia's economy is bleak, the country still has the potential to
become one of Asia's wealthiest nations. Only 15 percent of Mongolia's 1.55 million square
kilometers has been exhaustively surveyed for mineral exploration. Australian Xanadu Mines
recently released a report of significant discoveries of copper and gold mineralization at their
Kharmagtai site, 420 kilometers south-east of Ulaanbaatar.
"Ideally, I'd like Mongolia to be like Norway or Australia [as a resource rich and wealthy country],"
says Tsedevdamba, "but it's a very long process... The Mongolian nomadic lifestyle didn't change for
thousands of years… In the end we have to adjust and we will adjust."
Source: Sydney Morning Herald
PEABODY URGES ADVANCED COAL USE IN ENERGY POVERTY, EMISSIONS FIGHT
In light of the 20th United Nations Climate Conference held this week in New York, U.S. coal
producer Peabody Energy on Friday urged the greater use of advanced coal to fight energy
inequality and improved emissions.
"It's time we recognize energy poverty as the most serious crisis we face and reject climate
alarmism that stalls solutions for energy access that would improve health, longevity and quality of
life for tens of millions of citizens around the world. The best way to reduce carbon and further

human development is to accelerate deployment of today's advanced coal technologies that provide
continued environmental improvement,” Peabody chairperson and Chief Executive Officer Gregory
Boyce argued in a statement.
Boyce said the ultimate human suffering from energy poverty extends to vaccines that were not
kept cold, hospitals that lacked proper electricity, food that spoiled from a lack of refrigeration,
water that was not purified and the effects of poor sanitation. He observed that choices of fuels
and policies mattered as witnessed by actions globally. For instance, Australia repealed its carbon
tax and Japan has stepped up support for coal-fueled power plants both domestically and
overseas—calling for greater use of advanced coal technology that reduces carbon dioxide
emissions.
Peabody said that fossil fuels helped people live longer and better, and that repeated studies had
demonstrated coal was the backbone of the global economy, with a direct correlation between
greater coal use and greater gross domestic product. The benefits of fossil fuel energy to society
outweighed the social costs of carbon by a magnitude of 50 to 500 times, according to the study,
“The Social Costs of Carbon? No, the Social Benefits of Carbon,” prepared by Management
Information Systems.
Peabody argued that coal was the least expensive and most reliable major form of electricity
generation to meet these rising energy needs. The World Bank had also has said coal would be
critical in helping Africa meet power demands. Coal had been the world's fastest-growing major
fuel for more than a decade, and was expected to overtake oil as the world's largest energy source
in coming years.
Source: Mining Weekly
END OF THE IRON AGE
Snaking through the low, green hills of southern Brazil is a 530-kilometer pipeline, the decisive link
in Anglo American PLC’s USD 8.2 billion Minas-Rio project to extract iron ore in the Brazilian
interior and ship it from a new Atlantic port. Way over its original USD 3.6 billion budget and two
years late, Minas-Rio is finally close to the point of “first ore on ship” into a much less welcoming
world.
The price of iron ore has plunged more than 40 percent this year, the worst performance across
metals and bulk commodities in 2014. From an average price of USD 135 per ton last year, the
benchmark iron ore contract sank last week to less than USD 80 for the first time since the global
financial crisis. Behind the change is a big increase in iron ore exports—and not just the 26.5 million
tons that Minas-Rio will bring to market when fully operational in 2016. Vale SA, Rio Tinto PLC and
BHP Billiton Ltd., the world’s dominant three producers, have collectively raised output from below
700 million tons three years ago to well over 800 million tons and have plans to push supply past 1
billion tons within a few years. Mark Cutifani, chief executive of Anglo American, says miners have
“overbaked the supply pie” in the commodities boom—and iron ore is the most telling example.
The supply tsunami is not the only factor weighing on prices. Concerns about a slowdown in demand
from China, the world’s biggest steelmaker and consumer of seaborne iron ore, have also taken
hold. A recent Goldman Sachs report warned of the potential for a long trend of declining prices. It
said 2014 was “an inflection point where new production capacity finally catches up with demand
growth, and profit margins begin their reversion to the historical mean... the end of the Iron Age is
here”.
Given that iron ore accounts for between 50 and 90 percent of profits at the world’s three largest
miners, a price collapse would be alarming for shareholders clamoring for better returns from the
under-performing sector.
Source: Financial Times
POLITICS
PREMIER ANNOUNCES PLAN TO CONSOLIDATE TO 13 MINISTRIES

Prime Minister Norov Altankhuyag on 2 October submitted to the Parliament speaker a bill that
would consolidate six ministries, reducing the number of ministries from 16 to 13.
The bill would see the Ministry of Roads and Transportation consolidate with the Ministry of
Construction and Urban Development into the Ministry of Infrastructure Development; the Mining
Ministry and Energy Ministry would become the Ministry of Geology, Mining and Energy; and the
Economic Development Ministry would be absorbed by the Finance Ministry. The Invest Mongolia
Agency that operates within the Economic Development Ministry would be transferred to the
Ministry of Foreign Affairs.
Source: News.mn
LEGISLATIVE AGENDA FOR THE AUTUMN SESSION OF THE MONGOLIAN PARLIAMENT
Parliament on 22 September approved a working agenda for the fall session that launched on 1
October. Of particular interest to investors are the following potential developments:
Ratification of the US-Mongolia Agreement on Transparency
One of the significant benefits of ratification of the Transparency Agreement is the joint
undertaking to provide opportunities for public comment on proposed laws and regulations and to
publish final laws and regulations in English, which should facilitate the ability of not only U.S. but
other foreign enterprises to do business in, and invest in, Mongolia.
Law on the Pledge of Movable Properties and Intangible Assets
Access to finance is one of the major challenges faced by many Mongolian businesses. Current
weaknesses of the Mongolian system include lack of clear legal framework and the absence of a
registration regime for taking security over movable assets such as equipment, machinery and
certain types of intellectual property rights, and over shares or securities in unlisted Mongolian
companies. Reforms in this sector should improve access to finance by enabling lenders to take a
broader range of collateral as security.
Law on the State Registration of Legal Entities
Whilst improvements were made to the process for incorporating companies by foreign investors in
Mongolia by the passage of the Investment Law in October 2013, amendments to the law will
introduce an online registration process for incorporation of legal entities and registration of
subsequent changes in the registered details of a legal entity as well as provision of services by the
Legal Entities Registration Office. The amendment will hopefully make the registration process and
other related services more efficient and increase the level of transparency and openness of the
state register.
Long Name Law
While historically this legislation has been controversial, appropriate and balanced amendments to
the Law on Procedures for the Implementing the so-called Long Name Law would assist to bring
much-needed clarity and opportunity to continue operations to investors in the mining sector
(mainly in the alluvial gold sector) whose exploration investments and activity have in practice
been on hold since the initial passage of the law in 2009.
The Order provides that the following draft laws and resolutions will be discussed in the following
order:
1. Law on the Ratification of the Agreement on Transparency in Matters Related to
International Trade and Investment between the United States of America and Mongolia;
2. Resolution on Measures to Ensure the Implementation of the State Policy on Railway
Transportation;
3. Motion to Dismiss a Certain Cabinet Minister from Office;
4. Resolution on the Approval of the State Policy on the Road Transportation Sector;
5. Law on Fire Safety;
6. Law on the Budget of Mongolia for 2015;
7. Law on the Budget for 2015 of the Human Development Fund;
8. Law on the Budget for 2015 of the Social Insurance Fund;
9. Resolution on the Approval of Main Directions for State Monetary Policy for 2015;
10. Law on Trade;

11. Law on Amendments to the Tax Laws;
12. Law on the Pledge of Movable Properties and Intangible Assets;
13. Law on the State Registration of Legal Entities;
14. Law on Crimes;
15. Law on Minor Offenses;
16. Law on Combating Domestic Violence;
17. Law on the Mongolian Language;
18. Resolution on the Revision of the State Policy on Education;
19. Law on Amendments to the Law on Procedures for the Implementing the Law on Prohibition of
Exploration and Mining in Headwater Areas, Protected Zones for Water Reserves and Forest Lands;
20. Law on Inspections;
21. Consolidated Law on Elections;
22. Law on Political Parties and the Law on the Financing of Political Parties;
23. Resolution on the Approval of the Long Term Development Policy of Mongolia;
24. Law on Amendments to the Minerals Law;
25. Laws and other Draft Decisions of Parliament that have been under discussion by Parliament;
and
26. Others.
Source: Hogan Lovells
MINERALS POLICY COUNCIL CONVENES
The Minerals Policy Council convened for the first time on Wednesday with the decision to recruit
33 members.
This independent body will participate in the creation of state policies for minerals by making
recommendations on laws and regulations, participating in policy programs, enforcing industry
regulations, and cooperating on public relations plans.
Source: Montsame
CABINET NOMINATES JUSTICE DEPUTY MINISTER
The Cabinet Secretariat on 2 September nominated Mongolian People's Revolutionary Party member
Ts. Uugangerel for the appointment to deputy minister of justice. Uugangerel was deputy director-
general of the Customs General Administration and has worked in leading positions with the Policy
Department and General Intelligence Agency.
Uugangerel replaces, E. Erdenejamiyan, another member of the MPRP who was stripped of his post
by a court decision.
PARLIAMENT LOOKING TO 31 DECEMBER DEADLINE TO VOTE ON ALTAN BULAG FTZ
Altan Bulag has seen great investment and trade since opening this summer, according a site
official, but it needs Parliament to pass a bill before the end of the year to make permanent its
status or else be decommissioned.
Seven companies have invested MNT 4.24 billion into the free trade zone, said department head for
the site at the Economic Development Ministry T. Chimegsanaa. Eight companies operating there in
shipping and merchants have sold MNT 343 million in goods there, he said. Since opening the free
trade zone, it has seen 7,100 people and 2,300 vehicles pass through.
China has provided low-interest financing for the installation of facilities for heating, electricity,
and sewage. Meanwhile a power station is 90 percent complete, he added. Official are also looking
at Tsagaannuur for the establishment of a third free trade zone, he said.
Source: Unuudur
NATIONAL PROGRAM FOR PROTECTION OF MAZAALAI ADOPTED
The Ministry of Environment and Green Development has adopted a national program for the
protection of Mazaalai, the Gobi bear.

Mazaalai is found and not known to live in any other place in the world outside of Mongolia. The
national program for the protection of Mazaalai is designed to improve Mazaalai habitat, to
increase their numbers by conducting an artificial breeding program, and protecting its current
population. A series of measures will be taken to provide the bear with more sources for drinking
water in its desert habitat and planting more of its natural food sources.
Source: News.mn
CAREC CHOOSES AZERBAIJAN, MONGOLIA AS WORKSHOP ORGANIZERS
Azerbaijan and Mongolia will hold workshops on risk management for the Central Asia Regional
Economic Cooperation (CAREC), the State Customs Committee (SCC) said on its website on 29
September. CAREC's member nations will convene next in Mongolia, on an unannounced date.
Source: Trend.az
HEALTH MINISTER RECEIVES HEALTH FACILITY PROJECT PROPOSAL FROM HUNGARY
A Hungarian delegation has offered its assistance in the establishment of a new health facility for
one of Ulaanbaatar's hospitals.
Health Minister Natsag Udval received a Hungarian delegation on 28 September that proposed a
concession agreement for the construction of a vascular center at the Third State Clinic. Udval said
their proposal precisely coincided with her ministry's intention to establish such facilities.
"Our group has performed the construction of medical facilities in many countries, and we consider
that a hospital building must be in compliance with detailed requirements and hi-tech standards, so
before commencing the work we will research the nation's tendencies and differences," said
Gapshar Marot, director of the Hungarian VMD Hospital Technology Group.
Source: Montsame
WTO ADDRESSES MONGOLIA’S TRADE POLICY
The World Trade Organization (WTO) has offered its assistance in improving Mongolia's trade regime
following the release of its Trade Policy Review for Mongolia.
Following a speech by Economic Development Deputy Minister Ochir Chuluunbat summarizing
Mongolia's status of trade, economic development and future goals in policy, WTO's director-general
of WTO, Roberto Azevedo, offered technical assistance for strengthening Mongolia's trade capacity.
Gonzalez said he would like to see cooperation between Mongolia and the WTO in trade facilitation
and promotion of small-medium enterprises.
The WTO report, which notes considerable progress towards improving living standards and
investment and grade in minerals” cited substantial growth in Mongolia's gross domestic product
and its ranking in the Human Development Index, in addition to a fall in unemployment. Exports
have grown on the back of a mining boom, but that has also given way to over-dependence on the
industry. Foreign investment, an essential component to the economy still, has suffered a fall from
53 percent of GDP in 2011 to 20 percent in 2013, due to policy decisions, but new legislation can
enable a reversal of that trend.
Read the full WTO report here.
Source: Montsame
SLOW PROGRESS IN CHANGING MEDIA’S LEGAL CODES
Improvements to the rights of journalism and the professionalism in media have been slow,
according to a report from Asia-Pacific Media Update, an online platform for media for the Asia-
Pacific.
For the first half of 2014, Mongolia’s overall rating remained “deteriorated.” As in the case of some
other countries, it earns this rating against a backdrop of little freedom of the media or protection
of journalists. For example since the Freedom of Information (FOI) bill was introduced in 2011,
there is still little protection to journalists from defamation or any guarantee of transparency in
dealing with authorities. Changes to the media legal codes are still a work in progress with the

current revision of the codes giving civil society groups little cause for optimism. Self-censorship
remains an issue.
A sweeping revision of the legal codes caused concern amongst civil society groups, including
journalists, who were concerned it may threaten press freedom, with reporters already privy to
anti-discrimination measures. Mongolia has more than 500 news outlets for its three million people
and a constitution which guarantees rights of free expression, yet there are few laws to protect
journalistic practice, the confidentiality of sources or whistle blowers. Lisa Gardner, an Australian
journalist based in Mongolia, wrote in an analysis, that prominent figures use the defamation laws
to shield themselves from criticism. There are few protections for whistle blowers. Article 139 of
the Criminal Code offers some protection, but does not specify what constitutes “professional
activities.”
Prominent government officials and powerful business figures own most of the news outlets and,
reportedly, apply pressure for self-censorship despite direct government censorship being outlawed
in the constitution.
Read the full section on Mongolia here.
Source: Media Update
MEET THE WOMAN WHO SAVED MONGOLIA’S DINOSAURS FROM SMUGGLERS
Though Mongolia has long struggled to curtail the looting of dinosaur fossils, one woman,
Tsedevdamba Oyungerel, the country’s minister of culture, sports, and tourism, is making
significant headway in the battle against their illegal export and sale. In an interview with Slate,
she outlined some of the challenges she’s faced.
The dry environment of Mongolia’s Gobi desert has proven ideal for the preservation of dinosaur
fossils, but, until recently, there has been very little oversight of excavations. “The years from
2000 to 2012 were a big smuggling time in Mongolia,” Tsedevdamba said.
Though she is by no means a paleontologist, Tsedevdamba gradually educated herself on the matter
after a 2006 visit to New York’s American Museum of Natural History (AMNH). When she realized the
extent of the smuggling problem, she vowed to help. A key turning point came in 2012, when
Tsedevdamba enlisted President Tsakhia Elbegdorj to help block the New York auction of a 70-
million-year-old Mongolian Tarbosaurus bataar fossil similar to a Tyrannosaurus rex. They filed an
injunction to block the USD 1 million sale, which was later voided. The dealer, Eric Prokopi, was
found in possession of other stolen Mongolian fossils.
“Educating people about science is a great tool to stop fossil theft,” says Tsedevdamba.
“Mongolians are fascinated by paleontology now, and are much more serious about their resources
than they were two years ago.”
Mongolia is working to regain other fossils, and is particularly interested in American paleontologist
Roy Chapman Andrews’s findings from his 1922–25 Mongolian expeditions, which are at the AMNH.
“We hope to have the fossils on display by the 100th anniversary of his expeditions,” said
Tsedevdamba. As for the Tarbosaurus, it finally went on display this year at Ulaanbaatar’s Central
Dinosaur Museum (formerly the Vladimir Lenin Museum).
Source: Artnet.com, Slate
JOURNEY OF A NORTH KOREAN DEFECTOR: FROM ESCAPING BY BIKE TO SINGING FOR CROWDS
Park Young-jin arrived in South Korea just a year ago, but he has already traveled to the U.S. to
perform with one of K-pop’s biggest stars. He talks about how his life has changed with a trip to
Mongolia for freedom.
Like many defectors, Park does not disclose much detail about exactly how he left North Korea’s
borders for fear of harming others’ chances. He does, however, tell of the 12-day solo bike ride
that took him through China to the border with Mongolia, as he attempted to avoid detection by
Chinese authorities. It was not the first time he had tried to escape. It’s estimated that 25,000
defectors have made the journey to South Korea in the past 20 years. On arrival they go through
social orientation provided by the Ministry of Unification, designed “to give North Korean refugees
the basic knowledge necessary to function as citizens of democratic South Korea”, covering

everything from healthcare to education. It was here that a social worker referred Park to the
With-U choir project.
Lee Dae-young, a professor at Chung-ang University has recently argued that as a reunification
mission by South Korea's president gathers speed, a focus on arts and cultural projects is vital to
narrow the inherent gaps between the two societies. Projects like the 55-member With-U choir
help to do this, whilst also promoting the South’s reunification agenda on the global stage—a kind
of soft diplomacy. With-U became involved with the South’s campaign, launched last month, to
raise awareness about the plight of defectors and to advocate for a united Korea. It’s fronted by
Lee Seung-chul, a renowned K-pop singer.
“One voice to another, if you can listen to this song, and grasp the gravity of the plight of the North
Koreans, then you can... feel the urge to put an end to this,” said Lee. He has high hopes for the
project, and says he believes “this is the start of the end to this devastation.” Next he’d like to
collaborate with a global artist on the campaign—even contacting Bono, though he is yet to hear
from his team.
Source: The Guardian
'SILK ROAD' DIPLOMACY FOR INCLUSIVE GROWTH - EDITORIAL
President Xi Jinping floated the idea of a new Silk Road Economic Belt and 21st Century Maritime
Silk Road last year, and his just concluded four-nation visit to Central and South Asia is expected to
make the concept a policy priority.
As a major part of China's diplomatic strategy of all-round opening up, the two "silk roads" are
aimed at boosting the economy of China along with that of other countries, especially its western
neighbors. An interconnected transport network, comprising railways, highways, air and sea routes,
and oil and gas pipelines across Eurasia, should ideally give rise to a wide range of industrial
clusters, which will have a radiating effect on sectors such as construction, energy, metallurgy,
finance, communications and even tourism. The two new "silk roads", once operational, will help
further integrate the Asia-Pacific region and European Union—the world's economic engine and
largest economy respectively—into a potential "Eurasia market," inside which free trade zones can
thrive, and economic and technological cooperation between countries and regions can be
deepened.
That China is not merely seeking regional cooperation with its western neighbors is evident from
Xi's visit to South Asia where he mooted the idea of building a Mongolia-China-India-Myanmar
economic corridor, which is needed to geographically and economically link the two "silk roads."
Last year, India had expressed doubts about such a north-south corridor because the India-Myanmar
border is still "closed" because of the rampant militancy in India's northeastern states which border
Myanmar. So by choosing India as the last stop on his four-nation tour, Xi sought to reassure New
Delhi of Beijing's concrete efforts to enhance economic ties by promising to invest USD 20 billion in
India in the next five years.
If a Eurasian free trade zone or market becomes reality, it will have a huge impact on the global
economic landscape and world order for three reasons. As part of China's efforts to promote
inclusive development, the "silk roads," unlike ocean routes-based globalization, attach greater
importance to relatively less developed landlocked countries such as Mongolia and Kazakhstan, and
aims to help them catch up with the well-off coastal states.
Wang Yiwei is a professor of international relations at Renmin University of China.
Source: China Daily
___________________________________________________________
ANNOUNCEMENTS
NAMBC 17th ANNUAL INVESTORS CONFERENCE 2014, 7-8 OCTOBER, BEST WESTERN
Registration is still open for the 17th Annual Investors Conference organized by the North America-
Mongolia Business Council (NAMBC). Venue is the Best Western Tuushin Hotel. Speakers include
State Great Khural Chairman Z. Enkhbold, former President P. Ochirbat, Principal Deputy Assistant

Secretary of Commerce John Andersen, senior government officials from Mongolia, the U.S. and
Canada and leading experts on the Mongolian economy. Program segments include the “Future of
Mining,” “Trade, Investment and the Third Neighbor Policy,” and “Reigniting Economic Growth.”
This is the oldest, continuously held conference on Mongolian business in the world. The BCM is a
sponsor and BCM members are treated the same as NAMBC members for registration. Non-members
are welcome. For more information and registration forms, visit www.nambc.org. If you have any
questions, contact nambc@mobemail.mn or hqinfo@nambc.org, or call UB Office Director Bolor at
9918-4372.
_____________________________________________________________________
RISK MANAGEMENT AND INSURANCE SOLUTIONS CONFERENCE, 16 OCTOBER, CORPORATE HOTEL
Session 1: Risk Management and Insurance Solutions Conference for Mongolian Industries. Mining
Sector
Morning session (08:00 – 14:00)
Type of event: conference
Description:
The first session of the Risk Management and Insurance Solutions Conference for Mongolian
Industries, arranged by Aon in cooperation with BCM.
Organizers will bring together professionals from the leading Reinsurance and Insurance markets of
Europe, as well as other risks specialists in order to present a full-cycle overview for the mining
industry with a major focus on real cases and applicable specifics. Companies operating in this field
and the ones investing into such business are invited as well as local insurance companies and
financial institutions.
_________________________________________________________
Session 2: Risk Management and Insurance Solutions Conference for Mongolian Industries: Trade
Credit and Political Risks Workshop
Afternoon session (14:00 – 21:00)
Type of event: workshop
Description:
The second session of the Risk Management and Insurance Solutions Conference for Mongolian
Industries, arranged by Aon in cooperation with BCM.
Political Risks and Trade Credit Risks will be in focus for this workshop. In its course participants
will be provided with a comprehensive overview on the competitive and effective solutions to
protect interest of investors into Mongolian business (Political Risks), as well as Mongolian
companies that have trading operations (Trade Credit). Both groups of risks are quite universal and
will be of interest for wider audience of BCM members.
Participation in both sessions is free of charge and is subject to preliminary reservation. A special
reception will be held for all participants on the evening of 16 October at a center-city location to
be announced, Email saruul@bcmongolia.org by 8 October for registration or call 11 317027.
____________________________________________________________________
MONGOLIA PROJECTS & INVESTMENT SUMMIT, 17-19 NOVEMBER, HONG KONG
The Mongolia Projects & Investment Summit will be held in Hong Kong from 17 to 19 November,
where Prime Minister Norovyn Altankhuyag will present his vision to sustain Mongolia’s growth.
The context of the Summit will be a constructive, productive and sincere appraisal of Mongolia as a
place for FDI, given the current circumstances, and what is being done to strengthen its
attractiveness to the international investment community. The Mongolia Projects & Investment
Summit Hong Kong will bring together leading business, investment and governmental figureheads
in an environment of progressive discussion and action.
The implementation of the new Investment Law, amendments made to the Mining Law, a realized
dedication to PPP and more do show that the government is moving in the right direction. The

question on investors’ minds is what tangible progress has been made since last November which
would warrant a return of FDI?
BCM members are eligible for a 15 percent early bird special. Download the brochure for the
conference agenda here. For registration logon here, or for more information email
info@beaconevents.com or call: +852 2219 0111.
_____________________________________________________________________
BCM IN THE UNIVERSITY CLASSROOM’ NEWS
BCM has been pushing forward with its BCM in the University Classroom series since March 2012. Led
by BCM’s Education Working Group, the program provides lectures at universities to help inspire
students and give them direction for their future careers. The series has grown to include an
average of 10 lectures per academic year. As of now, 1,800 students and teachers have
participated with BCM in the University Classroom Project.
Most recently Mongolkhuu G, Executive Director at National Life Insurance, gave a presentation
entitled “Life insurance and other types of insurance policies that are expected to be developed on
Mongolia” to an audience of 56 teachers and students at Mongolian National University on 16
September.
The next BCM in the University`s Classroom series will be held on 8 October at the Institute of
Finance & Economics. GTs Advocates LLP has been invited to speak. The presentation’s title:
“Corporate Business Law in Mongolia, an overview”.
BCM WORKING GROUP MEETINGS
BCM`s Logistics Working Group met on 30 September with 9 people attending.
Chairman Tengis G, Chief Executive Officer of Monroad, moderated the meeting.
New Participant: Inca Bataa from Santa Fe Relocation Services
Speakers and topics were:
1. "Mongolian Customs"- Amgalan N, Regulatory Reform Manager at Business Plus Initiative (USAID).
2. Defining the mission in a position paper of the Working Group.
Members discussed the Logistics WG mission and suggested it include the following key areas:
1. Logistics policies-influence
2. Transparent customs-inspection agency
3. Logistics routes
4. Logistics centers
5. Transport insurance
6. Transportation cost (Import, Export, Nationwide)
If you have any comments or suggestions on the Logistics WG mission, please send them to
erka@bcmongolia.org.
The next working group meeting is scheduled on 25 November with the following agenda:
1. Discussion of Logistics WG Mission statement
2. Guest: Federation of Freight Forwarders of Mongolia.
We still welcome those who have interest to join out BCM`s Logistics Working Group.
__________________________________________________
BCM will soon be establishing its Energy and Construction Working Group. If you’re interested in
joining this new working group, please contact Erdenetsetseg at erka@bcmongolia.org.
______________________________________________________________________________________
BCM WEBSITES
MONGOLIAN WEBSITE: ‘PRESENTATIONS’
The following statistics and reports posted on Presentations section in Mongolian:
http://bcmongolia.org/mn/илтгэлүүд

6 Presentations at Discover Mongolia, Children’s Palace, UB, 4-5 September, 2014 (MNG)
• Б.Оюунгэрэл - "Монголын Геологи, Уул уурхайн Мэргэжлийн Институт" Дисковер
Монголиа 2014
• Б.БААТАРЦОГТ ГЕОЛОГИЙН БОДЛОГЫН ХЭЛТСИЙН ДАРГА - "ГЕОЛОГИ ХАЙГУУЛЫН
ТАЛААР ТӨРӨӨС АВЧ ХЭРЭГЖҮҮЛЭХ АРГА ХЭМЖЭЭ" Дисковер Монголиа
• Монголын алт үйлдвэрлэгчдийн холбооны Удирдах зөвлөлийн дарга Т.Ганболд - "АЛТНЫ
САЛБАРЫН ӨНӨӨГИЙН БАЙДАЛ, ЦААШДЫН ЗОРИЛТ" Дисковер Монголиа 2014
• Лхамаасүрэнгийн Раднаасүрэн УУЯ-ны СБТГ-ын ТБХ-ийн дарга "МОНГОЛ УЛСЫН
НҮҮРСНИЙ ЭКСПОРТЫН ӨНӨӨГИЙН БАЙДАЛ" Дисковер Монголиа 2014
• Г. Эрдэнэбилгүүн "Ашигт малтмалын нөөц ашигласны төлбөр, холбогдох асуудлууд,
боломжит шийдлүүд" Дисковер Монголиа 2014
• УИХ, ЗАСГИЙН ГАЗРЫН ГИШҮҮН Д.ГАНХУЯГ "ЭРДЭС БАЯЛГИЙН САЛБАРЫН ЭРХ З ҮЙН
ОРЧНЫ ШИНЭЧЛЭЛ" 2014 ОНЫ 09 ДҮГЭЭР САРЫН 04 ДИСКОВЕР МОНГОЛИА
• U.S. Ambassador Piper Campbell's speech at Invest Mongolia
• Монгол улсын нийгэм эдийн засгийн байдал, 2014 оны 4 сарын байдлаар, Үндэсний
статистикийн хороо
• Мандал Женерал Даатгал тайлан, 2014 оны 5 сар
• Сант марал сангаас гаргасан УЛС ТӨРИЙН БАРОМЕТР №13(47), 2014 ОН 3 САР
• Монгол улсын нийгэм эдийн засгийн байдал, 2014 оны 3 сарын байдлаар, Үндэсний
статистикийн хороо
• “Anti-Corruption legislation and State Policy” (Mongolian) by D. Munkhjargal, Prevention
and Public Awareness Department, Senior Commissioner, Independent Authority Against Corruption
(IAAC) Mongolia at the “ANTI-CORRUPTION LEGISLATION/POLICY, INTERNATIONAL BEST PRACTICE
ON TRANSPARENCY” Training seminar, Mar 06, 2014
___________________________________________
ENGLISH WEBSITE: 'PRESENTATIONS', 'MONGOLIA REPORTS', ‘INTERVIEWS‘, MONGOLIAN
BUSINESS NEWS’, ‘PHOTO GALLERY’
Presentations at BCM Monthly Meeting on September 22, 2014:
• Peter A. Markey, Managing Partner, Ernst & Young Mongolia – "Business Risks in the Mining
and Metal sector"
• Kh. Dorjpalam, Officer Treasury, Oyu Tolgoi - "Overview of the Risk Management and
Insurance Conference in October in UB"
9 Presentations at Discover Mongolia, Children’s Palace, 4-5 September, 2014 (ENG)
• Cameron McRae, Executive Chairman, SkyPath Partners LLC, Mr. Geoff McNamara, Pacific
Road Capital, Financial Regulation Committee, Ministry of Economic Development, Moderator: Jim
Dwyer, Executive Director, Business Council of Mongolia - "Panel Discussion"
• Amarbayasgalan.E, Director, Investment Banking Division, Golomt Bank - "Banking and
Mining" Discover Mongolia 2014 International Mining Investors Forum, September 4-5, 2014
• Neil Ashdown, Deputy Head of Asia, IHS - "Mongolian Competitiveness among Asian
Emerging Market" Discover Mongolia 2014 International Mining Investors Forum, September 4-5,
2014
• Paul Cromie, Chief Geoscientist for Asia Pacific, Anglo American - "Anglo American Global
Exploration" Discover Mongolia 2014 International Mining Investors Forum, September 4-5, 2014
• Peter Akerley, President & CEO, Erdene Resource Development - "Mining Exploration
Project" Discover Mongolia 2014 International Mining Investors Forum ,September 4-5, 2014

• George Lloyd, CEO, Xanadu Mines - "Mining Exploration Project" Discover Mongolia 2014
International Mining Investors Forum, September 4-5, 2014
• Adrian Buck, Geo Consultant - "TSIM Geophysics: Mongolian Case Studies" Discover Mongolia
2014
• Sebastian Rosholt, Senior Associate, Minter Ellison LLP - "Amendments to the 2006 Mineral
Law of Mongolia: Private sector overview" Discover Mongolia 2014 International Mining Investors,
September 4-5, 2014
• Bilguun Ankhbayar, CEO, MIBG LLC - "Review and Outlook of Mongolian Investment
Environment" Discover Mongolia 2014 International Mining Investors Forum, September 4-5, 2014
12 Presentations at Invest Mongolia, Blue Sky Hotel, 2-3 September, 2014 (ENG)
• APIP - "Trends and Dynamics of the Real Estate Market in UB" Invest Mongolia 2014
• "Mongolian Cashmere Industry Overview" Invest Mongolia 2014
• B.Tsogtgerel, Vice Minister - "MINISTRY OF INDUSTRY AND AGRICULTURE" Invest Mongolia
2014
• Toshinobu KATO, JICA Mongolia - "Perspective on Long-term Development Strategy in
Mongolia～Japanese experience and cooperation" Invest Mongolia 2014
• Tokyo Stock Exchange - "Opportunities for Mongolian Companies to Raise Capital in Japan"
Invest Mongolia 2014
• Matthew Pottle, Country Managing Partner, PwC - "Mongolia: capitalising on the
megatrends" Invest Mongolia 2014
• Graeme Hancock, President, Anglo American Mongolia - "ANGLO AMERICAN AN
INTRODUCTION" Invest Mongolia 2014
• John Johnson, CEO, CRU China-"China's top commodity trends and what this means for
Mongolia" Invest Mongolia 2014
• Batsukh Galsan, Chairman, "OYU TOLGOI" PROJECT" Invest Mongolia 2014
• Ya. Batsuuri, CEO, Erdenes Tavan Tolgoi JSC - "Largest developing coking coal deposit in the
world" Invest Mongolia 2014
• Graeme Knowd, Associate Managing Director - "Mongolia Banking System Outlook Mongolian
Banks Face Cyclical and Structural Challenges " Invest Mongolia 2014
• Erdenedalai Odkhuu, Associate; Bolormaa Gulguu, Associate, Hogan Lovells (Mongolia) LLP -
"Legal Developments in 2014 :Changes and Future Developments" Invest Mongolia 2014
2 presentations from BCM monthly meeting on June 23, 2014:
• T. Gansuld, Executive Director, Outotec Mongolia – “Outotec Mineral Processing Solutions
and Experience in Mongolia”
• Lisa Gardner, Journalist & Media Trainer – “Mongolia’s Media Laws: Defamation, Libel and
Threats to Press Freedom”
3 presentations from BCM monthly meeting on May 26, 2014:
• B. Lakshmi, Director, Mongolia Economic Forum – “Why Mongolia Business Summit?”
• Nick Cousyn, Co-chair, BCM Capital Markets Working Group – “Use of MSE for State
Privatizations”
• Peter Benson, VicRoads Team Leader, ADB Capacity Building Project – “Mongolia Roads –
Achievements and Challenges”
• China Metals & Mining Thermal Coal, Coking Coal, Copper, Gold, Steel by Macquarie Capital
Securities Limited
Mongolia Reports: http://bcmongolia.org/en/mongolia-reports
• Mongolia Economic Report – August 2014 by BCM;
• World Investment Report 2014 by United Nations Conference on Trade and Development ;

• Social and economic situation of Mongolia as of May 2014 by National Statistical Office of
Mongolia; (available in Mongolian language - Монгол улсын нийгэм эдийн засгийн байдал 2014
оны 3 сарын байдлаар, Үндэсний статистикийн хороо);
• Real Estate Report 2014 by Mongolia Properties;
• ASIA Reaching for the Top by International Monetary Fund, June 2014;
• ASIA Achieving Its Potential by International Monetary Fund, June 2014;
• Mongolia: Economy outlook 2014, by Asian Development Bank;
• Polit Barometer by Sant Maral Foundation, March 2014.
Interview Section: http://bcmongolia.org/en/interviews
• Peabody Energy's Greg Boyce Says Don't Write Off Coal
• Talking to United World, the Executive Director of the Mongolian Drilling Association (MDA)
Professor J. Tseveenjav. Source: http://www.worldfolio.co.uk/;
• Jim Dwyer, Executive Director, BCM – “Business need more business”;
• Damshnamjil Tsogtbaatar, Chairman of the SPC: “Privatizing Mongolia”;
• Jan Hansen, Economist, ADB: “The depreciation should help to increase the
competitiveness and to develop the non-mining industrial sector”.
BCM's English website includes the “Mongolia Business News” section. BCM continuously posts news
stories and analysis of relevance to Mongolia at ‘Mongolian Business News” before they are all put
together each week for Friday's weekly NewsWire.
The “Photo Gallery” contains photos from the 6th Anniversary BCM Renewal dinner on November
11, 2013.
The BCM NewsWire will continue to be issued each Friday, incorporating items already on the home
page for a consolidated account of the week’s events.
___________________________________________
SOCIAL NETWORK WITH BCM
The Business Council of Mongolia (BCM) has expanded its reach to your favorite social networks.
Keep up to date on the latest business deals in Mongolia and how the climate for investment is
improving each day with BCM.
Add BCM on Facebook at https://www.facebook.com/TheBusinessCouncilOfMongolia to read the
latest announcements and comment on events carried in the NewsWire with the community.
Hear breaking news and announcements as they happen when you follow BCM on Twitter at
https://twitter.com/bcmongolia.
The bulk of the content on BCM’s new LinkedIn page is Mongolian language to better cater to BCM's
Mongolian-speaking audience and members. Please click on the below link to follow us on our new
LinkedIn page.
http://www.linkedin.com/company/business-council-of-mongolia?trk=company_logo
Social stats: BCM now has 6,097 fans on our Facebook fans page, 1,731 connections on LinkedIn
network, and 1,239 followers on Twitter.
Of course for news information, interviews, event photos, VIDEOS and announcements regarding our
organization, visit the official BCM website at http://bcmongolia.org/en/
________________________________________________

INFLATION
Year 2006 6.0% [source: National Statistical Office of Mongolia (NSOM)]
Year 2007 *15.1% [source: NSOM]
August 31, 2014 *13.7% [source: NSOM]
*Year-over-year (y-o-y), nationwide
Note: 13.6% y-o-y, Ulaanbaatar city, August 31, 2014
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}
CURRENCY RATES – 2 OCTOBER 2014
Currency Name Currency Rate
US Dollar USD 1,841.54
Euro EUR 2,325.13

Japanese yen JPY 16.92
British pound GBP 2,983.11
Hong Kong dollar HKD 237.19
Chinese Yuan CNY 46.52
Russian Ruble RUB 300.00
South Korean won KRW 1.74
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.
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