17.01.2014, NEWSWIRE, Issue 308

BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 308 – January 17, 2014
NEWS HIGHLIGHTS:
Business
 Mongolia sees only a few critical issues remaining on Oyu Tolgoi deal;
 Turquoise Hill says inventory building at OT;
 Rio Tinto's Turquoise Hill stake unchanged at 50.8%;
 Erdenes TT plans coal exports of 11 million tons in 2014;
 Xanadu completes Oyut Ulaan copper-gold project acquisition;
 Haranga awarded pre-mining contract for Selenge project;
 ARViN monspar releases maiden resource statement;
 TDB plans Mongolia's first Dim Sum bond;
 Centerra beats 2013 guidance, lowers outlook for 2014;
 Petro Matad says unaware of any reason for share price rise;
 FRC to rate MSE-listed companies;
 HBOil announces conversion of short-term convertible notes;
 Eagle News partners with CNN;
 Salkhit wind farm film premiers on Christmas;
 Oyu Tolgoi provides reflective collars for camels;
 Rio Tinto signals start of turnaround;
 Standard Chartered to reshuffle in Asia.
Economy
 Socio-economic update;
 Mongolia export income falls 2.6% in 2013; value of coal sales slumps 41%;
 Mongolia falls to “Most Unfree” in Index of Economic Freedoms;
 Mongolia budgets for growth;
 Economic Development Minister blames budget deficit on global economy;
 Mongolia plans to expand rail capacity with growing trade demand;
 Mongolia to import 100,000 tons of Russian wheat;
 Education statistics of 2013;
 Accidents and disasters in 2013;
 Meteorology institute reports excessive pollution;
 Apartment building construction in ger district will start in April;
 Demolition scheduled for 500 buildings in UB;
 These 10 countries are set to be the fastest-growing economies in 2014;
 Ger now a consentable alternative;
 No quick fix for China's air quality.
Politics
 Government introduces 2014 work plan;
 Parliament scrambles to meet FATF requirements;
 Parliament rejects bill to ban MPs from serving in Cabinet;
 Health Ministry to cooperate with Blair Faith Foundation;
 Mongolia opens diplomatic relations with Haiti;
 Diplomatic relations proposals with nine countries approved;
 Serbia and Mongolia finalize agreement to abolish visas for their citizens;

 Foreign minister signs agreement with UN for landlocked nations group;
 Mongolian officials aim to adopt parts of Canadian legal system;
 Border crossings to China to be closed during Tsagaan Sar;
 Attempt to smuggle gold busted;
 26-yr-old Mongolian student found hanged in Malaysian market;
 Youth group protests for premier's resignation;
 Bus-1 company workers on strike;
 Group submits complaints against Just Oil, Magnai Trade;
 The coach who's hoping to transform Mongolian football.
ECONOMIC INDICATORS
 MSE Top 20 Index by market Capitalization;
 Foreign-listed Companies with Mongolian Assets;
 Inflation;
 Central bank policy rate;
 Currency rates.
*Click on titles above to link to articles.
SPONSORS
Khan Bank International SOS
Mongolian National Broadcasting Oxford Business Group
BUSINESS
MONGOLIA SEES ONLY A FEW CRITICAL ISSUES REMAINING ON OT DEAL
Wrangling over a USD 6 billion-plus underground expansion of the Oyu Tolgoi, Rio Tinto Group's
massive copper-gold mine in Mongolia could be resolved by the end of the month.
UB Post News reports Erdenes Oyu Tolgoi LLC director Davaadorj Ganbold, representing the
Mongolian government's 34 percent stake in the project, told local news media "only a few critical
issues remain," including water usage which is close to being settled, royalties, details of the phase
two pre-feasibility study and what Mongolia alleges is overspending by Rio to the tune of USD 2
billion. Rio unit Turquoise Hill Resources Ltd., operator of the USD 6.6 billion open pit, announced
in December it received extended commitments from 15 commercial banks for the underground
expansion where some 80 percent of the value of Oyu Tolgoi lies. Rio now has until the end of

March to make a deal. Vancouver-based Turquoise Hill recently also closed a USD 2.4 billion rights
offering to repay a USD 600 million bridge loan and a USD 1.8 billion interim funding facility for Oyo
Tolgoi.
A positive outcome on Oyu Tolgoi, where some 2,000 workers have been let go due to the delays,
would do much to restore the confidence of investors, many of whom have burned fingers in the
country before. Turquoise Hill – then called Ivanhoe Mines – was founded by mining financier Robert
Friedland after making the Oyu Tolgoi discovery in 2001. According to a new study Friedland, who
lost control of the miner to Rio in 2012 and still owns 8 to 9 percent of the company, last year lost
his billionaire status thanks in part to a 60 percent slump in Turquoise Hill shares.
Source: Mining.com
TURQUOISE HILL SAYS INVENTORY BUILDING AT OT
Inventories at Rio Tinto Group's Oyu Tolgoi copper and gold mine in Mongolia are expected to rise
during the first quarter, Turquoise Hill Resources Ltd. said on Wednesday.
Turquoise Hill, which owns a majority interest in Oyu Tolgoi and is controlled by Rio, said the mine
was still producing more concentrate than it is shipping. Two of the smelters it sends material to
have been hit by technical problems, and "consistent customer delivery schedules have not yet been
embedded." Some sales have been deferred to the second and third quarters, and inventory levels
at the massive mine should return to normal by the end of this year, the company said.
The mine produced 76,700 tons of copper and 157,000 ounces of gold in concentrates in 2013.
Source: Reuters
RIO TINTO'S TURQUOISE HILL STAKE UNCHANGED AT 50.8%
Mining titan Rio Tinto PLC has kept its majority stake in Turquoise Hill Resources Ltd. unchanged at
50.8 percent following the successful completion of a USD 2.4 billion rights issue.
Turquoise Hill, the 66 percent owner of Mongolia's Oyu Tolgoi copper and gold deposit, said Monday
that its rights issue was over-subscribed but declined to say by how much. Rio Tinto, Turquoise Hill's
largest shareholder and Oyu Tolgoi's project operator, said it spent CAD 1.29 billion (USD 1.19
billion), in order to maintain its 50.8 percent Turquoise Hill stake. It didn't acquire any additional
shares as part of a standby agreement because the rights issue was fully subscribed, the miner said.
Robert Friedland, the company's founder, also fully subscribed to his share of the rights issue, a
source familiar with the matter said. Friedland owns about a 10 percent stake in the company.
Turquoise Hill announced in November plans to issue USD 2.4 billion worth of shares in order to pay
back an equal amount of loans due to Rio Tinto later this month. Turquoise Hill had initially planned
to pay off the loans by securing project financing in 2013 for the underground expansion of the
mine, where about 70 percent of the project's mineral value lies. But Rio Tinto put the expansion
on hold last summer after the Mongolian government unexpectedly announced that the project's
financing would have to be approved first by parliament.
Friedland said he expects Oyu Tolgoi to generate significant cash flow from this year onward.
"This is the first time that the mine will be debt free and in full commercial production. So there is
nowhere to go but up," he told The Wall Street Journal after visiting the mine. He said that the
company has about USD 750 million worth of copper and gold in inventory and could cover this
year's forecast USD 1 billion in operating costs if Oyu Tolgoi were to sell its 750,000 ounces of
forecast gold production at the current gold price of about USD 1,200 per ounce. "That means you
get the copper for basically nothing," he said.
Source: Wall Street Journal
ERDENES TT PLANS COAL EXPORTS OF 11 MILLION TONS IN 2014
Mongolia‘s largest state-owned coal producer Erdenes Tavan Tolgoi LLC plans to export 11 million
tons of coal this year, up from 1.9 million tons in 2013, said Tsagaan-Uvgun Delgersaikhan, head of
mine planning and technical coordination division.
The production target includes 6 million tons from the West Tsankhi coal block and 5 million tons
from East Tsankhi, said Tsagaan-Uvgun. Erdenes TT mined 5.3 million tons in 2013, with 1.9 million

tons exported to China and balance stockpiled due to ―transportation bottlenecks,‖ he added. Last
year Erdenes TT delivered 800,000 tons of coal from East Tsankhi to Aluminum Corp. of China Ltd.,
also known as Chalco. Coal from West Tsankhi stockpile was selling for USD 40 a ton.
The state-owned miner is planning to complete a 200-kilometer rail link by 2016, connecting the
Tavan Tolgoi basin and the Chinese frontier, said Tsagaan-Uvgun, adding that exports would rise to
35 million tons a year once rail and road infrastructure was built. A tender to construct the USD 550
million coal handling and preparation plant is expected to be announced this year, he said.
Source: Bloomberg, Cover Mongolia
XANADU COMPLETES OYUT ULAAN COPPER-GOLD PROJECT ACQUISITION
Xanadu Mines Ltd. announced 16 January they completed the 90 percent-interest acquisition of
Vantage LLC and its Oyut Ulaan porphyry copper-gold project.
Xanadu has paid cash consideration of USD 600,000 and will issue the following securities in due
course: the issue of 5,000,000 Xanadu shares; and the issue of Series A & B performance share
options contingent on the recognition of a JORC resource of up to 900,000 tons contained copper
equivalent. The five million shares will be issued to Aberdeen International Inc., an investment
company and merchant bank listed on the Toronto Stock Exchange.
Vantage LLC owns 100 percent of the Oyut Ulaan porphyry copper-gold project, located in
Dornogovi Aimag, approximately 70 kilometers west of the future industrial center of Sainshand.
Xanadu maintained a 25 percent interest and operatorship of the project throughout calendar 2013.
Closure of the deal follows Xanadu's shareholder approval at the company‘s annual general meeting
on 22 November 2013. Aberdeen has a broad investment mandate in the resources sector with a
depth of sector experience and an association with Forbes & Manhattan.
Xanadu will continue its systematic, low cost exploration program at Oyut Ulaan over 2014. The
next phase of exploration will focus on delineating potential shallow high-grade mineralization by
exploring along strike from existing intersections and testing the many geophysical and geochemical
anomalies which remain within the Oyut Ulaan area district, as there is a strong possibility of
discovering additional mineralized porphyry centers.
Source: Xanadu Mines Ltd.
HARANGA AWARDED PRE-MINING CONTRACT FOR SELENGE
Haranga Resources Ltd. has been awarded a pre-mining agreement with the Mineral Resource
Authority for its 80 percent owned Selenge Iron Ore Project.
The project is located in Mongolia‘s premier iron ore development region of Darkhan, Selenge with
access to the main trans-Mongolian line and nearby spurs. The key terms of the agreement are for
Haranga to complete and submit a feasibility study, mine design, and finally construction of a Mine.
Selenge hosts a JORC resource of 254 million tons at 17.2 percent iron, making it the largest JORC
iron-ore resource in Mongolia. Notably, 99.8 percent of this is in the measured and indicated
categories, and initial Davis tube recovery results indicate that a high quality 66 percent iron
concentrate is attainable from the project.
Drilling also discovered iron mineralization at the nearby Huiten Gol Prospect, and an additional
exploration target of 50 million tons to 100 million tons is estimated. Haranga believes Selenge will
support a wet magnetic concentrator with a standalone infrastructure solution to deliver around
four million tons a year of magnetite concentrate onto the nearby rail spurs for domestic and export
consumption.
Source: Proactive Investors
ARVIN MONSPAR RELEASES MAIDEN RESOURCE STATEMENT
Fluorspar explorer ARViN monspar released its maiden JORC compliant resources statement of 16.5
million for the two mining licenses that comprise its Project Area A.
Project Area A, located 80 kilometers southwest of Choir Soum, has total resources of 16.5 million
tons grading 18.2 percent calcium fluoride, including 8.1 million tons in the measured or indicated
categories. The company‘s overall portfolio is now estimated at above 27 million tons when

including its other two project areas.
Extensive benefaction testing has been undertaken and confirmed that high quality acid spar can be
economically produced from these resources. As such, these resources underpin the company‘s
plans to develop a high volume, high quality acid spar export business, bolstering Mongolians
standing within the international fluorspar industry.
Source: ARViN monspar
TDB PLANS MONGOLIA'S FIRST DIM SUM BOND
Trade and Development Bank (TDB) of Mongolia LLC is working on its debut offering of offshore
renminbi-denominated fixed-rate senior unsecured notes in the first Dim Sum issuance from the
country.
CLSA, now a Citic Securities-owned company, and Deutsche Bank are joint global coordinators and,
along with ING Bank, are joint bookrunners, while TDB Capital is joint lead manager. A series of
meetings with fixed-income investors will begin on 9 January.
Moody's Investor Service Inc. on 8 January assigned a B1 rating to TDB's proposed CNH notes. The
notes will be drawn from TDBM's USD 700 million euro medium-term note program, which is rated
(P) B1. The rating outlook for the notes is negative.
Source: International Financing Review Asia
CENTERRA BEATS 2013 GUIDANCE, LOWERS OUTLOOK FOR 2014
Centerra Gold Inc. said its Kumtor and Boroo mines produced a total of 690,720 ounces of gold in
2013. The Kumtor mine in the Kyrgyz Republic produced the lion's share – 600,402 ounces – and the
Boroo mine in Mongolia contributed 90,318 ounces to the total.
The company said it has a goal of between 595,000 and 645,000 ounces for 2014. The lower target
reflects a drop in 2014 starting ore stockpile inventory and a slowdown in the rate of advance to the
high grade SB zone at Kumtor. Consolidated all-in sustaining cost per ounce sold will be within a
range of USD 875 and USD 950.
Centerra is also developing the Gatsuurt gold project located near the Boroo mine in Mongolia, but
any potential production from the project is not included in the company's 2014 guidance.
Source: Canadian Mining Journal
PETRO MATAD SAYS UNAWARE OF ANY REASON FOR SHARE PRICE RISE
Petro Matad Ltd. said 11 January today it was not aware of any reason why its share price spiked
sharply higher on Wednesday.
Shares in the Mongolia-based oil explorer jumped more than 40 percent and almost doubled at one
point to near to 7 points, though they eased a little to 6.5 points on Thursday. Petro added it is still
seeking a farm-in partner for its acreage in Mongolia and discussions with a small number of parties
are continuing, as previously announced. Interpretation of the recently acquired seismic data from
Blocks IV and V is on-going and is expected to be largely complete by mid-February, it added.
"The results of the interpretation will enable the company to design a drilling program, which
subject to funding and permitting, can be conducted during the 2014 drilling season,‖ it added.
Source: Proactive Investors
FRC TO RATE MSE-LISTED COMPANIES
The Financial Regulatory Commission (FRC) has adopted a new regulation to provide credit ratings
for companies listed on the Mongolian Stock Exchange (MSE) or planning to list on the domestic
bourse. FRC officials said this would provide greater transparency for investors and help gauge
share values on the MSE.
Source: Zuunii Medee
HBOIL ANNOUNCES CONVERSION OF SHORT-TERM CONVERTIBLE NOTES
HBOil JSC announced that it will move forward to issue common shares.
The company's board of directors unanimously voted to issue HBOil common shares, in consideration

for the short-term convertible loan agreement, which was used to acquire 100 percent of Ninox
Hydrocarbons (L) Berhad, a private Malaysian company which holds 20 percent of the share capital
of KOEC International, Inc. The remaining 80 percent of the share capital of KOECII is held by
HBOil‘s joint venture partner Korea Oil Exploration Corporation, which is the national oil company
of the Democratic People‘s Republic of Korea (DPRK).
HBOil also announced that it had acquired roughly 12 percent of the capital of Ninox Energy Ltd., a
Singaporean entity that owns through Korex Ltd.; 100 percent of the production sharing contract,
which covers the offshore territory of DPRK in the East Sea. This acquisition by HBOil, via the
redemption of its convertible notes in Ninox Energy, now provides HBOil and its shareholders with
an approximate 12 percent indirect interest in the potential hydrocarbons resources in the East Sea
of DPRK; effectively, concluding HBOil‘s previously announced option to acquire up to 51 percent of
Ninox Energy‘s interest in the East Sea PSC.
Source: HBOil JSC
EAGLE NEWS PARTNERS WITH CNN
Eagle News has become an official partner with U.S. news broadcaster CNN in 2014.
The partnership comes with the cooperation deal signed between Mongol Mass Media group and
Turner Broadcasting System, the head company of CNN, in 2013.
The CNN team held two-day training session with 30 Eagle journalists and producers yesterday and
today. Leading the training session are Hong Kong-based CNN anchor, correspondent and co-host of
World Business Today, Pauline Chiou and senior five-time Emmy Award winning producer at CNN
International David Molko, among others.
The CNN training session is reportedly an initial step of the partnership.
Source: News.mn
SALKHIT WIND FARM FILM PREMIERS ON CHRISTMAS
Tengis Movie Theatre screened a documentary film covering the development and construction of
Newcom Group‘s Salkhit Wind Farm Project on Christmas Day.
Over 350 attended the premier, including officials from the Ministry of Energy, National Electricity
Transmission Grid, Ministry of Environment and Green Development, the private sector, and NGOs.
The movie starts from the early planning stage of planning in 2004, covering the 8 years of wind
measurements, every stage of the project‘s development - including transportation of equipment,
installation and construction.
―The Salkhit WFP is a landmark project which will pave the road for foreign direct investment (FDI)
of future projects not only in renewable energy sector but also for infrastructure projects,‖ said the
Source. ―Therefore, the future of next projects will depend on the operation of Salkhit.‖
The movie comes in time for Newcom‘s 20th anniversary, and will be broadcasted in cinemas again
in 2014.
Source: Newcom Group
OYU TOLGOI PROVIDES REFLECTIVE COLLARS FOR CAMELS
Oyu Tolgoi LLC has provided herders living near the Oyu Tolgoi-Gashuun Sukhait road with reflective
collars for their camels to prevent traffic accidents.
Officers of Oyu Tolgoi LLC‘s regional development and social performance department arranged the
supply of these collars at the start of the month. The collars will reflect off the light from cars,
alerting drivers to any stragglers that may be on the road at night. The idea was first introduced by
herders such as, D. Munkhbayar, a herder in Khanbogd Soum that already had his animals wearing
the collars. Munkhbayar said he was pleased with the level of cooperation between Oyu Tolgoi and
local herders.
Source: Oyu Tolgoi LLC
RIO TINTO SIGNALS START OF TURNAROUND
Rio Tinto Group is the first of the big diversified miners to report its annual production figures for

2013, which showed strong growth despite industry concerns of weakening Chinese demand for
steel.
The company said on Thursday it produced 70.4 tons of iron ore in the fourth quarter, a 6 percent
increase on the same period of 2012. Rio said it implemented USD 2 billion operating cost cuts in
2013 and slashed exploration costs by USD 1 billion, exceeding a USD 750 million target set for the
year. ―We have exceeded our cost cutting targets for the year and announced or completed USD 3.5
billion of non-core asset sales,‖ said Mr. Walsh. ―These actions, together with lower capital
expenditure in 2013 and beyond, will ensure that Rio Tinto is well positioned to deliver greater
value to shareholders,‖ he said.
Rio‘s shares climbed 2 percent to AUD 65.76 (USD 57.711) on the Australian Securities Exchange
(ASX) in early trading, outperforming the broader market. However, Rio Tinto and its peers—many
of whose balance sheets also bear the scars of big-spending—still face challenges. Chinese demand
for commodities is weakening as the economy decelerates. The price of iron ore, a key ingredient in
steelmaking, fell earlier this week as weaker steel prices in China and anti-pollution regulations
curb demand. Steel production dipped below 2 million tons a day at the end of last month for the
first time since last February, while iron ore stocks at large Chinese mills have risen to 21.5 days of
consumption, the highest level in two years.
Rio also reported a big recovery in copper volumes and record annual production for bauxite and
thermal coal. Mined copper volumes increased by 5 percent in the fourth quarter to 172,800 tons,
when compared to the same quarter a year ago. Rio said it benefited from recovery of pit
operations at its Kennecott mine in Utah, which had suffered a landslide, and the ramp up of
production at the Oyu Tolgoi mine in Mongolia to full capacity.
Source: Financial Times
STANDARD CHARTERED TO RESHUFFLE IN ASIA
The management shake-up at Standard Chartered PLC isn't done yet.
The U.K.-based emerging markets-focused bank with a representative office in Ulaanbaatar, which
announced the surprise departure of two top executives last week, now plans to shuffle its
leadership pack in Asia too. Just days ago, the bank announced a structural revamp aimed at
reviving its fortunes after a poor run in 2013. As part of the changes, Finance Director Richard
Meddings and consumer-banking chief Steve Bertamini are leaving Standard Chartered later this
year.
In Asia, Ajay Chamanlal Kanwal will become Standard Chartered's new country head for South Korea
in late March, replacing Richard Hill, people familiar with the U.K. bank said Tuesday. Kanwal is
currently Standard Chartered's country head for Taiwan. Hill will move to lead Bank Permata—the
Indonesian affiliate of Standard Chartered, according to the people.
The leadership changes in Asia come as Standard Chartered faces tough challenges in several of its
most important markets. The bank, which makes about 90 percent of its profit from Asia and other
emerging markets, warned last month that operating profit for 2013 would fall for the first time in
a decade as economic growth in many of its key regions sputtered.
Kanwal led Standard Chartered's consumer banking division in Singapore and Thailand before
becoming president and chief executive of Standard Chartered's Taiwan operations in 2012,
according to the company's 2012 annual report. Hill became president and chief executive of
Standard Chartered Korea in December 2009.
ECONOMY
SOCIO-ECONOMIC UPDATE
The National Statistical Office (NSO) has released its monthly update on social and economic
indicators for the last month of 2013:
Inflation reaches 12.5 percent in 2013

The national consumer price index in December 2013 increased by 1.3 percent compared to the
previous month and by 12.5 percent compared to the previous year. The annual average inflation
rate was 10.5 percent.
The increase was mainly due to a 2.1 percent increase in food and non-alcoholic beverage prices, a
2.2 percent increase in clothing, footwear and cloth, and a 2.1 percent increase in alcoholic
beverage and tobacco prices.
Money supply increases 24 percent
According to a report from the Central Bank of Mongolia, money supply (broad money or M2) at the
end of December 2013, reached MNT 9.45 trillion, reflecting an increase of MNT 342.3 billion, or 3.8
percent, compared to the previous month and MNT 1.83 trillion, or 24.1 percent, compared to the
previous year.
At the end of 2013, issued currency in circulation reached MNT 841.1 billion. This is an increase of
MNT 37.2 billion, or 4.6 percent, compared to the previous month and MNT 12.7 billion, or 1.5
percent, compared to 2012.
Debt grew to by 54 percent and non-performing loans by 92 percent
Mongolia‘s loans outstanding at the end of 2013 amounted to MNT 10.76 trillion, which is a drop of
MNT 53.1 billion, or 0.5 percent, compared to the previous month and increased by MNT 3.77
trillion, or 54.1 percent, compared to 2012.
Principals in arrears at the end of December 2013 reached MNT 118.2 billion, which is a decrease of
MNT 42.9 billion, or 26.6 percent, compared to November and increased by MNT 7.6 billion, or 6.9
percent, compared to the previous year.
At the end of 2013, the non-performing loans over the bank system reached MNT 566 billion,
showing a decrease of MNT 6.5 billion, or 1.1 percent, compared to the previous month and an
increase of MNT 270.9 billion, or 91.8 percent, compared to 2012.
In securities trading, MNT 66.1 trillion shares valued at MNT 399.1 billion were traded. Securities
trading increased by MNT 254.1 billion, or 2.8 times, and shares decreased by MNT 67.7 million, or
50.6 percent, compared to the previous year.
Government balance of accounts saw a surplus of MNT 1.31 billion
The preliminary results of 2013 show current revenue of the government budget amounted to MNT
5.87 trillion and current expenditure of MNT 4.55 trillion. The budget equilibrated current balance
was in a surplus of MNT 1.31 billion.
Tax revenue increases 21 percent
Compared to the previous year, tax revenue increased by MNT 878 billion, or 21 percent.
Since 2012, non-tax revenue has increased by MNT 173 billion, or 26.7 percent, mainly due to the
increases of MNT 106.3 billion (2.3 percent) in interest and fines, MNT 79.3 billion (73.1 percent) in
revenues from oil petroleum, MNT 43 billion (23.4 percent) in revenues from budget entities, and
MNT 24.7 billion (64 percent) in airway navigation fees.
The NSO noted a decrease of MNT 67.6 billion, or 43.5 percent, in revenues from dividends, and
MNT 9.6 billion, or 12.7 percent, in revenues from others.
Government expenditures and lending grew to MNT 6.17 trillion
In the preliminary results of 2013, total expenditure and net lending of the government increased
by MNT 184.2 billion, or 3.1 percent, to MNT 6.17 trillion compared to the previous year.
External trade exceeds USD 10 billion
In the preliminary results of 2013, Mongolia traded with 135 countries. Total external trade
turnover reached USD 10.62 billion, of which exports made up MNT 4.27 billion and imports made
up MNT 6.35 billion. Total external trade turnover decreased by MNT 495.7 million, or 4.5 percent.
Exports dropped by MNT 112 million, or 2.6 percent, and imports dropped by MNT 383.7 million, or
5.7 percent, compared to 2012.

Industrial output increases 14.8 percent. In 2013, total industrial output increased by MNT 336.2
billion, or 14.8 percent, to MNT 2.60 trillion (at 2005 constant prices) compared to the previous
year.
Source: UB Post
MONGOLIA EXPORT INCOME FALLS 2.6% IN 2013; VALUE OF COAL SALES SLUMPS 41%
Mongolia‘s export income slipped 2.6 percent last year amid a decline in shipments of coal, the
nation‘s biggest earner.
Earnings were USD 4.27 billion in 2013, compared with USD 4.38 billion a year earlier, the National
Statistical Office said on its website. Coal shipments declined 41 percent by value. The slump in
earnings underscores the challenges facing Mongolia as economic growth cools, foreign investment
declines and the nation‘s mineral boom slows amid protracted disputes with key investors. China
accounted for 87 percent of exports last year by value, today‘s data showed.
Coal exports fell to USD 1.12 billion last year, from USD 1.9 billion a year earlier, the agency said 13
January. Volumes fell to 18.3 million metric tons, from 20.9 million tons. Copper concentrate
shipments, the nation‘s second-biggest earner, rose 13 percent to USD 949 million, boosted by the
start of shipments from Rio Tinto Group‘s Oyu Tolgoi mine. Exports of the concentrate by volume
rose 13 percent to 649,800 tons.
Sales to China fell to USD 3.7 billion last year, from USD 4.06 billion a year earlier, the data
showed.
Source: Bloomberg
MONGOLIA FALLS TO “MOST UNFREE” IN INDEX OF ECONOMIC FREEDOMS
Mongolia ranked 97th for economic freedoms, among the least free countries, in the 2014 Index of
Economic Freedoms.
Mongolia received a score of 58.9 for economic freedoms in the index, which is compiled by the
Wall Street Journal and Heritage Foundation, compared with 61.7 in 2013, when Mongolia ranked
75th among ―Moderately Free‖ countries. In 2012 Mongolia received a score of 61.5 for 75th place,
also within the boundaries of Moderately Free.
The world average score was 60.3, the highest average in the two-decade history of the Index, its
editors noted. Forty-three countries, including Singapore and Sweden, achieved the highest scores
ever this year in the index. Among the 178 countries ranked, scores improved for 114 countries and
declined for 59. Four recorded no score change.
Source: Info Mongolia
MONGOLIA BUDGETS FOR GROWTH
Lawmakers in Mongolia have approved a budget for 2014 that emphasizes investment in the
economy and seeks to build the infrastructure needed to sustain a commodities boom and maximize
growth.
The budget, which was passed on 15 November, projects revenues of MNT 4.8 trillion and
expenditures of MNT 5.7 trillion, with the government planning to issue bonds to bridge the gap of
MNT 943 billion. One core line in the budget is capital expenditures, which is set at MNT 1.2 trillion
and accounts for more than 25 percent of total outlays. Much of this spending is marked for
infrastructure projects aimed at boosting production, notably in mining. Critics of the budget point
to high spending and borrowing. In early November, the World Bank published in a report urged the
government to reconsider its expansionary fiscal and monetary policies. The biggest concern for the
international financial institution is the current account deficit, which will reach around 30 percent
of GDP in 2013, according to the report.
However, the government sees its outlays as necessary to generating economic growth in the longer
term. ―The only thing we need to do is to enlarge our economy,‖ Prime Minister Norov Altankhuyag
said. ―This government is currently not thinking about raising taxes in order to increase revenues
towards the state budget.‖
In formulating and carrying out its spending plans, the primary constraint on the government will be

the Fiscal Stability Law (FSL), which caps outstanding debt as a percent of GDP. On 15 November
parliament rejected a proposal to amend the FSL so government could raise the cap to 60 percent
of GDP for 2014—a jump from the 50 percent limit set for 2013 and the 40 percent cap set to go
into effect next year. While the government may not be able to realize all of its planned
investment projects, this may well be to the benefit of the country, according to the World Bank
and International Monetary Fund (IMF).
Source: Oxford Business Group
ECONOMIC DEVELOPMENT MINISTER BLAMES BUDGET DEFICIT ON GLOBAL ECONOMY
Mongolia 2013 budget deficit was due to poor conditions in the global economy and excessive social
spending measures, said Economic Development Minister.
―The budget deficit is caused by world economy uncertainty, China and Russia‘s slower economic
development and our dependency on mining. Too much social care also became a burden to
budget.‖
Exports in Mongolia fell 15 percent last year, he said, in addition to more than a 30 percent decline
in foreign investment. He also noted that the projected revenues could not be achieved by Mongolia
because it could not charge royalties at the level used to calculate revenue in the 2013 budget.
―We had budget deficit in 2013 and 40 percent of it caused by not changing the Oyu Tolgoi
contract.‖
Source: Udriin Sonin
MONGOLIA PLANS TO EXPAND RAIL CAPACITY WITH GROWING TRADE DEMAND
Mongolia aims to increase rail cargo transit capacity by up to 100 million tons as Mongolia takes
steps to become a gateway to Europe for Russia and China, said Yo. Manlaibayar, chairman of the
coordinating department of railway and maritime policy at the Ministry of Roads and
Transportation.
Renovations are underway to increase the capacities of the railway operated by Mongolian-Russian-
owned Ulaanbaatar Railway JSC to 34 million tons, as Mongolia plans to increase cargo trade via rail
by 10 to 20 million tons. Talks were held in November last year where officials from both nations
negotiated terms to increase rail capacity by 2015 for USD 257 million. Improvements to the rails
would include the replacement of rail components, expanding the sizes of rail stations and railroad
junctions for an added 14 million tons of transit.
―In general, transit railway is the most profitable means of transportation. Ulaanbaatar Railway has
achieved its greatest profit in 2013,‖ said Manlaibyar. ―As the operations increase, the profit should
correspondingly increase.‖
He said profits failed to grow accordingly this year, however, due to the large quantities of coal in
transit via rail, he said. The company has decided not to increase the price for rail cargo transport
because of the effect it would have on energy prices.
―Coal, by itself, is a non-profitable cargo. The price of electricity rises whenever we try to raise
transportation fees.‖
However, it won't be for just Mongolian goods that railway capacity must accommodate. Mongolia
participated in tri-lateral talks with China and Russia 18 December where officials from both of
Mongolia's neighbor nations said they planned to increase trade between their nations 2.5 times, for
a combined 200 billion tons of goods. That would make a new rail link ―crucial‖ to facilitate trade.
Officials discussed a so-called ―North Corridor,‖ that would build rail along the shortest route
through Mongolia to connect China and Russia to Europe. A feasibility study is underway for a two-
way rail line, which would increase current cargo transport capacity by 100 million tons.
Source: UB Post
MONGOLIA TO IMPORT 100,000 TONS OF RUSSIAN WHEAT
The Ministry of Industry and Agriculture said it plans to import 100,000 tons of wheat for the
country`s reserves.
Mongolia harvested a total 369,000 tons of wheat in 2013, of which 248,000 tons will go flour mill.

Wheat harvests fell 100,000 tons short of domestic demand for flour. Mongolia imported 114,000
tons of wheat in 2009, 66,000 tons in 2010 and 4,000 tons in 2012, respectively.
The ministry said it would import the additional wheat from Russia. Exemptions for customs and
value-added taxes will be in place until June 1, 2014 to prevent price growth.
Source: Udriin Sonin
EDUCATION STATISTICS OF 2013
Mongolia‘s educational institutions enrolled 907,600 students and pupils for the 2013-2014 school
year.
The number of entering students grew 1.1 percent, or by 9,700 from last year. In the 2012-2013
academic year, 149.600 students graduated from educational institutions, at every level. That
includes 48,600 from 9th grade, 40,400 from high-school senior students from 11th grade, 23,400
from vocational schools, and 37,200 from higher-education institutions.
Source: Montsame
ACCIDENTS AND DISASTERS IN 2013
2013 saw the death of 201 people and 35,600 heads of livestock from 4,467 disasters and accidents.
The number of disasters and accidents grew by 427 from 2012. The number of livestock deaths grew
by 222,600.
Last year had 3,819 fires at buildings and 198 forest fires; 120 floods and river and lake accidents,
37 severe storms, and 52 floods from heavy rains; 71 cases of rabies; 37 severe storms; 49
earthquakes above 3.5 magnitude; 27 incidents related to chemical substance usage, and 17
industrial accidents. The estimated damage was MNT 11 billion from building fires and MNT 5.4
billion from forest fires; MNT 3.1 billion from heavy rains and floods and 700.4 million from severe
storms. Human deaths totaled 119 individuals from floods and river and lake accidents; 53 from
building fires and 2 from forest fires; 6 from mining accidents and 8 from industrial accidents; and 3
from incidents related to heavy rains and floods, and 2 from severe storms.
Source: Montsame
METEOROLOGY INSTITUTE REPORTS EXCESSIVE POLLUTION
The Institute of Meteorology and Hydrology Monday reported recorded pollution levels far beyond
recommended standards in Ulaanbaatar in December.
Ulaanbaatar saw the daily average concentration of nitrogen dioxide exceed the maximum
allowable concentration of air quality standard 31 times near the West crossroad located, the 13th
micro district and around the 32nd Circle. The daily average concentration of sulfur dioxide
exceeded standards 30 times around the 32nd Circle and 13th micro district, 26 times around the
West crossroad, and 22 times around the Palace of Officers. The daily average concentration of
carbon dioxide exceeded standards around the West crossroad and 32nd Circle.
The agency recorded particulate matter of less than 10 micrograms exceeding standards 29 times
around the West crossroad and Kharkhorin market, and 31 times around the 32nd Circle. Particulate
matter of less than 2.5 micrograms exceeded standards 25 times around the West crossroad and 30
times around the 13th micro district.
Regarding climate conditions, the agency recorded maximum precipitation in the country of 11.3
millimeters at Bayantes soum, Uvs Aimag in December. Khanbogd Soum, Umnugobi Aimag
experienced the highest air temperature, (+7.8 degrees Celsius), while Tsetsen-Uul Soum, Zavkah
aimag had the lowest temperature(-42.0 C). The strongest wind,-40meters per second, was
registered in Bulgan soum of Umnugobi aimag that month.
Source: Montsame
APARTMENT BUILDING CONSTRUCTION IN GER DISTRICT WILL START IN APRIL
The Ulaanbaatar Citizens‘ Council has greenlit the start to the second phase of the ger district
apartment housing plan that launched in 2013.
Officials have received 31 proposals from 21 companies for the construction of apartment buildings

in 8 sections of Ulaanbaatar‘s ger districts, out of a possible 12 companies to be selected. Public
polls have already shown favor for some of those companies.
The firm, Barmon, was selected to build apartments and houses in the Denjiin Myanga area.
Landowners there have the options of selling their land, exchanging their land for apartments in
other part of city, or their land for apartments at their land.
Barmon will build eight-and twelve-story apartments and houses in Denjiin Myanga. Some of the
land-owners have voiced interest in building their own houses if able to connect them to the central
heating and water lines.
Source: Unuudur
DEMOLITION SCHEDULED FOR 500 BUILDINGS IN UB
Parliament has received a urban redevelopment plan that includes the demolition of 500 buildings
in Ulaanbaatar to make way for new apartment buildings and houses.
Construction and Urban Development Minister Ts. Bayarsaikhan on 9 January introduced to
Parliament a bill for the replanning of Ulaanbaatar, which foresees the demolition of buildings that
fail to meet service requirements, including gers and houses. The bill will require a three-fourths
majority vote from residents for its approval, in addition to a three-way agreement between the
company responsible for construction, residents, and the Ulaanbaatar administration.
Ministry officials said they had studied similar laws from other countries such as Russia, Japan,
South Korea and Germany to come up with this plan. One study [source does not cite the name or
author of the study -ed], however, shows that only 170 buildings failed to meet the service
requirements compared with the 500 buildings slated for demolition.
Source: Montsame
THESE 10 COUNTRIES ARE SET TO BE THE FASTEST-GROWING ECONOMIES IN 2014
The Economist Intelligence Unit has released its projections for economic growth in 2014, including
the economies that are expected to grow the most this year. The results are telling—and have
implications way beyond these 10 countries. Here are the 10 countries that are expected to have
the most economic growth in 2014, ranked from first to last by percentage of GDP growth:
(1) Mongolia, 15.3 percent
(2) Sierra Leone, 11.2 percent
(3) Turkmenistan, 9.2 percent
(4) Two-way tie: Bhutan, 8.8 percent; Libya, 8.8 percent
(6) Three-way tie: Iraq, 8.5 percent; Laos, 8.5 percent; Timor-Leste, 8.5 percent
(9) Eritrea, 8.0 percent
(10)Zambia, 7.9 percent
There are three important trends here. The first is that all of these countries, with the exception of
Libya, are very poor. The second is that in most of them, economic growth is being driven by
natural resources; often a single natural resource. The third, and maybe most important, is that
many of the booms come from the sale of those natural resources to developing countries, often to
a single developing country.
Top-ranked Mongolia has by some measures been the world's fastest-growing economy since 2012,
fueled almost entirely by the sale of natural resources to China. The country is working really hard
to figure out how to make its growth sustainable. But it hasn't figured it out yet, and in the
meantime the economic growth has created lots of pollution, economic inequality and a huge urban
poverty problem as communities that have been happily nomadic for centuries are pulled into the
newly booming cities.
The effects of these changes could extend well beyond, say, the Mongolian capital, Ulaanbataar.
What does it mean for China when the very poor countries providing its resources become less poor?
If Turkmenistan's natural gas exports continue to rise, what will that mean for the economies of
nearby gas exporters Iran and Russia? Will development in Sierra Leone, which has been involved in
a number of larger West African conflicts, make further conflict less or more likely?
Development can be predicted; it's not impossible to see how economic trends are likely to play out

in specific countries. But the effects of that development can be much tougher to foresee.
Source: Washington Post
GER NOW A CONSENTABLE ALTERNATIVE
A new approach to affordable housing has come to Mapua, New Zealand via Mongolia, with a new
yurt design having gained building consent.
The yurt, or ger as it is known in Mongolia, is owned by freelance journalist Hilary Pedersen and is
about to be given full consent by the Tasman District Council as a second dwelling on a rural
property. It is the first yurt design in the district to receive building consent and one of a handful in
New Zealand. Pedersen, who learned to love yurts through frequent travels to Mongolia, said the
relative cost-effectiveness of building a yurt could possibly be the solution to soaring house prices,
and ease the demand for houses.
Pedersen's yurt is made with a wooden frame, a polyester lining, has wool insulating the walls and
ceiling and the roof is kept watertight with a PVC canvas. Her ger is 40 square meters, and comes
complete with a small fireplace and mod-cons such as Internet and Sky TV. The project in total cost
around NZD 40,000 (USD 33,300), with the yurt itself being in the ballpark of NZD 35,000.
Tasman District Council spokesman Chris Choat said past instances where yurts were classified as
illegal dwellings have been due to lack of consent and zoning issues. Council environment and
planning manager Dennis Bush-King said the council had nothing against the construction of yurts,
they just need to be built to code. "If people choose to use that kind of construction, then that's
fine by us," he said.
The yurt's designer and builder, Rowan Boot of Origin Tents in Motueka, said that having been
through the process to gain consent meant he had a lot of expert backing behind his product. "We
can stand behind it with more confidence because we have other people saying it will stand up
structurally and that the fabrics and methods we are using are suitable for the New Zealand
market." Consentable yurts cost about USD 1,000 per square meter compared to at least double
that for new home construction, he said.
Source: Nelson Mail
NO QUICK FIX FOR CHINA'S AIR QUALITY
To control the pollution that's choking Beijing, demolition squads recently swooped down on the
industrial Tangshan city located two hours away by car and crippled a batch of coal-burning steel
works. Meanwhile, Beijing‘s perils are not so far off from the pollution conditions seen in
Ulaanbaatar.
The pollution is troubling for China and its neighbors, including Japan and South Korea, which are in
the exhaust stream of China's roaring industrial engine: The best efforts of Chinese authorities to
combat pollution are being overwhelmed by the sheer pace of economic expansion in the country.
In short, these scientists say, there are no quick or easy fixes.
"There's nothing irrational about the claim that China has been very successful at certain types of
pollution control," says Chris Nielsen, the executive director of the China Project at Harvard's
School of Engineering and Applied Sciences. The fact that this success hasn't immediately translated
into blue skies shows that "these are extraordinarily complex problems," he argues.
Air pollution is now the fourth-biggest health threat to Chinese people, according to a study
published last year in the Lancet, a British medical journal. About 1.2 million people died
prematurely in China in 2010 as a result of air pollution, the study showed. And China's dramatic
progress in reducing sulfur-dioxide emissions from coal-fired power stations may actually have
increased the levels of fine PM 2.5 particles in the air in north China during the winter. The
particles, which do the most damage to human lungs, are formed by chemical reactions in the air.
Removing the sulfur allowed even more polluting reactions to occur, says Nielsen. Last year, a
National Action Plan targeted massive spending of USD 275 billion on antipollution measures over
the next five years until 2017. Over that period, the government has targeted a 25% reduction in PM
2.5 levels in the region around Beijing.
Nielsen believes that the ultimate answer may a market-based solution also favored by China's new

finance minister, Lou Jiwei. Still, he noted that no country has been able to shift suddenly from
gray skies to blue. "It's going to take decades," he said.
POLITICS
GOVERNMENT INTRODUCES 2014 WORK PLAN
Government announced that increasing production, job creation, and cutting red tape as its three
main priorities for the year in its 2014 work plan.
Prime Minister Norov Altankhuyag indicated the lower coal and copper price created a fall in
investment to lead to an economic crisis similar to 2008 and 2009. In addition, large social spending
and a challenging legal environment that hindered foreign investment exacerbated economic
situation. Government issued its Chinggis bond, implemented the Price Stability Program and the 8
percent mortgage program, which he said brought clear results: 51,000 new jobs, 20,000 citizens
with new housing, and 17,000 citizens who received 8 percent mortgages.
In 2013 construction doubled which led to 12 percent gross domestic product (GDP) growth. From
exports, 89 were minerals, and 7 percent were cashmere and wool. MNT 264 billion will be spent
from the remaining proceeds of the Chinggis bond and an additional MNT 450 billion will be spent
from the Samurai bond. The developments seen in 2013 will include roads built between
Ulaanbaatar and the provinces of Dornod, Huvsgul, Umnugovi, Govi-Altai, Zavkhan, and Sukhbaatar.
In 2014, 30,000 apartments will be built. In each province, 1,000 new apartments will be built. For
salary and pensions increases of MNT 90 billion will be allocated. In addition, 50,000 new jobs will
be created. A new bill will be submitted to return taxes to companies with incomes of less than
MNT 1.5 billion annually. MNT 3.1 billion will be spent to create jobs for citizens over 40 years old.
Source: Unuudur
PARLIAMENT SCRAMBLES TO MEET FATF REQUIREMENTS
The Financial Action Task Force (FATF) has closed the bank account for the Mongolian Embassy in
London.
Parliament is discussing an amendment for the Criminal Law and Law of Criminal Procedure to
better meet requirements put forth by FATF. When Mongolia joined FATF, it had to meet certain
requirements over the next five years. The system is meant to control money flows to prevent them
from ending up in the hands of international terrorists or for money laundering schemes.
Mongolia has until 10 February to change its laws before it is blacklisted, which would make
international financial transactions more difficult. FATF has the right to investigate transactions
amounting to more than USD 20,000. Some MPs have argued that Mongolia should not have to
change its laws to accommodate a foreign organization's requirements.
Source: Undesnii Shuudan
PARLIAMENT REJECTS BILL TO BAN MPS FROM SERVING IN CABINET
Parliament has rejected a bill put forth by President Tsakhia Elbegdorj that proposed to prohibit
parliament members from serving as government ministers.
During a meeting of the Standing Committee on State Structure on 14 January Democratic Party
leader D. Erdenebat proposed an alternative where less than 50 percent of members of the Cabinet
of Ministers could be MPs under a government ruled by any one party, if not less than two-thirds of
the Cabinet.
If passed, the law would take effect after the 2016 election.
Source: Undesnii Shuudan
HEALTH MINISTRY TO COOPERATE WITH BLAIR FAITH FOUNDATION
Health Minister Natsag Udval met with a government adviser of the Tony Blair Faith Foundation to
discuss issues of health assistance and services and of further cooperation in their solution.

Lambros Karavis said his organization would focus more on the organization of family health centers'
operations, reducing the workload of health care workers and delays experienced at second and
third phase hospitals, and on improving the structure of governance over the health care sector by
fostering growth in the number of nurses.
The Blair Faith Foundation has provided professional advice in the areas of education, health,
employment, housing finance and investments.
Source: Montsame
MONGOLIA OPENS DIPLOMATIC RELATIONS WITH HAITI
Mongolia established diplomatic relations with the Republic of Haiti in New York City on 14 January.
Each nation's permanent representative to the United Nations, Mongolian Ambassador Od Och and
Haitian Ambassador Denis Regis, signed a joint statement for the establish of diplomatic relations
that has been registered at the United Nations. With diplomatic relations with 177 states from
around the world, Mongolia aims to establish diplomatic relations with every U.N. member state.
DIPLOMATIC RELATIONS PROPOSALS WITH NINE COUNTRIES APPROVED
The Standing Committee on Security and Foreign Policy on 8 January introduced a proposed
resolution to Parliament for the establishment of diplomatic relations with nine nations.
The countries that signed the joint news release to establish diplomatic relations with Mongolia are
Antigua and Barbuda, the Republic of Burundi, the Republic of Vanuatu, the Republic of Palau, the
Republic of Suriname, the Republic of Sierra Leone, the Togolese Republic, the State of Eritrea and
Jamaica. Foreign Affairs Minister Luvsanvandan Bold said Mongolia voiced interest in opening
relations with 45 countries that have yet to establish formal diplomatic relations in December 2012.
Mongolia wishes to install permanent representative offices for Mongolia in every nation that is a
member of the United Nations. Mongolia has so far established formal diplomatic relations with 15
out of those 45 countries. Bold said that Mongolia has released official messages to three more
countries that propose they establish diplomatic relations.
Source: News.mn
SERBIA AND MONGOLIA FINALIZE AGREEMENT TO ABOLISH VISAS FOR THEIR CITIZENS
Serbia adopted a bill to ratify an agreement between the governments of Serbia and Mongolia for
the abolition of visas for citizens of both countries.
Serbia also adopted a bill with the Czech Republic for the exchange and mutual protection of
classified information and another bill with Italy for the mutual regulation of international road
transport of passengers and goods.
Source: Balkans.com
FOREIGN MINISTER SIGNS AGREEMENT WITH UN FOR LANDLOCKED NATIONS GROUP
Foreign Minister Luvsanvandan Bold and UNDP Permanent Representative to Mongolia Sezin
Sinanoglu signed an agreement for the establishment of the international think tank for Landlocked
Developing Countries (LLDCs), said the Ministry of Foreign Affairs 15 January.
The think tank will focus on improving the ability of landlocked developing countries to build up
their capacities from international trade, through the use of strategies such as World Trade
Organization negotiations, in the hopes of improving living conditions and reducing poverty. The
idea for think tank was first introduced at the International Ministerial Conference of Landlocked
and Transit Developing Countries and Donor Countries and International Financial and Development
Institutions on Transit Transport Cooperation in Almaty, Kazakhstan in 2003, and was quickly taken
up by President Tsakhia Elbegdorj as a major platform for Mongolia on the international stage.
―If we want to maximize the efficiency of our coordinated efforts we should have an excellent
analytical capacity,‖ said Elbegdorj in front of an audience of LLDC heads of state. ―This we believe
could be reached through establishing an international think-tank in one of our capitals.‖
The U.N. General Assembly in 2007 adopted the Ulaanbaatar declaration and in 2008 passed a

resolution welcoming the initiative. In April 2009 UNESCAP adopted a resolution entitled ―Support
for the establishment of an international think tank of landlocked developing countries‖ that
invited governments, donor countries, the United Nations and other agencies to support the think
tank. ―The International Think Tank for LLDC‖ initiative was officially launched in Ulaanbaatar by
United Nations Secretary-General Ban Kid-moon during his visit to Mongolia In July 2009.
MONGOLIAN OFFICIALS AIM TO ADOPT PARTS OF CANADIAN LEGAL SYSTEM
Mongolian officials arrived in British Columbia to learn about the Canadian criminal justice system,
parts of which they aim to adopt in their own country.
Erdenebat Gambit, deputy prosecutor general of Mongolia, said he is among 22 delegates meeting
with police, Crown lawyers, judges and public-education officials during a visit to B.C. this week.
"The Canadian legal system is one of the (most) effective criminal justice systems in the world, and
that's why our team is interested to research the whole Canadian criminal justice system," he said.
Gambit said the group has also reviewed legal systems in Korea, Germany and several U.S. states,
including Texas, but it will reform Mongolian law based on the adversarial aspects of the Canadian
system. He said he and two Mongolian prosecutors were in Vancouver and Kelowna in 2012 to
research the Canadian system, and new laws could be drafted in Mongolia later this year.
Gambit said while there are long wait times for Canadian trials, he hopes efficiencies in the
Canadian system can be adopted to speed up the process for Mongolia's much-smaller population.
The group, which includes Mongolian judges, police, a Canadian embassy official and a politician,
will meet in Ottawa next week with federal officials, including Supreme Court of Canada Chief
Justice Beverley McLachlin.
Wendy Kavanagh, a Crown lawyer in Kelowna, B.C., said she taught a course on advocacy and the
Canadian legal system in Mongolia in February 2012. "They're looking for knowledge and studying
various legal systems to pull out what they can from each of the legal systems and put it into their
legal system with a view of moving forward in their country," Kavanagh said.
Compared to Canada's adversarial system, Mongolia has an inquisitorial system, in which judges can
question witnesses, she said. The Mongolian delegates have already visited a court in Surrey, B.C.,
and met officials at the city's RCMP detachment. They are also expected to tour the B.C. Court of
Appeal and B.C. Supreme Court.
Source: CTV News
BORDER CROSSINGS TO CHINA TO BE CLOSED DURING TSAGAAN SAR
The Chinese-Mongolia border will be closed on 31 January in observance of Tsagaan Sar, the
Mongolian lunar new year, which falls on the same day as Chinese New Year.
During Tsagaan Sar the Russian-Mongolian border points Altanbulag, Sukhbaatar and Ereentsav will
close on the first and second days of Tsagaan Sar. Although this year marks the first that the first
three days of Tsagaan Sar are marked as official holidays, the change has not yet been discussed in
bilateral negotiations between Mongolia and Russia. As a result, border crossings by road will be
closed for only the first two days of Tsagaan Sar, with operations to recommence on the third day.
The crossing at the borders between Mongolia and China will close for the full three days, however,
from 1 February to 4 February, as the celebration of the two countries occurs on the same days.
Travel by train through via the Ulaanbaatar-Erlian, Ulaanbaatar-Huhhot and Ulaanbaatar-Beijing
trains will be in operation during the holiday.
Source: News.mn
ATTEMPT TO SMUGGLE GOLD BUSTED
Police thwarted an attempt to smuggle 4 to 5 kilograms of gold through the Zamyn-Uud border
point in Dornogobi Aimag last 10 January.
Police are currently conducting an investigation into the incident. Police said more details regarding
the case will be released soon. Zamyn-Uud border officials and police reported an attempt to
illegally traffic 18 kilograms of gold through the border last year. That case has been transferred

to the General Intelligence Agency.
Source: News.mn
26-YR-OLD MONGOLIAN STUDENT FOUND HANGED IN MALAYSIAN MARKET
Police in Malaysia have stumbled onto an alleged sex trafficking ring following investigations into
the recent death of a Mongolian student.
Bayar-Magnai Enkhtuya, 26, was found hanged near a wet market in Behrang, on 12 November, with
fresh cut wounds on her hands and thighs. However, Tanjung Malim police chief Supt. Othman
Nayan said there was no foul play. He said the element of human trafficking emerged after
Mongolian police alerted Interpol to the possibility of Enkhtuya being held by a human trafficking
gang.
In an email to Tanjung Malim police on 30 December, Interpol referred distressing messages from
Enkhtuya to her brother in Mongolia days before she was found dead. The brother then sent the
messages—in one of which Enkhtuya said she was ―being sold‖—to the National Central Bureau in
Ulaanbaatar.
―We discovered that she was working in a massage parlor in Bukit Bintang, Kuala Lumpur, and never
attended a single class at her college,‖ Othman said.
Othman said the Mongolian police revealed Enkhtuya had first sent a Facebook message to her
brother on 5 November, claiming two other female Mongolian students had tricked her into
believing they could obtain documents for her to stay in Malaysia. She related she was then ―sold‖,
but did not identify to whom. Two days before she died, she sent a text message to her brother
that read: ―I am dead ... I am at Sentral Pudu, someone trying to sell me.‖
Othman said that according to the National Central Bureau, the family strongly believes Enkhtuya
was a victim of human trafficking. Police are tracing her phone records to ascertain whom she had
been in contact with during her stay here.
Source: Malay Mail
YOUTH GROUP PROTESTS FOR PREMIER'S RESIGNATION
The Mongolian Social Democratic Youth Union demonstrated on Thursday, calling for the resignation
of Prime Minister Norov Altankhuyag.
Some 150 youths participated in the peaceful demonstration, where protesters prepared a 40-
meter-long copy of the constitutional law to point to alleged violations made by the premier. One
point of focus was a requirement that government leaders hold ―three years in an official post
before appointment,‖ to suggest that that Deputy Head of the General Intelligence Agency, B.
Ariunsan, and other officials failed to meet that criteria while receiving appointment under
Altankhuyag's watch.
Source: UB Post
BUS-1 COMPANY WORKERS ON STRIKE
Bus drivers and conductors of Bus-1 went on sudden strike 8 January, for a second year in a row,
with employees of other bus companies following suit the next morning.
This year's strike comes a year since Bus-1 workers last went on strike, with employees complaining
against salary deductions for reasons such as fuel surcharges, and the need for salary raises. Bus
drivers said they saw as much as MNT 400,000 deducted from one employee's salary, without any
clear reasoning. Employees on strike state that they will not get back to work until the issues are
solved.
―This is clear evidence of illegal activities,‖ said a striking worker. ―The company re-paints the
buses, but fails to give the salary on time.‖
Employees from three other bus companies - Tenguun Ogoo, Tenguun Delger, and Trans Bus –
followed suit with the strike on 9 January to help block the buses from taking their routes. Bus-1
was forced to provide 11 buses to passengers in remote the Ulziit and Shuvuun residential areas,
where no other bus service travels. Bus-1 provides public transport services to Chingeltei, Sharhad,
Uildver and Doloon buudal and Bayankhoshuu Districts.

Ulaanbaatar Mayor Erdene Bat-Uul and officials from the Public Transport Office have opened
negotiations with Bus-1 authorities.
Source: News.mn
GROUP SUBMITS COMPLAINTS AGAINST JUST OIL, MAGNAI TRADE
The National Federation of Mongolian Consumers' Association has accused Just Oil and Magnai Trade
of breaching the terms of the Price Sustainability Program by raising the price of A-92 fuel by MNT
40 MNT.
Just Oil and Magnai said they raised prices to cover loss from retail pricing. The association
contacted to the Mining Ministry and Agency for the Fair Competition and Consumer to take action
in response.
Source: Zuunii Medee
THE COACH WHO'S HOPING TO TRANSFORM MONGOLIAN FOOTBALL
If you want a career in football, Mongolia is perhaps not the obvious place to go—but that's exactly
where British coach Paul Watson is setting up a new team entirely from scratch..
In July, Paul Watson got an email from a stranger in Ulaanbaatar—Enkhjin Batsumber wanted to
know if he was interested in helping him start a new football team, Bayangol FC. The job offer
didn't come as a total shock—in the past Watson had coached the world's lowest ranked national
team on the Micronesian island of Pohnpei and had written a book about the experience. He felt the
new Mongolian Premier League "was making a massive effort to bring the game into a more modern
and more Western model, and I could see there was a lot of passion", he said.
Watson found in Mongolia that professional players tended to be in their late 20s and early 30s and
he wanted to give younger people a chance to play professionally. Right now, FIFA ranks Mongolia
180 out of 209 countries. Watson is holding public try-outs across the country. That is a novel
approach in Mongolia, where players don't always have the right contacts to get into the game
professionally.
The whole process is being filmed for a reality TV show which will be broadcast from Monday 13
January, and a local company that makes Frutta, a soft drink, has signed up as a sponsor. The
players will be paid—although the exact amount hasn't been finalized yet. With training just three
times a week, youngsters who are still at school will be encouraged to stay in education and people
in work won't be asked to give up their jobs.
Source: BBC
NEW MONGOLIAN LAWS
The following amendments to laws were published in the latest weekly Government bulletin. Unless
otherwise decided by Parliament, they will take effect ten (10) days after publication.
Date Laws
10.01.2014 Amendments to Law on Air
Amendments to Law on Court Administration
Amendments to Law on Legal Status of Judge
Amendments to Law on Legal Status of Court Civil Representative
Amendments to Law on Archives
Amendments to Law on Execution of Arrest, Detention of Suspect, Defendant
Amendments to Law on Notary
Amendments to Law on State Sign Fee
Amendments to Law on Regulation to Comply with Law on Legal Status of Lawyer
Please visit BCM's website, Legislative Working Group, for a summary of Mongolian laws. BCM
members who wish to access complete versions of the laws and regulations in Mongolian language

are welcome to email the BCM office: info@bcmongolia.org.
ANNOUNCEMENTS
“COAL MONGOLIA 2014” REGISTRATION HAS OFFICIALLY BEGUN
"Coal Mongolia- 2014" the annual coal sector investor 4th International Conference shall be
organized from 20th to 21st of February 2014. The scope of this forum has been expanding every
year also has earned a reputation as one of the global leading and ingenuity forum in the coal
sector and became the largest international Coal Investors Conference and Exhibition.
The objective of this forum is to discussing key topics such as attracting foreign investment for coal
exploration, mining and processing projects in Mongolia. The current development trends in the
coal sector, future perspectives, investment, legal environment, infrastructure and latest
technologies also it is designed to increasing the competitiveness of Mongolian coal in the Asian
market.
As of 2013, it was a challenging and difficult year for the Mongolian sector despite the fact that the
mining companies made a historical record exploring 28.6 million tons of coal by November last
year and exported 16 million tons of coal.
For more information, call 70115590 or www.coalmongolia.mn www.mining.mn
___________________________________________
“MINER AND SUPPLIER-2014” TO BE HELD FOR 4TH YEAR, 13-14 MARCH 2014. CHINGGIS KHAAN
HOTEL
BCM members will have 10% discount to register for the event. To get the discount code, please
contact saruul@bcmongolia.org.
It is single and larger event which is going to be held in the sector of Mongolian mining supply and
executive officers, supply managers, financial directors and engineers have great expectations for
this event which influences goods and service research that is broadly familiar within the sector.
It will be organized under the slogan ―LET‘S MOVE TO THE DEVELOPMENT NEW STAGE!‖ where
mining companies will share their experiences, introduce with advanced technique, technology and
management. Upon your participation at our meeting and exhibitions, you will be provided with the
chance to share your experiences, conclude your achievement and successes, introduce with
advanced technique, technology and management, determine your resources and chances, properly
adjust your supply and establish relationship with new customers.
For more information please contact naranbat@infomine.mn or 70116009.
___________________________________________
“MM TODAY” ON MNB-TV, FRIDAY, 19:00 TO 19:10
BCM is pleased to announce that Mongolian National Broadcasting continues its cooperation with
BCM on ―MM Today‖. This English news program is aired every Friday for 10 minutes and is
scheduled from 19:00 to 19:10 tonight. Tune in to watch this program that reports stories from
today‘s BCM NewsWire.
BCM WEBSITES
MONGOLIAN WEBSITE „PRESENTATIONS‟ AND „NEWS‟ SECTIONS
The ‗Presentations‘ section on BCM‘s Mongolian website can be reached via bcm.mn/itgeluud.
As a key component of BCM‘s Mongolian website, articles from the ‗News‘ section and the
government website Open-Government.mn are regularly updated.

S. Oyun, Minister of Environment and Green Development, presentation at BCM monthly meeting on
May 27 added to Mongolian website, bcmongolia.org/mn/илтгэлүүд.
- Байгаль орчин, ногоон хөгжлийн сайд С.Оюун, Байгаль орчин, ногоон хөгжлийн шинэчлэлийн
бодлого, үйл ажиллагаа, МБЗ-ийн сарын уулзалт 5 сарын 27, 2013
___________________________________________
ENGLISH WEBSITE: 'PRESENTATIONS', 'MONGOLIA REPORTS', „INTERVIEWS„, MONGOLIAN
BUSINESS NEWS‟, „PHOTO GALLERY‟
The following presentations were made at the BCM monthly meeting on Dec 9, 2013:
- ―Quality Supplier Development Center: Your partner for doing business in Mongolia‖, J.
Bayarmagnai, Executive Director, Quality Supplier Development Center /USAID Grantee;
- ―Impact of Corruption in Mongolia‖, L. Sumati, Director, Sant Maral Foundation;
- ―Investment Protection Issues in Mongolia‖, D. Jigjidmaa, Investment Promotion Program Manager,
IFC Mongolia;
- Presentation of ―Win Win with Mongolia‖.
The following 13 presentations are from the Mongolia Investment Summit- 2013 in Hong Kong, Nov
18-20:
- Regulatory Update: Navigating Mongolia‘s legal framework for foreign direct investment,
Javkhlanbaatar Sereeter, Director General, Foreign Investment Regulations and Registration
Department, MINISTRY OF ECONOMIC DEVELOPMENT OF MONGOLIA;
- Investment keynote: Investing into Mongolia in 2013 – Where do the opportunities lie?, James
Passin, Co-Founder and Manager, FIREBIRD MONGOLIA FUND;
- Development keynote: Key challenges and opportunities for continued growth in Mongolia,
Randolph Koppa, President, TRADE AND DEVELOPMENT BANK OF MONGOLIA;
- Outlining government policies and long-term plans for Mongolia‘s mining sector, Amarjargal
Khurelbat, Head of International Cooperation Division, MINISTRY OF MINING OF MONGOLIA;
- From copper to met coal: Demand and price outlook and expected impact on Mongolia‘s economy,
Ghee Peh, Managing Director, Metals and Mining Research, UBS SECURITIES ASIA;
- How Mongolian banks and financial institutions are dealing with the challenges and opportunities
of a fast growing economy, Norihiko Kato, Chief Executive Officer, KHAN BANK;
- Update on the Mongolian stock market – Impact of the new Securities Law, Altai Khangai, Chief
Executive Officer, MONGOLIAN STOCK EXCHANGE;
- From investment banking to trade finance to micro credits to insurance, Amartuvshin Hanibal,
Managing Director, TENGER FINANCIAL GROUP LLC
- Spotlight presentations: Showcasing Mongolian investment opportunities, Peter Morrow, Board
Director, ASIA PACIFIC INVESTMENT PARTNERS;
- Spotlight presentation: Showcasing Mongolian investment opportunities, Munkhbat Davaatseren,
CEO of Golomt Securities, GOLOMT BANK;
- Spotlight presentation: Showcasing Mongolian investment opportunities – Natural Resources,
Batmunkh Batkhuu, Chairman, SHARYN GOL JSC;
- Spotlight presentation: Showcasing Mongolian investment opportunities – Natural Resources,
Jimmie Wilde, Chief Operating Officer, BERKH UUL JSC;
- Spotlight presentation: Showcasing Mongolian investment opportunities – Natural Resources, Mona
Forster, Executive VP, ENTRÉE GOLD INC;
The following two presentations are from the ―ANTI-CORRUPTION LEGISLATION/POLICY,
INTERNATIONAL BEST PRACTICE ON TRANSPARENCY‖ training seminar for businesses, in
Ulaanbaatar, November 18, 2013:
- ―International business standard on transparency‖ by Jelena Pesic, Director, PwC;
- ―Finland‘s best practice on transparency and anti corruption‖ by Dr. Pekka Hallberg (as it is

world‘s number one), Emeritus President of the Supreme Administrative Court of Finland;
The following 15 presentations are from the Mongolia Mining Summit, Perth, Australia, October 29-
31, 2013:
• Mongolia‘s Minerals Future and Development by Otgochuluu Ch, Director General, Department of
strategic policy and planning at Ministry of Mining, Mongolia at the Mongolian Mining Summit 2013,
Perth, Australia, Oct 29-31, 2013
• Mongolian Economy: Investment Opportunities/Challenges, Jim Dwyer, Executive Director,
Business Council of Mongolia at the Mongolian Mining Summit 2013, Perth, Australia, Oct 29-31,
2013
• Oyu Tolgoi: Lessons from the Gobi, Houston Spencer Vice President, Communications and Media
Relations, Oyu Tolgoi at the Mongolian Mining Summit 2013, Perth, Australia, Oct 29-31, 2013
• Market dynamics for Mongolian coking coal in the Chinese market, Graeme Hancock, President
and Chief Representative at Anglo American, Mongolia at the Mongolian Mining Summit 2013, Perth,
Australia, Oct 29-31, 2013
• Speech by Mr. Ariunbold Byamba, Deputy Director, Erdenes MGL LLC at the Mongolian Mining
Summit 2013, Perth, Australia, Oct 29-31, 2013
• Launching Mining Projects in Mongolia–A Major Contractor‘s Perspective, Eric Erdenebat
Tseveendorj, Country Manager, Orica Limited at the Mongolian Mining Summit 2013, Perth,
• Investing in a dynamic legislative environment, Elisabeth Ellis, Managing Partner Ulaanbaatar,
Minter Ellison at the Mongolian Mining Summit 2013, Perth, Australia, Oct 29-31, 2013
• Sandvik In Pit Crushing & Conveying (IPCC), Doug Turnbull, Principal Mining Engineer, Sandvik
Mining Systems, at the Mongolian Mining Summit 2013, Perth, Australia, Oct 29-31, 2013
• Ovoot Coking Coal Project, David Paull, Managing Director Aspire Mining, at the Mongolian Mining
• The business of being a third neighbor, David Landers, General Manager, East Asian Growth
Markets at the Mongolian Mining Summit 2013, Perth, Australia, Oct 29-31, 2013
• Nuurst Thermal Coal Project, Daniel Rohr, Chief Financial Officer, Modun Resources Ltd, at the
Mongolian Mining Summit 2013, Perth, Australia, Oct 29-31, 2013
• Culture matters in building sustainable long-term business relationships, Hana Tserenkhand
Byambadash Business Development Consultant. AusMon Consulting and Dr Christine Hogan Adjunct
Professor, Curtin University. Consultant & Author at the Mongolian Mining Summit 2013, Perth,
• Maximizing Business Benefits from Your IT Investment, Brad Skeggs, Executive Director, COSOL, at
the Mongolian Mining Summit 2013, Perth, Australia, Oct 29-31, 2013
• Presentation by Battsengel Gotov, CEO, Mongolian Mining Corporation, at the Mongolian Mining
• Mongolian Mining Sector "Present and Future Developments", N.Algaa, Executive Director,
Mongolian National Mining Association, at the Mongolian Mining Summit 2013, Perth, Australia, Oct
29-31, 2013
The ―Mongolia Reports‖ section includes the following:
- ―Selected Macroeconomic Indicators, December 18, 2013‖ by International Monetary Fund;
- ―Ministry of Finance of Mongolia, 2013 Government Debt Auctions‖ by Bank of Mongolia;
- ―Doing Business in Mongolia: 2013 Country Commercial Guide for U.S. Companies‖ by U.S.
Embassy;
- ―Real Estate Report 2013‖ by Mongolian Properties;
- ―Selected Macroeconomic Indicators, November 20, 2013‖ by International Monetary Fund‖
- ―2013 Second Annual Mongolian CEO Survey‖ from PricewaterhouseCoopers Audit LLC;
- ―Selected Macroeconomic Indicators; data through October 16, 2013‖ by International Monetary

Fund;
- ―IMF Completes 2013 Article IV Mission to Mongolia‖ by International Monetary Fund;
The following are added to Interview Section from the Oxford Business Group, Mongolia Reports
2013 book:
• B. Byambasaikhan, Chairman, Business Council of Mongolia: ―Talk is cheap‖;
• President Ts. Elbegdorj: ―Diversifying for growth‖
• Jim Dwyer, Executive Director, Business Council of Mongolia: ―Non-mining sectors budding‖;
• Peter Morrow, Chairman, American University of Mongolia: ―Filling in the blanks‖;
• N. Zoljargal, Governor, Bank of Mongolia: ―Sustainable vision‖;
• Gansukh, Minister of Roads and Transportation: ―Accessing new markets‖;
• J. Od, President, MCS Group: ―Building interest‖;
• B. Chuluunbaatar, President and CEO of Monnis Group: ―Climbing the ranks‖;
• Cameron McRae, President and CEO, Oyu Tolgoi: ―Sitting on a copper mine‖.
BCM's English website includes the ―Mongolia Business News‖ section where the Open Letter to
Parliament and Government is available for download.
BCM continuously posts news stories and analysis of relevance to Mongolia at ‗Mongolian Business
News‖ before they are all put together each week for Friday's weekly NewsWire.
The ―Photo Gallery‖ contains photos from the 6th Anniversary BCM Renewal dinner on November
11, 2013.
BCM Football Cup 2013 pictures are posted to the website - http://bcmongolia.org/en/photos/350-
en/album?albumid=200
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
BCM LAUNCHES NEW LINKED-IN COMPANY PAGE
The Business Council of Mongolia has launched a new company page on the social networking
website LinkedIn to network its members and followers including small-medium enterprises (SMEs).
The new page will allow BCM to alert followers to the latest news and information critical to their
businesses. Members‘ businesses will be promoted. Additionally, BCM plans to deliver monthly
infographics on the latest data as well as videos and other media content as they come. The bulk of
the content on the new page will be in Mongolian language to better cater to BCM's Mongolian-
speaking audience and members. The following link can direct you to the New BCM's Linked-in page.
http://www.linkedin.com/company/business-council-of-mongolia?trk=company_logo
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
We have now 2,992 fans on our Facebook fans page, 1,550 connections on LinkedIn network, and
876 followers on Twitter. Social Stats as of today:
Of course for news information, interviews, event photos, and announcements regarding our
organization, visit the official BCM website at http://bcmongolia.org/en/

BCM WORKING GROUP MEETING
Dear BCM members
We are delighted to invite you to join BCM`s working groups.
BCM has 6 active working groups which are Capital Markets, Education, Environmental, Legislative,
Risk Management and Tax. The working groups identify issues and make recommendations for
which BCM advocates with the Government and its ministries and agencies.
If you would like to get more information about Working Groups, please click the following link
http://bcmongolia.org/en/working-groups and contact erka@bcmongolia.org.
___________________________________________
The BCM Capital Markets Working Group met on Thursday, January 16, with 15 members attending.
Co-Chairmen: Howard Lambert, Country Head, ING Bank; Nick Cousyn, COO, BDSec
Moderator of session: Jim Dwyer, BCM-Executive Director
Guest: Momchil Ivanov, ING Bank N.V Hong Kong Branch.
Speakers and topics were:
1. Review of BDSec's "Top 10 Surprises" in 2014 for the Mongolian economy
Nick Cousyn - Chief Operating Officer at BCSec JSC
2. Update on Tugrug /MNT/ performance 2013, Predictions 2014
Batulzii M - Head of Investment Banking, Khan Bank
3. Summary of MSE road show
Nick Cousyn - Chief Operating Officer at BCSec JSC
___________________________________________
The BCM Environmental Working Group meeting is scheduled on Wednesday, January 22.
Agenda of the meeting:
1. Green Growth Institute (GGGI) Mongolia Country Program by R. James Seong-Cheol Kang,
Mongolia Country Manager / Principal Transport Specialist
2. GIZ work on energy efficiency by Sven Ernedal, Programme Director, Energy Efficiency and
Renewable Energy /TBC/
3. NZNI ―Water for Life‖ Project by Keith Swenson, New Zealand Nature Institute‘s Specialist -
Protected Area and Sustainable Landscape Management
4. JICA Two-Step-Loan project by Bayarlkhan Byambaa, Environmental Finance Specialist

INFLATION
Year 2006 6.0% [source: National Statistical Office of Mongolia (NSOM)]
Year 2007 *15.1% [source: NSOM]
December 31, 2013 *12.5% [source: NSOM]
*Year-over-year (y-o-y), nationwide
Note: 12.3% y-o-y, Ulaanbaatar city, December 31, 2013
CENTRAL BANK POLICY LOAN RATE
December 31, 2008 9.75% [source: IMF]
March 11, 2009 14.00% [source: IMF]
May 12, 2009 12.75% [source: IMF]
June 12, 2009 11.50% [source: IMF]
September 30, 2009 10.00% [source: IMF]
May 12, 2010 11.00% [source: IMF]
April 28, 2011 11.50% [source: IMF]
August 25, 2011 11.75% [source: IMF]
October 25, 2011 12.25% [source: IMF]
March 19, 2012 12.75% [source: Mongol Bank]
April 18, 2012 13.25% [source: Mongol Bank]
January 25, 2013 12.50% [source: Mongol Bank]
April 8, 2013 11.50% [source: Mongol Bank]
June 25, 2013 10.50% [source: Mongol Bank]
CURRENCY RATES – JANUARY 16, 2014
Currency Name Currency Rate
US dollar USD 1,708.18
Euro EUR 2,324.75
Japanese yen JPY 16.31
British pound GBP 2,792.36
Hong Kong dollar HKD 220.28
Chinese Yuan CNY 282.21
Russian Ruble RUB 51.09
South Korean won KRW 1.61
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.

17.01.2014, NEWSWIRE, Issue 308

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Viewers also liked

Viewers also liked (16)

Similar to 17.01.2014, NEWSWIRE, Issue 308

Similar to 17.01.2014, NEWSWIRE, Issue 308 (20)

More from The Business Council of Mongolia

More from The Business Council of Mongolia (20)

Recently uploaded

Recently uploaded (20)

17.01.2014, NEWSWIRE, Issue 308