February 21 2014

1. BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 313 – February 21, 2014
NEWS HIGHLIGHTS:
Business
 OT underground financing up in air;
 The other side of the OT financing story;
 Turquoise Hill says OT sales volume below expectations;
 Turquoise Hill founder Friedland restructures holding;
 Golomt has no problems, says majority shareholder;
 Ferrostaal joins 52MW Sainshand wind farm project;
 Hunnu Air to open flight to Paris;
 BelAZ dump trucks put into use at coal minefield in Gobi;
 Telecom Mongolia needs USD1.9bn for 4G LTE rollout;
 Hunnu Mall to open 1 July;
 Mongolian sumo champ to bridge Toyota and Mongolia;
 Mongolian roads to connect Asia and Europe;
 A young miner sees growth opportunities again;
 UB mayor meets Microsoft Dynamics delegation;
 MMC ratings not affected by proceeds of asset sale, says S&P;
 English Language Institute sees record enrollment in winter term;
 Internet cafes granted extended hours;
 Fortified wine market data published;
 CEO Club establishes NGO;
 Mongolia-S.Korea Business Forum established;
 Hogan Lovells ranked fourth among international arbitration practices;
 Rio Tinto swings to profit.
Economy
 Oil authorities propose pipeline to China;
 Apartment prices may see a dive in 2014, says research firm;
 Mongolia looks to Chinggis bonds for export boost;
 Government to train transportation workers;
 Leaks highlight investor worries about Mongolian banks;
 Mongolia put on the map of world's most dangerous countries for drivers;
 International group warns UB supply of drinking water could deplete by 2021;
 Enhancing Mongolia's capacity for drought and dzud monitoring;
 Gold demand falls 15% in 2013;
 Global recovery weighed down by BRICS.
Politics
 Over 100 MPP members join MPRP;
 Taiwan-Mongolia MoU signed for cooperation on renewable energy;
 Mexico, Mongolia establish parliamentary “friendship group”;
 Mongolia ties diplomatic relations with nine more countries;
 Judges to attend competency training in Turkey;
 Mongolia climbs 10 spots to #88 in 2014 World Press Freedom Index;
 Allens summarizes Mining Policy;

2.  Police arrest protesters against uranium mining;
 Former Clean Air Fund management found guilty of embezzlement;
 Authorities open investigation into Constitutional Court member;
 Police track social media to cut down on illegal hunting;
 Fighting corruption in its lair.
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
BCM MEETING NOTICE
BCM‘s monthly meeting for members will be on Monday, February 24 at 5PM at the KEMPINSKI
HOTEL KHAN PALACE, 2nd floor, Altai Ballroom.
The bilingual meeting will feature the following presentations:
- Call to Order/Business Council of Mongolia: Randolph Koppa, Vice Chairman, BCM
- BCM Report: Jim Dwyer, Executive Director, BCM
- L. Naranbaatar, Managing Director of Glogex/Founder of ―Coal Mongolia‖ – ―Recap of Coal
Mongolia 2014‖
- O. Zorigt, Executive Director, Mine Info – ―Brief Introduction of Mine Info LLC‖
- Nick Cousyn, Chief Operating Officer, BDSec – ―Economic and Capital Markets Update‖
- P. Tsagaan, Chief of Staff of the President of Mongolia – ―Mongolia-WEF Partnership, Mongolia
Development Scenarios at WEF‖

3. New Members:
1. Bank of Tokyo Mitsubishi - largest bank in Japan, founded in 2006 with the merger of the Bank of
Tokyo-Mitsubishi, Ltd. and UFJ Bank Ltd.
2. Mine Info - founded as a mineral exploration and consulting company, later leading to the
formation of the MIH group, a diversified company.
3. Scania - one of the world‘s leading manufacturers of trucks and buses for heavy transport
applications, and of industrial and marine engines.
4. Schneider Electric Mongolia - global specialist in energy management, headquartered in France,
with operations in more than 100 countries.
A networking reception will be held for all attendees immediately following the business portion of
the meeting in "Tenger" Restaurant, 1st floor of Kempinski Hotel.
BUSINESS
OT UNDERGROUND FINANCING UP IN AIR
The Mongolian government's investment arm, Erdenes Oyu Tolgoi LLC, said Friday that the USD 4.2
billion financing package for the underground expansion of the massive Oyu Tolgoi copper and gold
project is dependent on the completion of a feasibility study, due in the second quarter of this
year.
Erdenes, which owns 34 percent of the massive Mongolian Oyu Tolgoi project, said that it is working
with Turquoise Hill Resources Ltd., the owner of the remaining 66 percent of Oyu Tolgoi, and Rio
Tinto PLC, the project operator and Turquoise Hill's major shareholder, to resolve all outstanding
issues, including those that led Rio Tinto to suspend the underground mine project last summer.
Turquoise Hill said Thursday that an option to restart the underground development has been
proposed, subject to certain conditions being met, but cautioned that the project could still face
further delays if all issues weren't resolved before the expiration date for the signing of a USD 4.2
billion financing package by the end of March.
Erdenes said the timing for project approval and restart of the underground expansion project are
dependent on the completion of the project's feasibility study. "We understand that the Feasibility
Study for the underground development (including the underground investment proposal) will be
delivered by Rio Tinto in" the second quarter, Erdenes said in a statement. Erdenes said it supports
full financing of the project. Erdenes is working with Turquoise Hill and Rio Tinto towards the
finalization of the project-financing package and said it remains fully committed to the continued
operation of the open pit mine, and to the terms of the investment agreement that underpins the
mine's development.
In 2014, Oyu Tolgoi is forecast to produce 150,000 to 175,000 tons of copper in concentrates and
700,000 to 750,000 troy ounces of gold in concentrates, after starting commercial operations in the
second half of last year.
Source: Business Spectator
THE OTHER SIDE OF THE OT FINANCING STORY
The question over whether Mongolia will allow Turquoise Hill Ltd. to receive a USD 4 billion
financing package for construction of an underground mine at the Oyu Tolgoi copper-gold deposit
leaves two possible scenarios. The first has the Mongolian government giving up on its feasibility
study demands and approve the financing in the best interest of the economy; while the second
would see Rio Tinto PLC, which leads mining operations at Oyu Tolgoi, provide a completed
feasibility study for approval before the end of March. Either would be a surprising outcome.
The official expiration date for financing commitment letters is 31 March. However, the European
Bank for Reconstruction and Development the World Bank's financing arm International Finance
Corp.—together representing USD 900 million of the financing—will likely need a resolution to the
matter from the Oyu Tolgoi LLC board by 26 February. Both stakeholders, Turquoise Hill and

4. government-owned Erdenes Oyu Tolgoi LLC, have released their respective announcements. The
Turquoise Hill announcement was cautionary toward investors, warning of the consequences if the
financing package was allowed to expire. In contrast, Erdenes OT seemed to re-affirm the
government's commitment toward Oyu Tolgoi while avoiding any negative fallout triggered if the
finance package is allowed to expire.
―To us, this suggests that both TRQ [Turquoise Hill] and EOT [Erdenes OT] are preparing for the
phase-2 financing to extend to the end of March and possibly beyond – requiring the EBRD and IFC to
agree to a further extension beyond their February 26th timeline – this will obviously challenge
investor sentiment,‖ reads the Source.
The Mongolian people stand to lose the most from the stalemate, says the Source. A negative end
could result in a further devaluation of the currency and growth to inflation. Meanwhile, Rio Tinto
has just announced a 15 percent increase in their dividends from 2013 activities after receiving
earnings of USD 10.2 billion, mainly realized through cost cutting measures. Rio Tinto likely wants
to see its resources increase and its pipeline strengthen to replace depleting resources, which is a
role Oyu Tolgoi could fulfill.
Source: Mongolian Investment Banking Group
TURQUOISE HILL SAYS OT SALES VOLUME BELOW EXPECTATIONS
Turquoise Hill Resources Ltd. said year to date sales volume from its Oyu Tolgoi copper and gold
mine in Mongolia has fallen short of expectations, citing post-commissioning issues.
The Toronto and New York-listed miner said it expects production at the Mongolian mine to take a
hit due to a shutdown of one line for six to eight weeks. Turquoise Hill, which owns a majority
interest in Oyu Tolgoi and is controlled by Rio Tinto PLC, said it is targeting a production of 150,000
tons to 175,000 tons of copper and 700,000 to 750,000 ounces of gold in concentrates from Oyu
Tolgoi in 2014. The mine produced 76,700 tons of copper and 157,000 ounces of gold in
concentrates in 2013.
Source: Reuters
TURQUOISE HILL FOUNDER FRIEDLAND RESTRUCTURES HOLDING
Mining tycoon Robert Friedland said Sunday his exposure to Turquoise Hill Resources Ltd. is much
larger than initially disclosed in a U.S. stock exchange filing after he exercised all his options to
participate in the company's USD 2.4 billion rights issue.
A U.S. Securities and Exchange Commission regulatory document filed Friday showed Friedland was
no longer a beneficial owner in the company, having dropped his stake below the requisite 5
percent threshold to 3.6 percent. Friedland owned 10 percent of the company's stock in December,
when he announced that he had arranged his affairs to participate fully in Turquoise Hill's USD 2.4
billion rights issue.
"I exercised 100 percent of my options in the recent TRQ rights offering. For technical reasons,
additional long derivative share positions that I possess are not included in my 13-G filing, and thus
my cumulative share exposure, including my long derivative exposure, is significantly larger than
the common share position enumerated in the 13-G filing," Friedland said.
Friedland is the founder of Turquoise Hill, the majority stakeholder of the massive Oyu Tolgoi
copper and gold deposit. Over the years, Friedland's stake in the company has dwindled as Rio Tinto
PLC, the project operator, has exercised rights to increase its stake in Turquoise Hill. Separate SEC
filings last week show that Fidelity Investments has decreased its holding of common shares in
Turquoise Hill below the beneficial ownership level of 5 percent to 2.47 percent, while Pentwater
Capital Management LP owns 7.38 percent and RS Investment 6.35 percent of the company's shares
following the rights issue.
Source: Market Watch
GOLOMT HAS NO PROBLEMS, SAYS MAJORITY SHAREHOLDER
Golomt Bank LLC's majority owner and former chairman D. Bayasgalan said the bank was in good
standing despite the accusations made by investors through international media outlets.

5. Many of the issues brought up in reports published by Bloomberg and Reuters were inaccurate, he
said, including the MNT 90 billion owed to Credit Suisse, any money owed to Itochu, and a USD 55
million borrowed from Trafigura. Only the USD 25 million borrowed from the Abu Dhabi Investment
Council (ADIC) was true, he said, which has a repayment deadline at the end of 2015.
―Golomt didn't have any financial obligations before Itochu and didn't pay any money to the
corporation,‖ said Bayasgalan. ―The loan of MNT 25 million from the Abu Dhabi Investment Council
does not add up to even 1 percent of the bank's assets and is only half the sum of the largest loans
that can be approved for a single customer.‖
The loan was granted by ADIC's Stanhope Investment for five years with the aim to improve the
bank's transparency and take the bank to a foreign exchange, he said. But internal disputes put a
toll on relations, he said, which resulted in Stanhope requesting the early return of its money. The
fact that Golomt could not issue a public offering before 2015 because of internal disputes and the
poor economic conditions put even further strain on relations.
―The interest of the Arab foundation is to get their money back for more than the USD 36 million
before the 2015 deadline because of our inability to IPO before the agreed-upon date,‖ he said.
―One thing is clear: foreign investors are looking to get the fastest and highest profits.‖
Golomt had MNT 46 trillion in profits last year, after taxes, with MNT 320 trillion in assets and MNT
3.7 trillion in total deposits, said Bayasgalan. In the first month of 2014 the bank had MNT 8 billion
in profits, with deposits totaling more than MNT 1 trillion.
Source: Udriin Sonin
FERROSTAAL JOINS 52MW SAINSHAND WIND FARM PROJECT
Ferrostaal Industrial Projects GmbH, a project developer facilitating worldwide investments, is
taking a majority stake in the Sainshand wind farm project in Mongolia.
With 190 gigawatts per hour of electricity every year, Sainshand will be the largest wind park in
Mongolia. The investment in the project amounts to approximately USD 120 million dollars and is
intended to connect to the grid as early as the end of 2015. The wind farm project is already well
developed—the power purchase agreement and all licenses are in place. By taking a majority stake
in the project, Ferrostaal is now creating a bridge between the local developers, Sainshand Wind
Park LLC, and investors worldwide.
"As project developers, our skills in the areas of project management, financing, engineering and
contracting are in high demand. In this regard we have already joined forces with asset
management experts from Ferrostaal Capital GmbH and initiated talks with international investors",
said Klaus Lesker, managing director of Ferrostaal.
Source: Ferrostaal Industrial Projects GmbH
HUNNU AIR TO OPEN FLIGHT TO PARIS
Hunnu Air LLC will open flights to Paris, France, beginning 9 June, said the company on its website
12 February.
The airline will employ its Airbus A 319 twice a week to Paris, with one technical stop in Russia.
Other routes offered by the airline are direct flights to Manzhouli and Shanghai, Hailaar of China,
Hong Kong, Tokyo (charter), Bangkok and Russian Ulan-Ude (charter). Its domestic destinations are
Bayankhongor, Choibalsan, Dalanzadgad, Gobi-Altai, Khovd, Moron and Zavkhan Aimags.
Hunnu operates five airplanes—two Airbus 319 100 and three Fokker 50—and is expected to add to
its fleet a new Airbus 330 200 by 2015.
Source: Montsame
BELAZ DUMP TRUCKS PUT INTO USE AT COAL MINEFIELD IN GOBI
BelAZ dump trucks with the lifting capacity of 110 tons have been put into operation at Erdenes
Tavan Tolgoi's coal minefield, said the company.
The first batch of BelAZ 75135 dump trucks were delivered to the company Khishig Arvin at the end
of 2013. The machinery was assembled and mounted under the supervision of technical experts of
the Zhodino-based company. Khishig Arvin has plans to buy more Belarus-made dump trucks in the

6. future.
Mongolia has imported BelAZ dump trucks since the 1970s. BelAZ dump trucks have been used at
the Erdenet copper and molybdenum deposits, in addition to the Nariin Sukhait coal mine and the
Tsagaan Suvarga copper and molybdenum deposits.
Source: Belarusian Telegraph Agency
TELECOM MONGOLIA NEEDS USD1.9BN FOR 4G LTE ROLLOUT
Fixed line incumbent Telecom Mongolia is looking into entering the domestic wireless market by
deploying a 4G Long Term Evolution (LTE) network in the country.
Montsame reported that in order to implement the project, the company needs total investment of
around USD1.9 billion, of which around USD 500 million will be provided by South Korean co-owner
KT Corp. The telcom hopes to offer LTE access in Ulaanbaatar by mid-2015, with all 21 Mongolian
provinces to be covered by 2018.
In September 2013 the Mongolian government signed a cooperation agreement KT to introduce 4G
LTE technology in the country. KT has held a 40 percent stake in Mongolia Telecom since the
company was partially privatised in August 1995.
Source: TeleGeography
HUNNU MALL TO OPEN 1 JULY
The Hunnu Mall is scheduled to open as Mongolia's first shopping center to meet international
standards at the west end of the Yarmag bridge 1 July.
The three-story complex covers a total area of 50,000 square meter and will have a parking lot able
to hold 800 cars. The shopping center will be home to multiple internationally known brand shops
as well as a 1,000 square meter indoor garden, an indoor skating rink, cinema and playground.
Domestic firms employing exclusively Mongolian citizens are leading construction. The project is 85
percent complete.
Source: Udriin Sonin
MONGOLIAN SUMO CHAMP TO BRIDGE TOYOTA AND MONGOLIA
Mongolian sumo champion, Yokozuna Hakuho M. Davaajargal has promised to engage Toyota for
business in Mongolia during his recent visit home to Mongolia.
―I came on a business visit. I have good relations with Toyota and I plan to collaborate with them on
importing Toyota products to Mongolia,‖ said Davaajargal.
The yokozuna had plans to host a reception of Japanese delegates during his stay. He said Toyota
has always been supportive of Mongolian sumo wrestlers in Japan. Toyota brand cars are popular in
Mongolia due to their affordable price and ability to withstand Mongolia‘s extreme climatic
temperatures. According a 2011 study, around 45 percent of all cars in Ulaanbaatar were Toyota
models. Analysts believe that this number has increased drastically in recent years, as car sales
have spike, especially Japanese car imports.
Source: UB Post
MONGOLIAN ROADS TO CONNECT ASIA AND EUROPE
The construction company helping Mongolia expand its network of road infrastructure will not only
help connect remote parts of the country, but also link China and Russia—its two giant neighbors.
With such a geostrategic position, President of Nasnii Zam Enkhjargal says that such construction
will contribute to the prosperity of Mongolian society and give equal development opportunities to
all of its economical and industrial sectors
According to the government‘s Master Plan to develop a sustainable economic growth there is a lack
of infrastructure to be solved. About 5,000 kilometers of roads will be built in the following years in
order to connect Ulaanbaatar with 12 provinces. Enkhjargal said that over 1,800 kilometers of road
construction was finished last year, noting ―it is the first time in the history of the country that
Mongolia‘s road constructors have built these kinds of roads over such a long distance by themselves
within one year,‖

7. The government's contracting of Nasnii Zam, and other companies like it, for large infrastructure
projects, has boosted national employment, said Enkhjargal. The road network will also benefit the
country's mining sector, which has been the lifeblood of the country's development. But miners are
not the only ones who stand to benefit. ―Therefore, the promotion of infrastructure development in
Mongolia is crucial for the whole mining sector on one hand and for Mongolia‘s agriculture with its
traditional livestock farming on the other hand,‖ he said. ―It will give equal development
opportunities to all economical and industrial sectors.‖
While Mongolia is currently able to pave 1,800 kilometers of road a year, that figure can be boosted
with the introduction of the right technology, said Enkhjargal. He said he has made many foreign
partnerships with company's such as Samsung and the Kuwaiti government and attended forums to
find the technology needed to increase his company's output.
Source: Worldfolio
A YOUNG MINER SEES GROWTH OPPORTUNITIES AGAIN
A fledgling diversified miner has been saved from stagnation due to investment spurred on by last
year's Investment law, said its chief executive.
The investment received by Sod Mongol has put the company back on track to expanding its mineral
operations in Mongolia, said Chief Executive Officer Sukhbayar Batsaikhan. The company got its
start in 2005 but did not become profitable until 2008, when foreign investors began investing in its
iron ore operations in Gobi Altai, he said. It was then that the company began expanding into
fluoride. In 2011 the company expanded further into molybdenum and tungsten. The company
currently owns 32 special licenses for geological survey over 4.69 million hectares of land.
But the 2012 Strategic Entities Foreign investment Law that put caps on investment into strategic
sectors such as mining brought that growth to a sudden halt. Batsaikhan said the new investment
law, which removes that restriction on private investors, is directly responsible for a return of
investment. The company is now in negotiations to move forward with operations at the deposits it
has explored.
―Because the legal environment of the mining sector is improving constantly, I can see the future of
our company in a bright light.‖
Source: Worldfolio
UB MAYOR MEETS MICROSOFT DYNAMICS DELEGATION
Ulaanbaatar Mayor Erdene Bat-Uul Wednesday received a local delegation of the Microsoft Dynamics
CRM.
The mayor said the city plans to transmit state services into electronic forms and to install them in
new apartment towns as part of his efforts to bring President Tsakhia Elbegdojr's "From Big
Government to Smart Government" initiative to the city level in Ulaanbaatar. "We want to introduce
a service system that will allow the people to receive online electricity, water bills and other
information,‖ he said. ―This will take much time, so it is important for us to get a help from IT
experts."
A country's development can be measured by its IT development, said Pilar Torres, a local manager
of Microsoft Dynamics. Microsoft Dynamics‘ delegates met with members of a working group Bat-Uul
established to implement the initiative.
Source: Montsame
MMC RATINGS NOT AFFECTED BY PROCEEDS OF ASSET SALE, SAYS S&P
Standard & Poor's Ratings Services said 14 February that its ratings on Mongolian Mining Corp. (MMC)
and on its outstanding notes are not affected by the proceeds from the company's sale of its road
assets to Erdenes MGL LLC.
―We believe relief to the company's liquidity resulting from the transaction will be mostly
temporary, given MMC has about USD 160 million in amortizing bank loans, interest expenses, and
promissory notes between April 2014 and the end of 2014,‖ said the Source. ―Nevertheless, the USD
90.5 million proceeds from the asset sale will support MMC's liquidity and cash position over the

8. next two months, in our view. We estimate the company has a current cash balance of about USD
70 million, which together with the sale proceeds will allow MMC to service its amortizing bank
loans, promissory notes payable, and interest on its USD 600 million senior notes due by the end of
March 2014.‖
MMC's liquidity position could begin to stabilize after refinancing its bank loans and addressing the
promissory notes payment to a shareholder, said the Source.
Source: Standard & Poor's Ratings Services
ENGLISH LANGUAGE INSTITUTE SEES RECORD ENROLLMENT IN WINTER TERM
American University of Mongolia's English Language Institute saw a record enrollment with over 150
business professionals, working adults, and college students to attend.
Enrollment is up 100 percent from the previous term, said the Source. ―That learners chose to
enroll in the American-style program is substantial evidence that people believe in ELI's
communicative methodology and that our teachers have the knowledge, skills and abilities to meet
their needs.‖
The spring term begins 14 April.
Source: American University of Mongolia
INTERNET CAFES GRANTED EXTENDED HOURS
The Cabinet of Ministers last Friday amended its regulations over Internet cafes following
negotiations with representatives.
New regulations require Internet cafes to close at 11 pm, while setting the minimum age for
entrance to 9 years. Children aged between 9 and 16 years are permitted to stay until 8 pm in
summer and until 6 pm in winter. Children in this age bracket are permitted a maximum two hours
at an Internet cafe per day.
Source: Montsame
FORTIFIED WINE MARKET DATA PUBLISHED
The consumer market research report "Fortified Wine Market in Mongolia: Databook to 2017" is now
available.
The report is the result of consumer market research company Canadean's extensive research
covering the fortified wine market in Mongolia. The report presents historic and forecast data on
the fortified wine consumption trends in Mongolia, offering consumption volume and value at
market and category level. ―Through its provision of authoritative and granular detail of the
Fortified Wine market in Mongolia, this report fills the gaps in marketers' understanding of market
trends and the components of change driving them,‖ reads the Source.
Source: Click Press
CEO CLUB ESTABLISHES NGO
The CEO Club of Mongolia has established a new non-government organization (NGO) to protect the
sustainable growth in Mongolia from the rash decisions made by government.
The CEO Club has established the National Council for Private Sector Support to promote Mongolia's
private sector and lobby strategic policies that will befit the Mongolian economy following
economic challenges felt since 2012. In 2013, Mongolia's macro economy suffered from the
continuous uncertainty in the relationship between domestic and foreign investors due to the
hastily approved restrictive legislation from Parliament, reads the Source. Last year the country
faced a number of challenges in the fast-deteriorating business environment, including a 48 percent
decrease in foreign direct investment, mining output plummeting 20 percent, delays in Oyu Tolgoi
negotiations, a 25 percent jump in the tugrug-U.S. dollar exchange
―...[W]e make a sincere appeal to all members of the private sector, who are the driving force of
the Mongolian social and economical development, constituting more than 80 percent of the state
budget and tax revenue, to come together for the interest of the national development and to
dedicate your leadership, time, knowledge and resources to a collaborative planning of the national

9. development strategy that is all grounded in economic foresight, scientific research, international
best practices,‖ reads the Source.
The group has come out to support President Tsakkia Elbegdorj's ―Smart Government‖ initiative
through a series of consultations between its members and the government. It has also partnered
with many of Mongolia's most well-known business associations, Including the Business Council of
Mongolia, The Mongolian National Chamber of Commerce and Industry, the Mongolian National
Mining Association, and Mongolian Silk Road Foundation. The group has also met with foreign
dignitaries to promote Mongolia and its economic interests, including British Secretary of State for
Foreign and Commonwealth Affairs William Hague, World Economic Forum Founder Klaus Schwab,
and former British Prime Minister Tony Blair.
Source: CEO Club of Mongolia
MONGOLIA-S.KOREA BUSINESS FORUM ESTABLISHED
Foreign Minister Luvsanvandan Bold signed a memorandum for the establishment of the Mongolia-
Korea Business Forum before ending his state visit 14 February.
The aim of the internship is to enhance bilateral economic relations and increased mutual
investments. Joining the Mongolia-Korea Business Forum were prominent figures from politics and
business from each country, including the heads of South Korea's Korean Air, Samsung, Hyundai
Motors, Posco, and Daelim. Representing Mongolia were MP G. Batkhuu and Erdenes Tavan Tolgoi
LLC Chief Executive Officer Yachil Batsuuri.
Source: Montsame
HOGAN LOVELLS RANKED FORTH IN INTERNATIONAL ARBITRATION PRACTICES
Hogan Lovells announced that its global international arbitration group was ranked fourth place in
Global Arbitration Review's (GAR) annual listing of the world's most active international arbitration
practices with a promotion upwards by six places in the rankings table.
This year's award marks the fifth consecutive year that Hogan Lovells received recognition as a
leading firm in this high-profile list. In addition to the fourth place ranking, Hogan Lovells also
placed second on ―Most Important Published Decision of 2013‖ in international arbitration.
―This award recognizes the continued hard work and commitment to the growth of our international
arbitration practice‖ said Daniel Gonzalez and Simon Nesbitt, co-Leaders of the firm‘s International
Arbitration practice. ―It is a great achievement and exemplifies our deep bench of experience, and
commitment to client service.‖
Hogan Lovells was singled-out for its popularity with governments, winning instructions from
countries such as China, Mexico, Mongolia, Montenegro, Slovakia, Venezuela and Vietnam, as well
as the Canadian province of Ontario. Several of these matters involved investment treaties,
including defending Mongolia against an Energy Charter Treaty claim brought by Canada‘s Khan
Resources Ltd. over uranium mining.
Source: Hogan Lovells
RIO TINTO SWINGS TO PROFIT
Lead developer of the Oyu Tolgoi mine, Rio Tinto PLC, swung to an annual profit as it sold assets
and cut costs, while offering hope that the worst is over for resources companies by painting an
optimistic view of global commodities demand.
Chief Executive Sam Walsh said China's economy in particular was in better shape than recent data
suggested, helped by the willingness of the country's central bank to inject liquidity into the
financial system. He also said major developed economies like the United States appeared to be on
the path to a sustained recovery. Rio Tinto reported a net profit of USD 3.67 billion in the year
through 31 December, rebounding from a loss of USD 3.03 billion the year earlier when it took hefty
impairment charges on its aluminum and coal assets. This year's result included a USD 2.9 billion
paper loss due to the impact of exchange rate movements on the value of the company's debt.
Earnings from iron ore rose 6.6 percent on the back of higher production in Australia's Pilbara region
to feed Asian demand for steelmaking materials, and contributed to Rio Tinto raising its final

10. dividend to USD 1.92 from USD 1.67 a year earlier. But in a sign that Rio Tinto is still feeling the ill-
effects of the global downturn in commodity prices, Walsh said the miner would write down assets
including its Oyu Tolgoi copper project in Mongolia by USD 3.4 billion. Walsh was elevated to the
top job last year, after Tom Albanese left following a series of costly acquisitions, including the USD
38 billion takeover of Canada's Alcan in 2007.
Major resources companies around the world have moved to strengthen their balance sheets and
protect profits from subdued prices of many commodities, as they wait for the global economic
recovery to gather pace. Rio Tinto has been among the most aggressive cost-cutters, exceeding its
target of reducing operating costs by USD 2 billion in 2013 with plans to find a further USD 3 billion
in savings this year. High-cost projects including the Northparkes copper mine in eastern Australia
have been sold.
Source: Wall Street Journal
ECONOMY
OIL AUTHORITIES PROPOSE PIPELINE TO CHINA
The Ministry of Mining and Oil Authority have proposed that an oil pipeline be built from Mongolia to
China, according to a report from News.mn.
Officials said they had no details regarding such a project because the proposal is in its very initial
stages, but they had employed research into such an endeavor. Proponents of the project proposal
argue that having thousands of trucks carrying oil for transport has put a toll on the environment.
The oil pipeline could also address bottlenecks for the maximum capacity for oil exports.
In the first 11 months of 2013, Mongolia exported 4.5 million barrels of oil, or 40 percent more than
during the same period the year before. Total revenue from exports during that period was USD 140
million.
Source: Montsame
APARTMENT PRICES MAY SEE A DIVE IN 2014, SAYS RESEARCH FIRM
The recent growth in real estate prices in Ulaanbaatar will most likely be short lived, according to a
survey from the investment advisory firm UMC Alpha.
UMC Alpha projected 10 percent growth in construction this year compared with last year's 26
percent because of declined economic conditions and the price growth seen in apartments. The
firm also predicted that the growing supply of apartments would not likely slow down until 2016.
2014 is set to see the completion of 150 projects for 21,450 new apartments. In total 211 projects
are under way for a total output of 37,049 apartments.
Mongolia saw the construction of 16,500 apartments in 2013, realized by a 26.2 percent increase in
construction. The growth was largely a result of the government-backed 8 percent mortgage loan,
which made home ownership more feasible for young families. The 8 percent mortgage projection
triggered a spurt in construction activity last year, with mortgage borrowing peaking in the month
of August. The number of approved mortgage borrowers has declined since that peak, however. The
government is considering another phase of the mortgage program to allow homeowners to
renovate their apartments
Apartment sales will likely slow down in the near future, however, which make create some
challenges for the market.
Source: Undesnii Shuudan
MONGOLIA LOOKS TO CHINGGIS BONDS FOR EXPORT BOOST
The government in Mongolia has revealed plans to support domestic export manufacturers, with the
aim of reducing a burgeoning import bill and boosting the country's economic foundation.
Prime Minister Norov Altankhuyag said at a press conference in early January that the government
would allocate MNT 360 billion (USD 209m) from the USD 1.5 billion raised by the 2012 sale of
―Chinggis bonds‖ to provide loans to local businesses in the primary export industries of minerals

11. and cashmere. Since the offering in November 2012, the funds raised have financed infrastructure
growth, helping to reduce the economic impact of falling coal exports last year.
Mongolia‘s hefty import bill climbed to USD 6 billion last year, with the country importing 88
percent of its consumer goods. According to the local media, the nation buys 74 percent of its dairy
products from abroad, despite producing 45 million head of livestock, alongside 41 percent of flour-
based products and 62 percent of its textiles and clothing. Minerals, machinery and electrical
appliances also feature on the list of imports.
The Chinggis bonds have helped finance more than 200 projects across the sectors. A total of MNT
256.3 billion was used to construct 700 kilometers of paved roads, while MNT 837.9 billion went
towards financing a wave of new railways, the Tavan Tolgoi power initiative and a metallurgy plant.
However, critics say bond proceeds have been used to finance off-budget programs in an effort to
avoid the fiscal stability law (FSL), which limits the size of the budget deficit. When it was
introduced in 2010, the FSL placed a cap on outstanding debt and the fiscal deficit, with the limit
set as a percentage of gross domestic product (GDP). Questions have also surrounded a JPY 30
billion (USD 290 million), 10-year bond that the DBM issued late last year to finance infrastructure
projects.
This suggests that, while international investors have so far been willing to lend money to Mongolia
at relatively inexpensive terms, going forward, they may seek additional reassurance that current
spending levels are not putting the country‘s immediate outlook at risk.
Source: Oxford Business Group
GOVERNMENT TO TRAIN TRANSPORTATION WORKERS
The National Vocational Training Program has launched a new training program at the Institute of
Transportation.
The program saw 7,000 applicants for the 100 positions offered by the program, which saw control
transitioned from Oyu Tolgoi LLC to the Labor Ministry, said Labor Ministry officer G. Duurenbayar.
Those accepted will receive training for positions such as assistant mechanics, rail workers, station
watchmen, locomotive technicians. Trainings consist of two months of theory study and three
months of practical training. Trainees will receive MNT 140,000 monthly salaries during the
trainings. Last year, the National Vocational Training Program prepared around 6,400 students, of
which 60 percent now have stable work.
Source: Zuunii Medee
LEAKS HIGHLIGHT INVESTOR WORRIES ABOUT MONGOLIAN BANKS
Leaks to international media about investor concerns with management at Mongolia's third largest
bank have again called into question the level of governance that exists in the country's financial
sector, which has suffered three bank failures since 2008.
Golomt Bank LLC on February 12 responded to what it claimed were ―misleading and false
allegations‖ in the press about the standard of governance at the bank, and that it does not have
any shareholders seeking loan repayments. Both the Abu Dhabi Investment Council and Switzerland's
Credit Suisse have accused Golomt of violating lending terms by failing to have their 2012 financial
results audited by a top-four global accounting firm – instead pursuing audit results from the world's
fifth-largest auditor, BDO. The two investors are seeking the return of loans and have engaged in
arbitration proceedings over loans made to the bank.
Given that the USD 25 million loan from the ADIC represents just 1% of Golomt's assets, the bank
looks to be clear of any present danger. However, the bank will need to overhaul its governance
structure to prevent any future disaster. In January, Golomt's board made two new appointments,
with former Deutsche Bank banker Luvsandorj Bolormaa taking on the role of chief investment
officer and executive vice president, while former Asia Foundation Country director Chultem
Munkhtsetseg was appointed chairman. The bank also in February joined the Asian Financial
Corporation Association, a regional group that claims to help members maintain compliance with
standards and address risks.
The banks in Mongolia will have to clean up their image if they are to pull in the investment needed

12. to keep up with Mongolia's rapid pace of growth. Still, the foreign-owned banks are at a decided
disadvantage to the local banks, according the global law firm Hogan Lovells. "With respect to the
entry of foreign banks into the Mongolian market, the Bank Licensing Regulations impose greater
restrictions," reads a July 2012 note on updates made to the country's banking law.
That might make investing into the domestic banks a better option.
Source: BNE
MONGOLIA PUT ON THE MAP OF WORLD'S MOST DANGEROUS COUNTRIES FOR DRIVERS
Driving a car is safer than ever for the simple reason that cars are safer than ever—thanks to
features like seat belts, air bags, and electronic stability control. That's one reason why deaths per
miles driven have plummeted around the developed world in the five decades since Ralph Nader
published Unsafe at Any Speed. However, this trend is not being mirrored in Mongolia.
This week, a new study from the Transportation Research Initiative at the University of Michigan
presented statistics for driving fatalities that shows Mongolia is ranked among the top 25 countries
with the highest number of fatalities per car ―road crash.‖ Around the world, deaths in fatal car
crashes are one-sixth as likely as dying from a common health problem, like heart disease.
The study goes on to map fatality rates from cancer, which shows an opposite picture, with the
lowest rates in Africa and the highest rates in Europe—Mongolia was not included. This isn't a
morbid point so much as a truism: The data of death is really more like a picture of the way we
live. It is lower-income and developing countries where auto fatalities post a sizable threat to
individuals, compared to heart disease and cancer, whose risks rise with old age and obesity. In 21
African countries, from Namibia to Tanzania, auto fatalities killed half as many people as cancer
did. In the Organisation for Economic Co-operation and Development, the United States and South
Korea are, relatively, the most dangerous countries for drivers, and cancer deaths outnumber car
fatalities by at least 10-to-one.
Source: The Atlantic
INTERNATIONAL GROUP WARNS UB SUPPLY OF DRINKING WATER COULD DEPLETE BY 2021
An international group specializing in water study has warned that Ulaanbaatar could deplete its
reserves of fresh water as soon as 2021.
The 2030 Water Resources Group released results following a survey on water reserves, at the
invitation of President Tsakhia Elbegdorj and with funding from the Asian Development Bank and
World Bank. Officials from the water group reported to the Office of the President that their
research had identified several of organizations responsible for issues related to water in the
country [the Source does not name who -ed]. It recommended strong regulation, saying at this rate
the capital could exhaust its drinking water supply within seven years.
Source: Zuunii Medee
ENHANCING MONGOLIA'S CAPACITY FOR DROUGHT AND DZUD MONITORING
Drought, a creeping disaster affecting many countries in the Asia-Pacific region, adversely affects
socioeconomic development and exacerbates poverty among millions depending on land as a source
of livelihood. With the Asia-Pacific region having the largest number of people affected by drought
of any continent, Mongolia is working with international partners to avoid disaster.
In addressing these challenges, U.N. Economic and Social Commission for Asia and the Pacific
(UNESCAP) has operationalized the Regional Cooperative Mechanism for Drought Monitoring and
Early Warning. The mechanism is a flagship project under UNESCAP's Regional Space Applications
Program (RESAP). Initiated on request, the mechanism is already active in five pilot countries:
Mongolia, Sri Lanka, Cambodia, Nepal and Myanmar. It will provide space-based data, products and
services, and strengthen capacity of member states in addressing gaps in monitoring and early
warning of agricultural droughts. Following the request to UNESCAP from Mongolia for regional
advisory services for disaster preparedness, the project was developed together with the Mongolian
National Remote Sensing Center (NRSC) to enhance its capacity to monitor and detect drought and
dzuds—particularly harsh winters characterized by extreme cold and heavy snowfall.

13. UNESCAP Information and Communications Technology and Disaster Risk Reduction Division (IDD)
and East and North-East Asia Office held the first technical assistance meeting in September 2013 in
Ulaanbaatar, with remote-sensing geographic information system (GIS) experts from the UNESCAP
secretariat, China, India, Japan and Regional Integrated Multi-Hazard Early Warning System (RIMES)
to discuss NRSC's current capacity and the key issues involved in identifying appropriate drought
indicators that are applicable to Mongolia.
In early 2014, a series of activities were conducted in Mongolia in addressing the gaps and needs
towards effective use of space-based data and GIS in related agencies such as NRSC and National
Emergency Management Agency (NEMA) for disaster risk reduction and sustainable development.
The Mongolian project will be used as a pilot for operationalizing the RESAP mechanism. Two staff
from NRSC will receive a hands-on training for two months on building databases and finding indices
at China's Institute of Remote Sensing and Digital Earth beginning February 2014.
A mid-term review workshop will be held in September 2014 to assess progress and discuss the
second year implementation plan.
Source: UNESCAP
GOLD DEMAND FALLS 15% IN 2013
Global gold demand fell by 15 percent to a four-year low in 2013 as U.S. investors sharply reduced
holdings of the precious metal. Mongolia has pinned its hopes on gold, lowering the the royalty tax
rate to 2.5 percent in the hopes of bolstering its reserves of the precious metal.
Bullion last year suffered its biggest drop since 1981, losing more than a quarter of its value as a
decade-long bull run ended. It has since regained some ground, rising 9 percent this year to USD
1,327 a troy ounce on Monday. The World Gold Council, an industry lobby group, said in a report on
Tuesday that demand in 2013 decreased to 3,756 tons. Demand between the three months to
December dropped to 858 tons, down 29 percent from a year earlier and the lowest since the
second quarter of 2009.
The net fall in demand is due to the sell-off by gold-backed exchange traded funds (ETFs), which
last year led to disposals of 881 tons of bullion—more than four times the output of the world‘s
biggest miner, Barrick Gold. U.S. investors, encouraged by the recovery in the economy, were
responsible for around 70 percent of the ETF sales, according to Marcus Grubb, managing director
of investment at the WGC. ―Some fund managers perceived that they needed less insurance against
risk in their portfolios,‖ said Grubb.
The steady rise in the gold price this year has cheered those still invested in the metal. Other data
showed that in the week to 11 February, money managers and hedge funds increased their bets that
the gold price would rise, according to the Commodity Futures Trading Commission in the United
States, reflecting the most bullish position in three months. In a January survey, precious metals
analysts were much less optimistic, forecasting an average gold price of USD 1,219 an ounce this
year.
―What‘s really changed [in the macroeconomy, since]?‖ said Philip Klapwijk, managing director of
Precious Metals Insight. ―I think gold is likely to have a crack at USD 1,350, but not further than
that.‖
Source: Financial Times
GLOBAL RECOVERY WEIGHED DOWN BY BRICS
As the financial crisis broke in 2008, emerging markets were lining up to criticize the developed
world for dragging the global economy down. Now the boot is on the other foot, as analysts discuss
the likelihood that the BRICS could impact the growing recovery in the likes of the European Union
and United States.
As this week's chart from Markit showing the January purchasing managers index (PMI) readings
illustrates, while the global economy maintained a robust pace of expansion overall, the divergence
between the growth rates in developed and emerging markets continued to widen. Growth picked
up to the second-fastest seen over the past three years in the developed world, according to the
data, but the emerging markets PMI fell for a second successive month to its weakest since

14. September. In fact, the developed world has now registered a stronger improvement in business
conditions than the emerging markets over each of the past nine months.
The four BRIC economies, which collectively saw the second-worst month since March 2009, are to
blame for much of that downturn. Overall, Markit's emerging market PMI surveys saw a fall from
51.6 in December to 51.4 in January; the equivalent BRIC index fell from 50.8 to 50.3—only just
above the 50-point threshold below which industry is seen contracting.
"The disappointing growth rates being recorded in the world's major emerging nations suggest that
global economic growth looks set to be constrained in 2014 compared to pre-crisis rates," Markit
concludes.
Source: BNE
POLITICS
OVER 100 MPP MEMBERS JOIN MPRP
The Mongolian People's Revolutionary Party (MPRP) on 17 February held a ceremony for the
indoctrination of over 100 new members who have left the Mongolian People's Party (MPP).
Those to make the jump to the MPRP included academics, artists, and former county and provincial
governors. Several leading officials of the MPP are reportedly also interested in joining the party
formed by the recently pardoned former President Nambar Enkhbayar, but no officials have made
any official announcements.
Source: Udriin Sonin
TAIWAN-MONGOLIA MOU SIGNED FOR COOPERATION ON RENEWABLE ENERGY
Taiwan and Mongolia signed a memorandum of understanding (MOU) Monday to establish
institutionalized cooperation in renewable energy generation and energy efficiency management.
The document was signed in Taipei by officials representing the Ministry of Economic Affairs (MOEA)
and Mongolia's Ministry of Energy. Both Taiwan and Mongolia have excellent potential for developing
renewable energy such as solar and wind power, said Deputy Minister of Economic Affairs Duh Tyzz-
jiun.
In addition to cooperating on the development and management of renewable energy, MOEA Bureau
of Energy (BOE) Director-General Wang Yunn-ming said Taiwan is ready to share its experience in
replacing aging coal-fired electricity generators with Mongolia, which relies on coal for 48 percent
of its overall power generation. The memorandum is expected to help Taiwanese companies
establish a record of success with which they will be able to expand their business opportunities,
according to the BOE.
Source: Focus Taiwan
MEXICO, MONGOLIA ESTABLISH PARLIAMENTARY “FRIENDSHIP GROUP”
Mongolian Ambassador to Mexico B. Altangerel Thursday attended an opening ceremony for a
Mexico-Mongolia parliamentary ―friendship group‖ to promote inter-parliamentary relations.
The event took place at the Chamber of Senators of the Honorable Congress of the Union.
Altangerel gave a presentation on the present socio-economic situation of Mongolia and bilateral
relations before opening talks with the organization's head, Barcenas Nieves, on the expansion of
inter-parliamentary ties. Afterward, Altangerel visited an education and tourism official where they

15. proposed a student-teacher exchange program for the areas of mining and tourism.
The Mongolian ambassador also met with officials to discuss the 40th anniversary of diplomatic
relations to be observed 24 September 2015.
Source: Montsame
MONGOLIA TIES DIPLOMATIC RELATIONS WITH NINE MORE COUNTRIES
Mongolia has officially established diplomatic relations with 9 new nations as part of its initiative to
enter relations with every U.N. member nation.
Mongolia entered relations with Antigua and Barbuda, the Republic of Burundi, the Republic of
Vanuatu, the Republic of Palau, the Republic of Surinam, Sierra Leone, the Togolese Republic, the
State of Eritrea, and Jamaica. In December 2012 Mongolia set out to establish diplomatic relations
with 45 additional U.N. member countries. With Mongolia tying bonds with 16 of its targeted 45
nations thus far, Mongolia aims to complete its task this year.
Source: UB Post
JUDGES TO ATTEND COMPETENCY TRAINING IN TURKEY
A Mongolian delegation led by a high official of the Mongolia's General Council arrived in Turkey 15
February.
Led by N. Lundendorj, the delegation is expected to ink a cooperation pact during the visit after
receiving invitation from the High Council of Judges and Prosecutors. The pact will allow 40
Mongolian judges to participate in competency building trainings in the Justice Academy of Turkey
each year. The program would be funded by the Turkish government.
Source: Montsame
MONGOLIA CLIMBS 10 SPOTS TO #88 IN 2014 WORLD PRESS FREEDOM INDEX
Mongolia climbed 10 spots on Reporters Without Borders' 2013-2014 Press Freedom Index.
Mongolia ranked 88th out of 180 countries on the index. Finland topped the index for the fourth
consecutive year, closely followed by Netherlands and Norway, like last year. At the other end of
the Index are Turkmenistan, North Korea, and Eritrea.
The Index reflects the degree of freedom that journalists, news organizations and netizens enjoy in
each country, and the efforts made by the authorities to respect and ensure respect for this
freedom. Questionnaires were answered from each of the 180 countries ranked in the index. Some
countries were excluded because of a lack of reliable or confirmed data. The questions consider six
general criteria: ―Pluralism,‖ ―Media Independence,‖ ―Environment and Self-censorship,‖
―Legislative framework,‖ ―Transparency,‖ and ―Infrastructure.‖ Each category was given a score
between zero and 100.
Source: Info Mongolia
ALLENS SUMMARIZES MINING POLICY
International law firm Allens provided a summary on the State Minerals Policy passed 16 January as
Parliament adopted a new State Minerals Policy.
The main focus of the Minerals Policy is to: establish a stable investment environment; improve the
quality of mineral exploration, mining and processing; encourage the use of environmentally
friendly and modern technology; and strengthen the competitiveness of the Mongolian mining sector
on the international market. More specifically, the Minerals Policy will serve as the basis for
amendments to the existing Minerals Law and other laws relating to the mining sector. The Minerals
Policy seeks to improve laws and regulations and implement international standards in areas such
as: occupational safety; artisanal mining; the registration and monitoring of the transfer of
exploration and mining licenses; gold mining and sales; the evaluation of mineral deposit reserves;
and dispute resolution systems.
Goals of the law include the establishment of a geological database for the state and the improved
registration and monitoring of mineral deposits. Transparency within the industry was made a key
objective along with directing the industry toward downstream value-added production. The policy

16. also mentions the need for local development agreements between the investor and nearby
communities, which will likely be required by amendments made to the Minerals Law.
Environmental protection was all prominent as Mongolia seeks to make rehabilitation regulations
consistent with international standards. With regards to water, it will encourage the use of surface
water rather than underground fresh water in mining and processing operations, as well as the re-
use of water and the use of grey water. The government is expected to establish a ―Policy Council‖
to make recommendations and support the implementation of the Minerals Policy.
―The Minerals Policy sets out objectives for the Mongolian mining sector, which should encourage
both foreign and domestic investment,‖ reads the Source. ―It will remain to be seen how such
objectives are implemented through amendments to the Minerals Law and other laws, and the
creation of new regulations.‖
Allens is an international law firm which practices throughout the Asia Pacific region. It advises on
international legal issues in Mongolia but does not provide Mongolian legal advice. Allens regularly
works with Mongolian counsel where Mongolian legal advice is required. Read the Source for a full
overview.
Source: Allens
POLICE ARREST PROTESTERS AGAINST URANIUM MINING
Environmentalists were arrested for protesting against the mining of uranium in Mongolia.
Police arrived to arrest environmental activists led by the group Gal Undesten (tr: Fire Nation)
shortly after launching a demonstration outside of the Government Palace 18 February. The
protesters were demonstrating against the mining of uranium in Mongolia by the French nuclear
company Areva SA. Also involved in the protest were the Mongolian Lawyers Association for
Environmental Protection and Khukh Mongol, an extremist group whose members are known for
bearing the Nazi swastika.
The protest took place during a scheduled meeting between Areva and the head of the Standing
Committee on Security and Foreign policy that day. The meeting was postponed, however, due to
the protest.
Source: News.mn
FORMER CLEAN AIR FUND MANAGEMENT FOUND GUILTY OF EMBEZZLEMENT
Members of Clean Air Fund's (CAF's) former administration were found guilty of embezzling MNT 1.9
billion.
The court sentenced former fund chief N. Khurelsukh to 8 years in prison. The former general
accountant M. Khulan received 7years in prison, accountant Kh. Boldmaa received 6 years, auditor
B. Davaabaatar and State Budget chief of the Ministry of Environment and Green Development D.
Tsetsgee each received 5 years and one month. B. Altantuya was released on one-year probation,
while three other officials were acquitted.
In 2012, the defendants were accused of embezzling funds through the use of fraudulent monetary
claims. The claims were for MNT 116 million for a workshop provided by Khorchikhuin Bulag LLC,
MNT 21.44 million for a false claim for staff salary through Orkhon Saikhan Bulag LLC, MNT 1.45
billion for a false claim for a fuel contract through Tara LLC, MNT 100 million for a false claim for
commercial expenses through DZTM LLC, and MNT 240 million for a fuel contract in 2011 through
Shar Golyn Dulaan LLC. The alleged total for embezzled funds was MNT 1.9 billion.
Source: UB Post
AUTHORITIES OPEN INVESTIGATION INTO CONSTITUTIONAL COURT MEMBER
The Economic Crime Unit of The State Investigation Office has opened an investigation into
Constitutional Court member D. Sugar for the alleged illegal sale of a building owned by MIAT
Mongolian Airlines.
Authorities allege that Sugar participated in the illegal sale of the building to Ch. Khorolsuren, who
was sentenced to 10 years for the embezzlement of funds from the state owned airlines.
Investigators are unable to investigate Sugar, who is a former chairman of the State Property

17. Committee, because of the immunities granted by his office at the Constitutional Court.
―The investigation related with D. Sugar is ongoing,‖ said an unnamed official at the Ulaanbaatar
Prosecutor's Office. ―D. Sugar could not explain the source of MNT 600 million in his account. Based
on these findings, his case is likely to be transferred to the Independent Authority Against
Corruption. ‖
Source: Unuudur
POLICE TRACK SOCIAL MEDIA TO CUT DOWN ON ILLEGAL HUNTING
Authorities are digging into social networking websites such as Facebook and Twitter to seek out
evidence of poaching, said representatives the Ministry of Environment and Green Development,
Foundation for Animal Rights Protection and the State Investigation Authority at a press conference
on Tuesday.
The representatives said they had begun development of a database of pictures posted on social
media that offer proof of illegal hunting. Many of those pictures are of Mongolia's celebrities and
politicians caught breaking the law. One picture shows a hunted brown bear that was posted by MP
N. Nomtoibayar of Selenge Aimag. Another is of boars hunted at Mount Burkhan Khaldun by MP J.
Enkhbayar and national wrestling ―State Elephant‖ champion B. Soronzonbold. Authorities
connected the actors B. Baatarkhuu and Ts. Batkhuyag to photos of a hunted wolf and deer. The
database also includes pictures posted on the Internet of several people who allegedly sold wolves
hunted in Gobi-Altai Aimag in 2012.
Anyone found guilty of poaching or animal abuse may be sentenced to up to five years in prison.
The fine for illegally hunting a wolf is MNT 1.2 million; illegally hunting a bear is between MNT 13
million and MNT 15 million; illegally hunting a boar is between MNT 1.4 million and MNT 1.6 million;
illegally hunting a white-tailed antelope is up to MNT 1.1 million;, and illegally hunting marmot is
between MNT 360,000 and MNT 400,000.
Recent cases of poaching involved the smuggling of a snow leopard corpse and dozens of marmot
skins. Police detained two men found carrying the frozen body of a snow leopard in a Renault
master van at Bayanzurkh District on the evening of 10 February. Snow leopards are an endangered
species, as inscribed in the Mongolian Red Book. The Zamiin-Uud Customs Authority caught four
passengers in a vehicle attempting to smuggle 84 marmot skins to China on 12 February. The
marmot population has significantly dropped in Mongolia with many of their habitats facing threats
from hunting.
Source: UB Post
FIGHTING CORRUPTION IN ITS LAIR
Today the world has accepted that the necessary conditions for socio-economic development are a
parliamentary system with democratic governance, a market economy where private property is
allowed, and restricted government involvement. However, the existence of those necessary
conditions alone are not sufficient to achieve development. The missing sufficient condition is
transparent and accountable public governance.
The Mongolian government is still producing billionaires, and even foreign media has taken notice of
the so-called billionaires club that is Parliament. The salaries of those civil servants come from the
public, which means they should not be able to accumulate much more wealth than others. But as
soon as they obtain ruling power, they steal from the funds designated to benefit the public.
Mongolians, especially the younger generation, must remove the roots of corruption that have been
growing in government. Those roots are found inside our political parties. The law states that
political parties must produce expenditure reports, have them audited and report them to the
public. Such reports cannot be found on any of the parties' websites today. Those who make the
biggest donations become the de-facto leaders of their political party. As a result, Mongolia has
political parties bigger than the government, and political party factions can be more influential
than the political party itself.
Political parties that keep their sources of funding secret and avoid audits are at the root of
corruption. As the law on political parties is facing revision, Mongolia needs to grant the Supreme

18. Court more responsibilities. In addition to registering political parties, the court must also ensure
legal compliance and accountability. The Supreme Court should also have the right to disband
political parties.
Another thing that needs more attention is whether the public budget should fund the political
parties. Many countries have taken similar measures to separate government and business.
Mongolian political parties have a duty to abstain from corruption and are responsible for keeping
the country free of corruption. It is time for the press and civil society to impose scrutiny and
ensure that our political parties fulfill their utmost duty.
Source: UB Post
NEW MONGOLIAN LAWS
The following amendments, addenda and annulment 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
17.02.2014 Law on Widespread mineral resources
Amendments to Law on Mineral resources
Addendum to Law on Special permits for economic entity activity
Addendum to Law on State sign fee
Law on Regulation to abide law on Police service
Amendments to Law on Police service
Annulment of Law on Internal troops
Amendments to Law on Civil Service
Amendments to Law on Armed forces
Amendments to Law on Regulation on Performing protest, demonstration
Amendments to Law on Military servant's pension, allowance
Amendments to Law on Military duty of citizen of Mongolia, military servant's legal
status
Amendments to Law on Participation to Peace keeping operation
Amendments to Law on Emergency state
Amendments to Law on Free zone
Amendments to Law on the use of water supply, sanitation tool in town, village
Amendments to Law on State special protection
Amendments to Law on Court decision implementation
Annulment of Some provisions of Law on fight against terrorism
Amendments to Law on Transparency of information and right to acquire
information
Amendments to Law on Budget
Amendments to Law on Ensuring gender equality
Amendments to Law on State confidentiality
Amendments to Criminal code
Amendments to Law on Criminal procedure
Annulment of Some provision of Law on Tax imposed to entrepreneur with no fixed
income
Law on Exemption from Customs Tax
Law on Exemption from Value Added tax
Amendments to Law on Mineral resources
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.

19. ANNOUNCEMENTS
MONGOLIA INVESTMENT SUMMIT, LONDON, 29 APRIL – 2 MAY
The second annual Mongolia Investment Summit in London has been announced for 29 April to 2
May.
This year's event includes an additional post-summit workshop, giving guests four whole days of
presentations, discussions, panels and networking opportunities. Keynote speakers include Ochirbat
Chuluunbat, vice minister for economic development, Dorjpurev Dulamsuren, vice minister for
energy, and Daniel Broby, chief investment officer at Silk Invest in Britain.
Members of the Business Council of Mongolia can take advantage of the special 25 percent discount
by using the code UL912BCM when registering. To register visit
mongoliainvestmentsummit.com/london. For more information call +44 (0) 207 216 6056 or email
cs@resourcefulevents.com.
___________________________________________
FRANCHISING & BUSINESS OPPORTUNITIES EXPO AND BUSINESS TOUR
The Business Council of Mongolia and Australia Mongolia Business Council are organizing the second
Mongolian business mission for ‖Franchising & Business Opportunities Expo‖ in Sydney, March 27 to 1
April.
The Franchise Expo will feature over 100 businesses: Internet and telecommunication, printing,
health and fitness, landscaping, leisure and travel, cafes and fast food, business and financial
services, retail, packaging and delivery, services, vending, domestic and commercial services, and
restaurants. By joining the official delegation to the Franchising and Business Opportunities Expo
guests will receive free business support as an international buyer.
For more information call 11-317027 or 94092113, or email erka@bcmongolia.org, for registration
and additional information about the event. The registration deadline is February 28.
___________________________________________
BCM MEMBERS RECEIVE 15% DISCOUNT FOR OIL AND OIL SHALE MONGOLIA 2014
The Oil and Oil Shale Mongolia 2014 international investment conference, hosted by the Petroleum
Authority of Mongolia, will be held in Ulaanbaatar from 9 to 10 April 2014.
The event will be attended by international investors, oil, gas, and oil shale companies, service
providers, consultancies, equipment suppliers, and traders.
Delegates will have a unique opportunity to network with industry's key contacts at the country's
first international investment conference on oil, gas, and oil shale. They will have the opportunity
to obtain vital information on legislation and policies on oil, gas, and oil shale exploration and
production regulations from the officials of the Ministry of Mining and Petroleum Authority of
Mongolia. Moreover, projects on oil refinery, exploration, production, plus oil shale projects will be
presented.
BCM members will receive an exclusive 15 percent discount. For more information cal +976 9909-
1765 or 9910-5877, email info@oilmongolia.com or logon to OilMongolia.com.
___________________________________________
CELEBRATE THOUSAND CAMEL FESTIVAL, 6-8 MARCH, DALANZADGAD
Nomadic Expeditions, one of the top travel specialists for Mongolia since 1992, is organizing the
Thousand Camel Festival scheduled for 6 to 8 March in Dalanzadgad, Umnugobi – a pristine and
remote countryside desert location.
Accommodations will be arranged at the award-winning Three Camel Lodge during the festival.
Don't miss this opportunity and enjoy a short winter escapade outside of Ulaanbaatar this coming
March.
For more information, click here to see a detailed Itinerary of the events scheduled as well as
prices. To register, email your name, title, company name & contact info to saruul@bcmongolia.org
to register for the Festival.
___________________________________________

20. “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.
The below presentation is from the January 27 BCM monthly meeting:
•ОЙ ХАМГААЛАЛД СУУРИЛСАН БИЗНЕС, Цэсэдийн БАНЗРАГЧ /Ph.D/, БОНЯ- ны ОЙ ХАМГААЛАЛ,
ОЙЖУУЛАЛТЫГ ЗОХИЦУУЛАХ ХЭЛТЭСИЙН ДАРГА, МБЗ-ийн 1 сарын 27-ны гишүүдийн сарын
хурал дээр
___________________________________________
ENGLISH WEBSITE: 'PRESENTATIONS', 'MONGOLIA REPORTS', „INTERVIEWS„, MONGOLIAN
BUSINESS NEWS‟, „PHOTO GALLERY‟
The following presentations are from the January 27 BCM monthly meeting:
- "The year 2014 starts with new IPO on the Mongolian Stock Exchange", Richard Kobayashi, CEO,
Standard Investment LLC
- "IMA Consultancy Services for Investors and Account Manager's Role" D. Irmuun, Director of Division
for Promotion and Consultancy Services, Invest Mongolia Agency
The following presentations were made at the BCM monthly meeting on December 9, 2013:
- ―Why Real Estate is the Road to Riches in Mongolia,‖ Harris Kupperman: Why Real Estate is the
Road to Riches in Mongolia
- ―Business Council Promoting Private-Sector Growth,‖ B.Byambasaikhan: Business Council
Promoting Private-Sector Growth
- ―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;

21. -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

22. 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,
Australia, Oct 29-31, 2013
• 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
Summit 2013, Perth, Australia, Oct 29-31, 2013
• 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,
Australia, Oct 29-31, 2013
• 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
Summit 2013, Perth, Australia, Oct 29-31, 2013
• 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

23. 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: BCM now has 3,081 fans on our Facebook fans
page, 1,598 connections on LinkedIn network, and 900 followers on Twitter.
Of course for news information, interviews, event photos, and announcements regarding our
organization, visit the official BCM website at http://bcmongolia.org/en/

24. ECONOMIC INDICATORS

25. INFLATION
Year 2006 6.0% [source: National Statistical Office of Mongolia (NSOM)]
Year 2007 *15.1% [source: NSOM]
Year 2008 *22.1% [source: NSOM]
Year 2009 *4.2% [source: NSOM]
Year 2010 *13.0% [source: NSOM]
Year 2011 *10.2% [source: NSOM]
Year 2012 *14.0% [source: NSOM]
Year 2013 *12.5% [source: NSOM]
January 31, 2014 *12.3% [source: NSOM]
*Year-over-year (y-o-y), nationwide
Note: 12.2% y-o-y, Ulaanbaatar city, January 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]
CURRENCY RATES – 21 FEBRUARY 2014
Currency Name Currency Rate
US dollar USD 1,761.96
Euro EUR 2,415.91
Japanese yen JPY 17.31
British pound GBP 2,939.30
Hong Kong dollar HKD 227.18
Chinese Yuan CNY 289.62
Russian Ruble RUB 49.24
South Korean won KRW 1.64
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.