March 9, 2017
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Program to combat illegal drugs approved

Summary: The Cabinet held their regular session and approved the national program to combat illegal drugs and psychotropic substances. By implementing the program, measures will be taken to monitor the use of illegal drugs, stop the circulation of the drugs, and investigate and stop drug-related crimes, as well as establish systems to send addicted users to rehabilitation programs. Over the last 10 years, 1,112 people were investigated in matters related to illegal drugs. The government believes that the rising circulation and import of drugs has resulted in the need to establish programs to combat the use of the illegal drugs. The capital required for the program will be included in the state budget and will come from loans and grants from countries and international organizations.

Keywords: legislation, illegal drugs   Daily News /page 11/

MP N. Enkhbold receives Ambassador Stanislaw Chepurnoy

Summary: The Head of the State Development Standing Committee and MP N. Enkhbold received the Belarusian Ambassador to Mongolia Stanislaw Chepurnoy to discuss economic and trade cooperation between the two countries. The Ambassador noted that it is important to further develop the two countries' economic and trade relationship, and to increase the number of visits between the high-level legislators of the countries. N. Enkhbold agreed with the proposals shared by the Ambassador and noted that in 1-2 years, the Mongolian economy will be able to overcome its current economic challenges.

Keywords: bilateral relations, cooperation, Belarus   Today /page A2/


Private sector leaders call for long-term and stable law and policy at AmCham's Monthly Meeting

Summary: The American Chamber of Commerce (AmCham) in Mongolia hosted its March Monthly Meeting with some of the most prominent business leaders in Mongolia on March 7, 2017, at the Shangri-La Hotel to discuss "Perspectives of Business Leaders on the Economic Situation of Mongolia and Forecasts for 2017". The panelists included President of MSC Group Mr. J. Od, Chairperson of Petrovis LLC Ms. J. Oyungerel, Executive Director of Wagner Asia Group Mr. Steve Potter, and Resident Representative for Mongolia at the International Finance Cooperation (IFC) Mr. Tuyen Nguyen.
The meeting brought together over 100 participants, including AmCham members and representatives from Mongolia’s leading businesses. Attendees heard from the panelists on Mongolia's outlook in a broad range of business categories, including mining, agriculture, new projects, and finance. The panelists also spoke about the need for economic diversification and stability in policy and law, as well as the IMF’s extended fund facility program and its implications for the private sector.
“AmCham Mongolia has been and will keep working with both the public and private sectors to promote strong private sector growth, an enabling business environment, increased investment, and a stable policy and legal environment in Mongolia.” Mr. Jay Liotta, Chairman of AmCham Mongolia, said during his closing remarks.

Keywords: AmCham, private sector, policy   The Official Gazette /page 5/

Central bank buys USD in its currency auction 

Summary: The Bank of Mongolia held its regular foreign currency auction, and commercial banks asked to buy 500,000 USD at an average exchange of 2461.91 MNT, and 13.5 million CNY at an average exchange of 354.2 MNT. Commercial banks offered to sell 41.3 million USD at 2,467.3 MNT. The central bank agreed to buy 31.5 million USD at 2,467.5 MNT. The Bank of Mongolia’s move to buy USD signals an increased supply in the currency market, and with increased foreign currency exchange, the MNT could strengthen. The USD exchange rate stands at 2,466.8 MNT.

Keywords: Bank of Mongolia, currency   Today /page A1/

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Denison Mines sale to Uranium Industry delayed

Summary: Toronto Stock Exchange listed Denison Mines released their report for 2016 and plans for 2017. Last year, Denison Mines decided to sell their branch in Mongolia to Uranium Industry. The sale has been in place since November 2016, but it has been postponed to July 2017. Due to uncertainty about the sale, the valuation of the company lowered in the Q4'16 to 10 million USD.
At the PDAC convention, Minister of Mining and Heavy Industry Ts. Dashdorj noted that the Government of Mongolia has no interest in changing its equity in Oyu Tolgoi, but is looking to increase the amount of land available for exploration.
Oyu Tolgoi investor Turquoise Hill Resources saw its stock decrease by 1.62%. Over a half-year period, the company's stock rose by 7.87%. On the Australian Stock Exchange, Rio Tinto’s stock decreased by 1.74%. In the past six months, the stock has risen by 25.6%.

Keywords: mining

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The American Chamber of Commerce in Mongolia · 8F Naiman Zovkhis Building 21 Seoul Street · Ulaanbaatar, 01 14251 · Mongolia