March 21, 2018

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Water resources, use and policy session held  


A consultation session on water resources, use, and policy was held yesterday to mark World Water Day, on March 22. During his opening speech, N. Enkhbayar, an advisor to the Prime Minister, stated that Mongolia’s major policy documents, such as the Sustainable Development Agenda, Government Action Plan, and National Water Program, include actions, policies, and strategies to protecting water resources, improve the water supply for the general population and pastures, and to address the supply water to industries and the city. Mongolia has a moderate rating among other countries around the world for water supply per person, access, and safety. Survey results show that people living in apartments consume 140 to 160 liters of water per day,  and ger district residents use seven to ten liters. The consultation session's  participants agreed on the need to revise water policy.     

Keywords: World Water Day, Prime Minister's Office, sustainable development   Daily News /page 4/


BoM: Commercial bank interest rates can be reduced by 5-10 percent      

Summary: Yesterday, during a consultative meeting, the Bank of Mongolia (BoM) introduced its strategy to reduce interest rates and a document on the strategy that will be implemented within the next six months. BoM President N. Byaratsaikhan said, “The BoM's  policy documents on reducing interest rates are based on creating favorable economic, financial and legal frameworks, rather than adhering to a dictatorial approach that  cannot be implemented for the long term. If macro-economic and financial markets are not sustainable, an attempt to enforce the compulsory reduction of interest rates will lead to a lack of assets and economic and financial risks. Therefore, the strategy to reduce interest rates has been drafted with market principles in mind.” According to D. Gan-Ochir, Director of the Research and Statistics Department of the BoM, in order to reduce interest rates, an appropriate macro-economic environment needs to be created and the governance and risk management capacity of the nation's commercial banks need to improve. The BoM's document includes 11  strategic objectives and an action plan. As of today, the average interest rate for a commercial bank loan is 20 percent, which is five percent higher than the average rate in other low income countries. The central bank's strategy document forecasts the possibility of reducing interest rates by 5-10 percent. The meeting's  participants highlighted the necessity of setting up basic conditions to facilitate the BoM's action plan, and suggested involving all relevant stakeholders in the process, such as the Financial Regulatory Commission and the Ministry of Finance, and recommended making the strategy more clear and rigourous.

Keywords: Bank of Mongolia, SMEs, access to financing       National News /page 5/

AmCham Mongolia hosts a meeting with His Excellency Ch. Khurelbaatar, Minister of Finance 

Summary: ULAANBAATAR, Mongolia - The American Chamber of Commerce (AmCham) in Mongolia hosted its March Monthly Meeting with Minister of Finance Khurelbaatar Chimed and other officials from the Ministry of Finance, on Tuesday, March 20, at Shangri-La Hotel Ulaanbaatar. The meeting convened representatives from AmCham member organizations, the Ministry of Finance, and national and international businesses. Minister Khurelbaatar exchanged views with members of the business community and provided updates on the ministry’s efforts to introduce proposed tax reforms that are focused on securing a favorable business environment and protecting the interests of trustworthy private sector players and taxpayers.

Keywords: draft law, pension /page 2/

online story  

Civil Aviation Authority discusses sector innovations    

Summary: At a meeting of civil aviation sector officials, industry innovations and challenges were discussed. The participants agreed on the need to create a more liberal market within the sector to increase  competitiveness. The Director of the Civil Aviation Authority of Mongolia specified the need to review the industry's legal framework, which hasn't been touched in over a decade. He noted, “We need state policy support and regulation in terms of expanding international aviation relations and increasing the number and frequency of several flights. But we need less intervention from the state in terms of fuel supply and more involvement from the private sector in this area in order to create competiveness.” The meeting's participants also discussed the possibility of separating regional airports from the structure of the Civil Aviation Authority and reviewed other possible industry reforms. Currently, only eight out of 20 airports are operational, with over 10 billion MNT in expenses generated by regular flights and only 500 million MNT in income earned.

Keywords: CAA, commercial airlines 

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The American Chamber of Commerce in Mongolia · 8F Naiman Zovkhis Building 21 Seoul Street · Ulaanbaatar, 01 15000 · Mongolia