August 30, 2018

Cabinet approves a draft of amendments to the Constitution


During its regular session on August 29, Cabinet discussed and approved proposed amendments to the Constitution, which have been developed by a group of Parliament members. Over five million proposals have been collected since 2017, when Parliament began an initiative to amend the Constitution. Public opinion polls with more than 1,500 respondents and public consultation meetings involving 327,000 people were held in the process of developing the proposed amendments. Given that the President, Cabinet, Judicial General Council, National Human Rights Commission, Bank of Mongolia, and National Security Council have approved parts of the proposed amendments, Parliament will start reviewing them.                

Keywords: Parliament, constitutional law   Today /page A2/

Cabinet discusses ETT shares and reducing fuel prices


During Cabinet’s regular session on August 29, Minister of Mining, Infrastructure and Heavy Industry D.Sumiyabazar presented several issues, including the issuing of an Erdenes Tavan Tolgoi IPO and rising fuel prices. A working group formed by the Ministry of Mining and Erdenes Tavan Tolgoi has completed preparations for offering up to 30 percent of the company's shares on both local and international stock exchanges. In response to rising fuel prices, Cabinet discussed regulating prices through tax measures after holding talks with fuel importers and negotiating with the International Monetary Fund.       

Keywords: International Monetary Fund, petroleum products, Erdenes Tavan Tolgoi   The Official Gazette /page 2/


Bank of Mongolia reports on key economic indicators


On August 29, the Bank of Mongolia released the most recent monetary, finance and foreign currency data for Mongolia's economy. As of the first half of 2018, the nation's balance of payments saw a deficit of 135.2 million USD. In July, commercial banks granted financing valued at more than 200 billion MNT, 20 percent of which was in the form of consumer loans. While outstanding loans reached 7 trillion MNT, aggregate savings stood at 12 trillion MNT in July. In the first six months of 2018, Mongolian nationals living overseas sent home 135 million USD through remittance.

Keywords: central bank, banking industry, foreign currency      Today /page B1/

online story  

FRC approves IPOs for Ard Daatgal and Mandal Daatgal  


The Financial Regulatory Commission registered 25 million shares of Ard Daatgal, valued at 200 MNT per share, and 6.2 million shares of Mandal Daatgal, valued at 1,000 MNT per share. Ard Daatgal has been permitted to conduct an initial public offering for 30 percent (7.5 million) of its registered shares at the price of 700 MNT per share, and Mandal Daatgal has been allowed to raise capital with the sale of 25 percent (1.6 million) of its registered stocks through an IPO with a single share price of 4,800 MNT.          

Keywords: Financial Regulatory Commission, insurance sector

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