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AmCham Mongolia Daily Newswire

January 15, 2019

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Mongolian state budget saw a surplus of 12 billion MNT in 2018
Minister of Finance Ch. Khurelbaatar reported that 2018 state budget revenue reached over 10 trillion MNT, with a surplus of 12 billion MNT, the state's first profitable year since 2010. The nation's credit rating upgrade and effective spending of state funds positively affected the budget. State budget revenue was 2 trillion MNT higher than expected, with 670 billion MNT generated by the mining industry. The minister noted the debt to gross domestic product ratio dropped to 60.9 percent, and the government plans to bring it to 40 percent to minimize debt pressure. The minister noted the importance of increasing exports in terms of volume and variety to stabilize economic growth and balance the MNT exchange rate.

Today /page A2/
Gas prices cut by 100 MNT per liter today
G. Zandanshatar, Head of the Cabinet Secretariat, met with Deputy Head of the Mineral Resources and Petroleum Authority (MRPA) Ts. Erdenebayar on Monday. The MRPA stated that after meeting with oil importers, they will be cutting gas prices by 100 MNT per liter starting today, due to falling global oil prices in recent months. G. Zandanshatar also met with O. Odbayar, Chief Executive Officer of Erdenes Mongol LLC, and researcher B. Solongoo to hear updates on plans for the Asgat silver deposit's operations to enhance the economy.

Today /page A2/
Erdenes Tavan Tolgoi to release an IPO on the Hong Kong Stock Exchange
Erdenes Tavan Tolgoi is releasing a 3 billion USD  initial public offering (IPO) on the Hong Kong Stock Exchange. After the IPO's release on the Hong Kong Stock Exchange, the company plans to move to the secondary market on the New York Stock Exchange.
The Century News /page 5/
Mongolia imports 357 billion MNT in holiday gifts every year
The National Statistical Office (NSO) reported that an average household spends 1.5 million MNT on Lunar New Year celebrations. The NSO predicted that a total of 845 billion MNT will be spent on holiday gifts this year, and emphasized that an average of 357.3 billion MNT is spent on import products every year.  The NSO suggested that purchasing domestically made products instead of imports would help to develop domestic production, reduce the unemployment rate, and strengthen the MNT exchange rate
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