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AmCham Mongolia Daily Newswire

January 7, 2019

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Parliament will review the president's amendment on parliament procedure this week
On Friday, President Kh. Battulga submitted a proposal to Parliament for amendments to the Law on Procedure of the Plenary Session of Parliament, which would allow the dismissal of the Speaker of Parliament with a  majority vote from MPs. The President stated that the amendment would help to prevent the slowdown of legislative operations. Speaker M. Enkhbold received the amendment and submitted it to the Standing Committee on State Structure on Friday. Parliament will review the proposal this week, if the Standing Committee on State Structure approves it.

The Century News /page 2/
Savings and credit cooperatives report from the FRC
The Financial Regulatory Commission (FRC) reported that 279 savings and credit cooperatives were operating in the market in 2018, regulated by 160 procedures. The number of account holders reached 61,000 in the third quarter of 2018. Total assets reached 192.3 billion MNT, rising by 34.8 percent compared to the same period in 2017. The sector's net profit reached 4.1 billion MNT, and 98.3 percent of all savings were term deposits. 

The Official Gazette /page 11/
Renewable energy consumption increases
Financialtribune.com reported that the share of renewable energy in Mongolia’s total electricity production reached its highest level, 16 percent, in 2018.  The article mentioned the opening of the 15-megawatt solar power plant in Zamiin-Uud soum, and others with greater capacity, and the 55-megawatt wind farm in Sainshand city. Mongolia has excellent resources for renewable energy, enjoying 250 sunny days a year in southern Mongolia, and has a potential wind power capacity of 1,100 gigawatts.
Today /page B1/
Foreign direct investment update
As of November 2018, foreign direct investment (FDI) in Mongolia reached 1.5 billion USD, rising by 25.6 percent compared to the same period in 2017. Oyu Tolgoi’s underground mine development represented the majority of FDI. The 2018 balance of payments shows that 85-220 million USD was invested every month in 2018. The Ministry of Finance forecasts that the Oyu Tolgoi project will bring 1.3 billion USD in investment in 2019.
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