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AmCham Mongolia Daily Newswire

October 2, 2018

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Fall session of the State Great Khural opens
On October 1, the State Great Khural’s fall session opened with an 83.7 percent attendance rate. President Kh. Battulga, Prime Minister U. Khurelsukh, Cabinet members, the chairman of the Constitutional Court, heads of diplomatic missions in Mongolia, representatives from international organizations, and other officials attended the fall session's opening. During his opening speech, Speaker of Parliament M. Enkhbold pointed out legal reforms being made to the current constitutional framework, focus on improving business environment, and issues concerning education and healthcare. President Kh. Battulga stated that systemic reforms should be undertaken through new constitutional law.

Daily News /page 1/
MPP and DP caucuses in Parliament hold meetings
After the opening of the fall session of the State Great Khural, the Mongolian People’s Party (MPP) and Democratic Party (DP) caucuses in Parliament held meetings on October 1. The MPP caucus discussed the 2019 state budget and formed a working group with 11 members on the matter, while the DP caucus reviewed proposed amendments to the Constitution and concluded that a public referendum should be held regarding the amendments. Both party caucuses reported that they will not accept the Constitutional Court’s repeal of Parliament’s Resolution No. 62 on setting the date for the Khentii Province by-election.           

Today /page A2/
Bank of Mongolia purchases 14.3 tons of gold as of September 2018
The Bank of Mongolia (BoM) reported that they bought 2.1 tons of gold in September, bringing the total amount of gold purchased to 14.3 tons since the beginning of 2018. The central bank has set a goal to buy 22 tons of gold by the end of the year. Given that an ounce of gold costs approximately 1,200 USD on the global market, 20 tons of gold can be valued at up to 700 million USD. The gold purchased by the BoM is expected to bring Mongolia’s foreign currency reserves to almost 4 billion USD by the end of December. In August, the foreign currency reserves stood at 2.9 billion USD. Last month, the BoM bought one gram of gold at an average purchase price of 96,204 MNT.
The National Post /page 5/
MSE and Loan Guarantee Fund sign a MoU        
On October 1, the Mongolian Stock Exchange (MSE) and the Loan Guarantee Fund signed a memorandum of understanding (MoU) on creating a legal and regulatory environment that would allow owners of SMEs to issue guaranteed bonds. CEO of the MSE Kh. Altai and CEO of the Loan Guarantee Fund B. Batbayar noted that a new guarantee service will be introduced to the stock market as a result of their cooperation.
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