June 13, 2018
S P O N S O R 

Audit of Cabinet’s 2017 comprehensive financial statements released


The National Audit Office (NAO) has audited Cabinet’s 2017 comprehensive financial statements and published an unmodified report, in compliance with general accounting procedures for the state. The NAO carried out the audit in accordance with the timeline defined in the State Budget Law. Cabinet’s 2017 financial statements have been evaluated as unqualified for the first time since the auditing of the government’s comprehensive financial statements began in 2007. Analysts say that state organizations have complied with recommendations given by the International Monetary Fund's staff and have  improved fiscal discipline in general.​

Keywords: financial reporting, NAO   The Century News /page 2/

Foreign trade turnover grows by 1.1 billion USD as of May


As of May 2018, Mongolia has conducted trade with 131 countries. Total foreign trade turnover reached 5.1 billion USD last month, with exports valued at 2.9 billion USD and imports at 2.2 billion USD. Trade turnover grew by 1.1 billion USD compared to the same period in 2017. Export volume increased by 379.3 million USD, and import volume rose by 681.1 million USD. The net balance of foreign trade saw a surplus of approximately 1 billion USD in the first five months of 2017. However, this indicator stood at a surplus of 706.4 million USD in the first five months of 2018. Mining product export saw growth of 371.9 million USD and was a key driver for the overall increase in export volume. Imports of diesel fuel, machinery, electric appliances, parts, automobiles, and base metals have increased in 2018.​

Keywords: export, import, mining products   Today /page 1/


Erdene Resource Development raises capital of 4.12 million CAD


Toronto and Mongolian stock exchange-listed Erdene Resource Development (ERD) has offered shares to the public. In order to finance its gold projects, ERD traded more than 10 million shares at 0.38 CAD per share on the Toronto Stock Exchange and raised 4.12 million CAD in capital. Additionally issued shares will not be traded within the next four months. The company’s IPO on the Mongolian Stock Exchange will conclude on June 14, and is expected to generate 1.3 million CAD in capital.

Keywords: stock market, ERD, gold projects   The Official Gazette /page 11/

online story  

Bank of Mongolia purchases 1,661 kilograms of gold in May


Bank of Mongolia (BoM) purchased 1,661 kilograms of gold in May, a decrease of 184 kilograms compared to May 2017. Since the beginning of 2018, the central bank's total purchases of gold totaled 4.95 tons, an increase of 1.5 percent compared to the same period in 2017. Due to lower prices for gold on the London Stock Exchange, the average purchase price at the BoM stood at 100,642.85 MNT per gram. On June 4, the BoM launched a five-month campaign to increase the sale of Mongolian-mined gold to the national treasury. 

Keywords: BoM, mining, LSE



The American Chamber of Commerce (AmCham) in Mongolia hosted its June Monthly Meeting with a panel of opinion leaders on Tuesday, June 12, at Shangri-La Hotel in Ulaanbaatar. The panel included Mr. Batbayar “Baabar” Bat-Erdene, Executive Director of Nepko Publishing; Mr. Jargalsaikhan Dambadarjaa, Executive Director of DeFacto Institute; and Mr. Sumati Luvsandendev, Director of Sant Maral Foundation. The panelists shared their perspectives and exchanged ideas with attendees about the current state of Mongolia’s development, ways forward, and the role of the private sector in encouraging growth. At the end of the meeting, all three panelists said they were optimistic about the country’s future and had faith in future generations.

Keywords: AmCham Mongolia, monthly meeting  

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The American Chamber of Commerce in Mongolia · 8F Naiman Zovkhis Building 21 Seoul Street · Ulaanbaatar, 01 14251 · Mongolia