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AmCham Mongolia Daily Newswire

December 10, 2018

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G. Zandanshatar meets with the World Bank's Jean-Pascal N. Nganou
G. Zandanshatar, Head of the Cabinet Secretariat, met with Jean-Pascal N. Nganou, World Bank Senior Economist for Mongolia, last Friday.  G. Zandanshatar said that enrolling the  International Monetary Fund’s extended fund facility program has had positive effects on Mongolia's economic growth, attracting more foreign investment, and maintaining a balanced budget. He reported that Cabinet is working to diversifying the economy, especially exporting agricultural products. Nganou noted that Cabinet has had many accomplishments, and expressed interest in cooperating with Cabinet in key areas in the future.

The National Post /page 1/
D. Tsogtbaatar meets with North Korea's Foreign Minister
As part of the 70th anniversary of diplomatic relations between the Democratic People’s Republic of Korea(DPRK) and Mongolia, the DPRK's Minister of Foreign Affairs Ri Yong-ho visited Mongolia. Mongolian Minister of Foreign Affairs D. Tsogtbaatar met with Minister Ri last Saturday. The parties discussed developing cooperation between the two countries, especially in regional industrial development. Minister Ri noted the importance of advancing plans to expand development in the two countries.

The Century News /page 2/
Economic summary for 2018
Mongolia's gross domestic product (GDP) increased by 6.4 percent in the third quarter of this year. This has been the most significant growth in the last four years, despite slowing down at the end of 2018, and has made Mongolia one of the top ten countries experiencing the fastest economic growth. The reasons for growth were rising copper and coal prices in the global market; coal export alone made up 41 percent of all exports. In addition to rising prices for exports, the macroeconomy flourished this year due to more foreign investment.  Imports increased by 40 percent, which negatively affected the currency exchange rate. Although the business sector has expanded, the industrial sector didn’t develop significantly in 2018. Analysts note that this year started with growth in the economy, but ended up with lots of marketplace risks, especially as the main factor in economic growth was coal export and coal export started to slow down at the end of the year.
The Official Gazette /page 12/
Foreign currency savings and loans increase
As of October 2018, 41.3 percent of corporate savings were in foreign currency accounts, rising by 4.1 percent compared to the previous month. In contrast, 37.2 percent of corporate loans were in foreign currency. While the average interest rate for foreign currency loans was ten percent, the average interest rate for loans in MNT was  17.6 percent. Bank of Mongolia Governor N. Bayarsaikhan noted that the increase in foreign currency savings and loans brings risks to the economy. Businesses engaged in trade, mining, and construction had the highest number of foreign currency loans and savings.
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