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Daily NEWSWIRE
March 29, 2017
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Government

Speaker addresses loans and economic partnership with Japan

Summary: The Speaker of Parliament, M. Enkhbold, is continuing his official visit to Japan. With enrollment in the IMF’s extended fund facility program, Mongolia will receive an 850 million USD soft loan from Japan. The loan will have an interest rate of 1-1.5% and the loan will be interest-free for the first 10 years. Japan has granted over 3 billion USD in loans to Mongolia, 1 billion USD of which has been concessional loans granted since Mongolia’s transition to a market economy. During the Speaker’s visit, investors inquired about the economic diversification of Mongolia and asked for an increase in the number of flights between Ulaanbaatar and Tokyo.
 
The Speaker of Parliament is scheduled to sign a medium-term agreement on strategic partnership. The Speaker noted that with the agreement's signing and implementation, cooperation between the two countries will develop further. Since the implementation of the Mongolia-Japan economic partnership agreement in  June 2016, 8.2 million USD of products have been exported to Japan with reduced custom tariffs and over 300 product certificates of origin were approved. 

Keywords: bilateral relations, Japan, IMF   The Official Gazette /page 1,2/


Economy

Eurasian Economic Commission open to Mongolian meat imports  

Summary: The Minister in Charge of Technical Regulation of the Eurasian Economic Commission, Valery Koreshkov, and other commission representatives are paying an official visit to Mongolia. The representatives met with agriculture industry experts and Minister of Food, Agriculture and Light Industry P. Sergelen. Members of the Eurasian Economic Commission are interested in importing meat and other agricultural products from Mongolia, and the meeting was held to introduce the standards and requirements of the commission's members. Koreshkov stated, “26 factories that produce meat and related products were examined and 10 factories received permission to supply beef, horse meat, sheep meat, and goat meat to members of the commission.”

Keywords: export, meat, agriculture   The Century News /page 5/


Granting of ipotek loans increased in February 

Summary: Last month, commercial banks granted around 60 billion MNT in financing for ipotek loans to 909 applicants, an increase of 22% compared to January. In total, 90,000 households received ipotek loans totaling 4 trillion MNT. The majority of the loans (77%) were granted through the program to maintain sustainable ipotek financing, and 20% of them were granted through commercial banks. Of the total loans, 2.8% are overdue and 1.6% of the loans are non-performing. The average duration of the loans is 18.2 years and the average interest rate is 10.3%.

Keywords: ipotek loan, mortgages, commercial banks   Today /page A6/


Mining

Oyu Tolgoi 2016 financial report released

Summary: New York and Toronto Stock Exchange listed Turquoise Hill Resources presented Oyu Tolgoi’s 2016 financial report. In 2016, there were considerable developments in the underground mine’s Shaft 2 and Shaft 5. Last year, Oyu Tolgoi's (OT) revenue reached 1.2 billion USD and the sale of concentrate reached a high of 828,600 tons. The production of ore and concentrate exceeded set targets. The number of employees of the underground mine exceeded 2,000 at the end of 2016, and 226.8 million USD has been invested in the development of the underground mine. In 2016, OT paid 68.1 million USD in royalties. OT plans to produce 130,000-160,000 tons of copper concentrate and 100,000-140,000 ounces of gold concentrate this year, and sales agreements for most of the mine's minerals have been made with buyers.

Keywords: Oyu Tolgoi, royalties   Today /page A6/


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online Story

FRC to expand cooperation with Japan’s Financial Services Agency

Summary: The Financial Regulatory Commission (FRC) announced that it will now be possible to expand their cooperation with Japan’s Financial Services Agency. With the renewal of their MOU, it will be possible to bring Japan’s expertise and experience in securities and other finance sectors to Mongolia for study. The FRC noted that the renewal of the agreement is a huge step forward in bringing new financial services and products to the Mongolian market. Under the agreement, cooperation in human resource training will expand. Japan’s Financial Services Agency is the regulatory agency for Japan’s banks and non-banking institutions. The FRC first signed an MOU with the Financial Services Agency in 2014.

Keywords: FRC, cooperation, Japan     www.bloombergtv.mn


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The American Chamber of Commerce in Mongolia · 8F Naiman Zovkhis Building 21 Seoul Street · Ulaanbaatar, 01 15000 · Mongolia