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AmCham Mongolia Daily Newswire

March 4, 2019

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Northeast Asia Regional Power System Interconnection meeting held in Ulaanbaatar
President Kh. Battulga attended the Northeast Asia Regional Power System Interconnection (NARPSI) meeting held in Ulaanbaatar and delivered opening remarks on Friday.  The president stated that the NARPSI plan is the most effective solution for the region and that Mongolia has the potential to produce electricity for 6 cents per kilowatt or less, which is three times cheaper than regional prices. Mongolia’s renewable energy resources, coal, and electricity supply could help meet the need for power during prime use hours in Japan and Korea, particularly with time zone differences. He asked for the active participation of international organizations and countries in the region to cooperate on the project, and he expressed his keen interest in launching the project and advancing its policies, mission, and agreements.

Daily News /page 5/
New U.S. Ambassador meets with the Minister of Construction and Urban Development
Minister of Construction and Urban Development Kh. Badelkhan received U.S. Ambassador Michael Klecheski last Friday. Minister Kh. Badelkhan stated that he is looking forward to strengthening bilateral relations, and thanked the ambassador for his cooperation in construction and urban development. As part of the Millennium Challenge Corporation’s (MCC) clean water project, the minister asked the ambassador to help prepare laboratory workers and improve their skills. The ambassador said that he was ready to cooperate further and that it's possible to offer candidates two-week training programs in the U.S.

Today /page B1/
The FRC to raise NBFI share capital requirements by February 2020
The Financial Regulatory Commission (FRC) plans to increase share capital requirements for non-banking financial institutions (NBFIs) to stabilize their operations in the market. The FRC has asked the NBFIs in Ulaanbaatar to raise their share capital to 1.4 billion MNT. NBFIs in Bayan-Undur soum, Orkhon Province, and Darkhan-Uul have been asked to raise their share capital to 350 million MNT, and other NBFIs in soums and provinces are expected to raise their share capital to 100 million MNT by February 2019. As of January of this year, 49 NBFIs increased their share capital. The FRC plans to continue the reforms to NBFIs, raising Ulaanbaatar’s requirements to 1.9 billion MNT by February 2020.
Today /page B1/
BoM's foreign currency reserves reach 3.6 billion USD in January
The Bank of Mongolia (BoM) reported that foreign currency reserves reached 3.6 billion USD in January, rising by 2.14 percent compared to the previous month. The reported foreign currency reserve was 29 percent higher than in the same period in 2018. The BoM plans to bring foreign currency reserve to 6.4 billion USD in the medium term. Through gold purchases, the BoM raised the nation's foreign currency reserve by 700,000 million USD in 2018.
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