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Daily NEWSWIRE
December 22, 2016
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Government

Speaker M.Enkhbold continues his Persian Gulf tour

Summary: Speaker of the Parliament M. Enkhbold continued his official visit to the Persian Gulf with a visit to Saudi Arabia. M. Enkbhold met with H.H the Prince Abdul- Rahman bin Abdulaziz Al Saud to discuss possible projects and loans implementable in Mongolia. The Prince noted that a working group will be sent to Mongolia to research possible economic and trade partnerships. The Speaker of the Parliament also visited Kuwait, meeting with Director General of the Kuwait Fund for Arab Economic Development Abdulwahab A. Al- Bader. Abdulwahab A. Al- Bader stated, “Our country and Mongolia have around 20 years of history, and lately, some issues awaits solutions. In the future, we would like to expand our partnership in the energy and transportation sectors.” The Kuwait fund has granted around 82 million USD in soft loans to Mongolia for infrastructure projects and 500,000 USD in grants.

Keywords: Speaker of Parliament, foreign relations   The Official Gazette /page 2/


Zuunbayan-Khangi railroad to be built

Summary: Yesterday, the Cabinet held its regular session and discussed possible amendments to the Law on Banks, the Street Project, and the Zuunbayan-Khangi railroad. Cabinet members discussed possible provisions for amendments to the Law on Banks, which could include the establishment and regulation of foreign banks in Mongolia and regulations for financing, leveraging the fiduciary of major projects that could have an impact on the Mongolian economy and society. The Street Project is in its final phase, and is transitioning to the Development Guide for Infrastructure Project. The project aims to develop the streets, roads, and environment of provinces and ger districts. Cabinet is set to support Parliament’s resolution on the Zuunbayan-Khangi railroad and will present a final draft to Parliament. The railroad will primarily be used for the transportation of iron ore. A minimum of 15 tons of goods could be transported by the railroad.

Keywords: Cabinet, railway   Daily News /page 2/


ECONOMY

Mongolian Stock Exchange hits a record high in trade

Summary: Yesterday, 61.2 billion MNT in stocks were traded at the Mongolian Stock Exchange, the highest amount traded at the MSE in a single day. Of the stocks traded, 98.5% of the trades were government bonds, and 42,800 stocks representing 28 companies were traded. Government bonds were traded through the MSE for the 30th time this year, and 810.5 billion MNT in government bonds have been traded. On average, the MSE trades 15 million MNT in stocks per day, and 58.8 million MNT is the highest record for a day of trade without government bonds. The MSE highlighted that the secondary market for government bonds has increased by 4.4 times, and the value of stock on the secondary market has increased for the third year in a row.

Keywords: MSE, stocks, economy   Today /page 1/ 


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Foreign Currency Reserve increases

Summary: The Governor of the Bank of Mongolia announced that Mongolia’s foreign currency reserve has reached nearly 1.19 billion USD, up from 1.03 billion USD in October. As of November, the Bank of Mongolia’s gold purchases reached 17.6 tons, an increase of 20% compared to last year. Recently, the Bank of Mongolia’s policy on gold purchases was amended, and the purchase price for gold has been set at the closing price for gold on the London Metal Exchange, leading to an  increase in gold purchases. Another factor contributing to the increase in foreign currency reserves is the increased price of gold, copper, and coal on the international market. The reserve is expected to see further increase with the implementation of megaprojects next year.

Keywords: Bank of Mongolia, foreign currency, gold    www.ikon.mn


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