May 16, 2018

Bank of Mongolia reduced its deficit in 2017


Bank of Mongolia (BoM) released its audited financial statements. According to the report, the central bank’s total assets reached 11.6 trillion MNT and it earned a net profit of 176.6 billion MNT in 2017, bringing the bank's accumulated losses down to 2.8 trillion MNT. From 2012-2016, the central bank’s losses added up to 3 billion USD. In 2017, Bank of Mongolia stopped issuing loans at interest rates below market levels and changed its reassessment method for financial derivative instruments, in accordance with market conditions. While the BoM lost more than 600 billion MNT with a financial assessment in 2016, the bank operated profitably in 2017.
According to central bank officials, the BoM will implement policies to ensure the country's long-term economic growth. Director of Monetary Policy Department of the Bank of Mongolia B. Bayardavaa reported that the BoM has been working to take policy measures to reduce loan interest rates. He added that setting limits for interest rates won’t help bring them down.

Keywords: central bank, monetary policy    The Official Gazette /page 11/

Industrial production totals 4.5 trillion MNT as of April


The National Statistical Office released its report on Mongolia's social and economic conditions as of April. Since the beginning of 2018, industrial production has grown by 798.8 billion MNT compared to the same period in 2017, reaching 4.5 trillion MNT.  Mining industry production grew by 567.9 billion MNT, making up most of the overall increase. Coal production rose by 295.9 billion MNT and metal ore production grew by 223.2 billion MNT. During the reporting period, 73.4 percent of industrial product sales belong to foreign buyers. 

Keywords: extractive industry, production, economic recovery   Today /page B1/ 


SouthGobi Resources sells 0.56 million tons of coal in Q1'18


Toronto and Hong Kong Stock Exchange listed SouthGobi Resources released its first quarter financial and operational report. During the reporting period, SouthGobi Resources sold coal at an average price of 43.02 USD per ton. During the same period in 2017, the company sold coal for 24.52 USD per ton. SouthGobi Resources sold 0.56 million tons of coal in the first quarter of 2018, a decrease compared to the volume sold in 2017. The company saw profits increase by 4.4 times, reaching 6.7 million USD in the first quarter. 

Keywords: exports, SGS    Today /page B1/


Panel of private sector leaders meet with AmCham members


The American Chamber of Commerce (AmCham) in Mongolia hosted its May Monthly Meeting with a panel of leaders from the private sector and the international community on Tuesday, May 15, at Shangri-La Hotel in Ulaanbaatar. The meeting was attended by representatives from AmCham member organizations, foreign diplomatic missions, as well as individuals from local and international businesses. The panel’s members were Dolgion Erdenebaatar, CEO of Bloomberg TV Mongolia; Irina Kravchenko, Country Representative of the EBRD in Mongolia; Munkhbat Chuluun, President and CEO of SouthGobi Sands; Munkhnasan Narmandakh, CEO of Monpolymet Group; and Russell Whitlow, Managing Director of Porsche Mongolia. The panelists shared their views on the current state of the Mongolian economy, its outlook, and what challenges their respective industries are facing.

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