April 10, 2017
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Amendments to the state budget discussed by Parliament

Summary: With a majority vote, amendments to the state budget and other bills accompanying them were moved on to their first legislative hearing. The Minister of Finance introduced the amendments to Parliament. The amendments are focused on diversifying the state's revenue, avoiding excessive dependence on the mining sector, creating stable sources of income for the state, revising the pension system, and making sure that social welfare goes to people most in need. The MPs offered alternative ways to increase tax revenue. MP D. Terbishdagva criticized the amendments for not including provisions to collect gold tax, and proposed collecting a tax for more than 20 tons of gold, and to double or triple the tax. MP B. Battumur proposed putting minerals under a “one-stop” policy to consolidate prices, and with one contract, businesses could export products.

Keywords: Parliament, IMF, economy   The National Post /page 2, 6/

Bill on offshore accounts moves to its final hearing

Summary: The Legal Standing Committee convened to discuss a bill on offshore accounts, which is now moving to its final legislative hearing. The majority of the committee's member supported the bill, which would prohibit 39,000 state officials who are required to submit personal interest, asset, and income declarations, as well as their family members, from opening accounts, depositing cash, claiming ownership of immovable and movable property, or creating legal entities in offshore zones. The bill would allow officials who currently hold offshore accounts to close them and to sell off their assets there within three months.

Keywords: finance, Parliament, offshore accounts   The Century News /page A1/


Central bank says inflation will not reach 7%

Summary: The Bank of Mongolia reported its inflation rate forecast. The inflation rate is expected to rise in 2017 and 2018. The inflation rate is forecasted to be lower than 7%, which is reported in the government’s guidelines for monetary policy in 2017. The Bank of Mongolia reports that the meat price will follow its regular seasonal change, increasing in the first half of the year and decreasing in the second half. Due to changes in prices for food on the global market, and an indirect devaluation of the MNT, prices for many food items might increase, the central bank noted.  Prices for gasoline and diesel fuel are likely to increase if excise taxes are increased in July and November of 2017.

Keywords: inflation, Bank of Mongolia   Today /page B1/

Italian ministerial representative proposes cooperation in the energy sector 

Summary: Minister of Energy P. Gankhuu received the Italian State Secretary of the Ministry of Economic Development, Ivan Scalfarotto. Scalfarotto stated, “Italy produces energy from the livestock waste, and we would like to cooperate in this area.” Scalfarotta noted that Italy has the necessary technology, while Mongolia has the required raw materials. P. Gankhuu noted that there is no doubt that cooperation between the two countries in the energy sector will grow. P. Gankhuu noted that he supports establishing a working group to research the required technology.

Keywords: Italy, agriculture, energy   Today /page B1/

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State and administrative agencies to change business hours

Summary: Mayor of Ulaanbaatar S. Batbold issued a decree to change the business hours of the state and administrative agencies, with operations starting at 8:00 a.m. The decree is aimed at reducing traffic congestion in the city and will take effect from April 15 through October 1.

Keywords: Mayor of Ulaanbaatar, state services

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The American Chamber of Commerce in Mongolia · 8F Naiman Zovkhis Building 21 Seoul Street · Ulaanbaatar, 01 14251 · Mongolia