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AmCham Mongolia Daily Newswire

February 27, 2019

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S. Amarsaikhan wins the UCRK vote for Mayor of Ulaanbaatar
During the Ulaanbaatar Citizens’ Representative Khural (UCRK) session on Tuesday, representatives voted for UCRK Chairman S. Amarsaikhan to serve as the new Mayor of Ulaanbaatar, with 25 votes out of 45.  S. Munkhchuluun, who was also nominated, received 19 votes. S. Amarsaikhan said, “There are many issues that Ulaanbaatar is facing, and I will prioritize reducing soil and air pollution, and ensuring the safety of citizens.” The board of the Mongolian People’s Party will finalize the vote decision.
The Official Gazette /page 2/
Achit Ikht LLC becomes the first Mongolian company registered on the London Metal Exchange
Achit Ikht LLC (AIC), founded in 2014, became the first Mongolian company to be registered on the London Metal Exchange. The company introduced new hydrometallurgy technology to its facility to produce copper cathode from ore waste. With the new technology, the company produces 99.9 percent pure copper cathode, which is the primary raw material input for the production of copper rods for the wire and cable industry. The company has a hydrometallurgy facility in Bor-Undur soum, Orkhon Province, and has created 200 jobs since its opening.
The Official Gazette /page 5/
Technology center for cashmere, wool, and other textiles to open soon
The Mongolian Ministry of Food, Agriculture, and Light Industry and the Italian Ministry of Economy and Development signed a cooperation memorandum on the development of Mongolia's textile sector. Minister Ch. Ulaan and Italian Ambassador Andrea De Felip signed the memorandum and announced that a technology center for cashmere, wool, and textile products would be opening soon to develop Mongolia's textile sector and to develop bilateral economic cooperation. The center, which will be financed by the Italian government, will focus on increasing the quality of Mongolian cashmere, wool, and other textiles, with a goal of increasing sales up to 50 percent and preparing skilled personnel.
Today /page A1/
400 million USD in financing from the IMF is expected this year
The International Monetary Fund's (IMF) delayed 400 million USD in financing through Mongolia's extended fund facility program is expected to be issued this year.  Under the program, it was agreed that 800 million USD in financing would be provided annually. Analysts believe that the program's funding, the stable price of raw materials globally, and export growth will help to stabilize the exchange rate in 2019. The Bank of Mongolia (BoM) identified the nation's  7.1 billion USD in foreign debt as a primary challenge to the exchange rate and a long-term challenge for the currency exchange rate, which could result in account deficits. The BoM believes that to reduce the current account deficit, Mongolia needs to diversify its exports to increase foreign currency reserves and to foreign direct investment.
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