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AmCham Mongolia Daily Newswire

January 10, 2019

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Cabinet appoints new officials on Wednesday
During its regular session on Wednesday, Cabinet appointed G. Elbegsaikhan to serve as Deputy Minister of Justice and Home Affairs, and B. Munkhbaatar to serve as Deputy Minister of Construction and Urban Development. G. Elbegsaikhan has served as Deputy Chairman of the General Executive Agency of Court Decisions since 2017, and B. Munkhbaatar has been a  member of the Board of Directors and Chief Executive Officer of Oyu Tolgoi LLC since 2016. Cabinet also appointed S. Batbold to serve as State Secretary of the Ministry of Road and Transportation Development, B. Byambadorj to serve as State Secretary of the Ministry of Health, and S. Enkhbaatar to serve as Chief of the General Archival Authority.
The Century News /page 2/
21 new gold mines approved to begin operations in 2019
The Mineral Resources and Petroleum Authority reported that 21 gold mines have been approved to begin operations in 2019. The projects Khorimt Khudag and Ulaan Khyar mining projects are considered to be the largest investments among the projects.  The majority of the mine sites are in Bayankhongor Province. Companies registered on foreign stock exchanges, such as Steppe Gold, will start mining operations by the first half of 2019.
The Official Gazette /page 11/
USD exchange rate increases at the start of the year
The USD exchange rate increase is affecting rising prices for commodities and fuel, despite lower fuel prices in the global market. Since January 1, the USD exchange rate has risen by 20 MNT, and the Bank of Mongolia’s (BoM) official exchange rate reached 2,666.4 MNT. The BoM has brought its foreign currency reserves to 3.4 billion USD in the last two months, up from 2.8 billion USD. President of the BoM N. Bayartsaikhan noted that increasing currency reserves is not enough to stabilize the economy, because of the economy's weak immunity and the nation's political instability. He also stated that the BoM’s decision to keep the interest rate at 11 percent will help to stabilize the inflation rate in the medium term.
The National Post /page 5/
Ministry of Food, Agriculture, and Light Industry reports on its policies for meat regulation
In 2018, Mongolian meat export reached 83 million USD, rising by 54 percent compared to 2017, and canned meat and sausage export reached 80 million USD, nine times higher than the export volume in 2017. The Ministry of Food, Agriculture, and Light Industry reported that 4.6 billion MNT has allocated in the 2019 state budget for soft loans to meat suppliers, to prevent rising meat prices, since meat prices significantly affect the inflation rate. The ministry says it is also working on increasing the number of local meat suppliers, due to the increased export rate.
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