January 19, 2017
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Bill on presidential election to be withdrawn

Summary: Parliament’s MPP Caucus has decided to withdraw its bill on presidential elections. The bill was criticized for only giving the two major political parties the opportunity to participate in the presidential election, serving a limited number of people, and two of three parties that hold seats in Parliament opposed the bill. The bill needed to be approved before January 16, as there is a parliamentary resolution dictating that election laws cannot be amended less than 6 months before an election.

Keywords: MPP Caucus, election reform   Today /page A2/

Interest rates for pension loans are lowered

Summary: Minister of Labor and Social Protection N. Nomtoibayar announced, “In the government’s 2016-2020 action plan, interest rates for pension loans are set to be lowered in stages. The short-term pension loan interest rate has been lowered by 3% to be set at 15%. This is just the beginning, and the ministry plans to further reduce the interest rate.” Retirees who receive their pension payments through Khan Bank and State Bank will now be able to apply for pension loans at the reduced rate. The cash assets of the Social Insurance Fund have been deposited at commercial banks with a 9% interest, rate but the decision was made to raise the rate to 15%. The government expects to receive 36 billion MNT in interest at the new rate.

Keywords: interest rates, lending, social welfare   The National Post /page 2/


Gold-2 project to be launched nationwide

Summary: During Cabinet’s regular session, a resolution on the Gold-2 project was approved. The project’s implementation will be headed by Minister of Mining and Heavy Industry Ts. Dashdorj, and will be carried out in two stages through 2020. Gold-2 is designed to steadily increase the nation's gold production by 2-3 tons annually, and to reach 25 tons by 2020. With the successful implementation of the project, royalty taxes are expected to bring in 33-59 billion MNT each year and Mongolia’s known gold reserve is expected to grow by 100-150 tons through geological surveys. Mongolia implemented the Gold and Gold-2000 projects from 1992-2000. According to the National Statistical Office, as of 2015, gold production makes up 2.6% of GDP and 9.1% of export income.

Keywords: GDP, mining, gold   Today /page A2/

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Imports decreased by 11.6% in 2016

Summary: The 2016’s import volume decreased by 11.6% compared to last year. A total of 3.35 billion USD in goods was imported, with a decrease in fuel imports marking the most significant drop. In 2016, 21.6% of imports was mineral products, 20.3% was mechanical and electrical equipment and parts, and 9.8% of imports was food and related products, representing spending of 329.2 million USD. Analysts say that one of the major factors in reduced imports was a 24.7% increase in the USD exchange rate, a 16.8% increase in the CNY exchange rate, and a 50% increase in the MNT's rate against the RUB in 2016.

Keywords: economy, imports, currency

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