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Daily NEWSWIRE
November 8, 2016
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Government

MPP believes soft monetary policy should be followed  

Summary: The Mongolian People’s Party Caucus in Parliament discussed Parliament’s draft of a resolution on 2017’s Guidelines for Economic and Social Development, and discussed the findings of a working group tasked with researching the government’s guidelines for 2017 monetary policy. They also discussed the current status of  concessions, debt, receivables, and issues regarding promissory notes. Chairman of the MPP Caucus D. Khayankhyarvaa stated, “Around 600 billion MNT in promissory notes and 1.6 trillion MNT in concessions have been given to commercial entities. The working group tasked with investigating whether this capital was granted legally or not was ordered to report their findings by the end of the month and present them to Parliament. In 2017’s Guidelines for Economic and Social Development, B. Battumor stated that, 104 actions will be financed with 5.3 trillion MNT to intensify the implementation of mining mega projects, to raise economic growth to 3%, and to lower the unemployment rate to 9%. Our working group recommends that Parliament approves the guidelines.” MP B. Javhklan stated, “The government’s monetary policy should be  congruent with Bank of Mongolia’s monetary policy for 2017-2019. In the future, by lowering the balance of payments deficit and the state's budget deficit, we will look for ways to implement soft monetary policy. Two provisions are included to develop the diversification of the financial sector and to bring respectable foreign banks to the country to offer low cost financial services, to expand the services offered by domestic banks, and to develop the economy with the banking and financial sector’s cash flow.”     

Keywords: Parliament, monetary policy, Mongol Bank   Today /page A2/


Former Prime Minister’s family prohibited from leaving the country

Summary: Former Prime Minister N. Altankhuyag’s family has been banned from leaving the country. N.Altankhuyag's wife, E. Selenge, was scheduled to fly to Berlin on November 5, but officials have barred her from leaving the country. Sources have reported that the former PM is also prohibited from leaving the country. An official statement regarding the reason for the travel ban has not been made.  

Keywords: PM, travel bans   The Century News  /page 1/


ECONOMY

Around 25 billion MNT to be issued each month for ipotek loans

Summary: The Governor of the Bank of Mongolia approved revised regulations for the ipotek loan program. The program will be financed by bond and coupon payments backed by ipotek loan repayment. Each month, the Bank of Mongolia will announce the  maximum amount of loans that can be issued and commercial banks will finance the loans. The BoM will provide financing to the banks afterwards. Currently, nearly 25 billion MNT has been accumulated monthly from government bonds and coupon payments backed by ipotek loans. The updated regulation requires borrowers to fully pay their first ipotek loan before qualifying for an additional one.        

Keywords: ipotek loans, housing, Mongol Bank   Today /page A6/


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U.S. presidential elections to take place on November 8

Summary: The United States of America will hold their presidential election on November 8. Republican Party candidate Donald Trump and Democratic Party candidate Hillary Clinton are the primary candidates for the presidential election. At around 12:00 a.m. on Wednesday in Ulaanbaatar, the initial results of the presidential election are scheduled to be announced. The first candidate to win 270 votes from the Electoral College will become the next president of the United States of America.

Keywords: presidential elections, USA   www.news.gogo.mn


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