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AmCham Mongolia Daily Newswire

December 12, 2018

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MPs sign a letter calling for an SME Development Fund investigation
Members of Parliament (MP) N. Nomtoibayar, D. Khayankhyarvaa, J. Bat-Erdene, M. Bilegt, N. Amarzaya, J. Munkhbat, and L. Enkh-Amgalan reported on Tuesday that 22 MPs are willing to have their legislative power temporarily revoked to be investigated for any involvement in the 60 billion MNT corruption case. The MPs submitted a letter to S. Byambatsogt, Chairman of the Ethics Subcommittee, stated that the 22 MPs were volunteering to be included in the investigation. MP J. Bat-Erdene said that MPs, Cabinet members, and state officials exhibited unacceptable and unethical behavior by taking out loans from the Small and Medium-sized  Enterprise (SME) Development Fund. He stated that the issue shouldn’t be ignored and should be investigated by authorities. He invited other MPs to volunteer for the investigation.

Today /page A2/
Consumer confidence index reports for Mongolia published
The consumer confidence index (CCI) measures how optimistic (CCI over 100) or pessimistic (CCI under 100) consumers are about the short-term economy. The CCI is based on the premise that if consumers are optimistic, they tend to purchase more goods and services. This increase in spending inevitably stimulates the whole economy. Mongolia started measuring CCI in the 4th quarter of 2009. As of the 3rd quarter of 2018, CCI decreased by 4.8 points compared to the 3rd quarter of 2017, reaching 81.7 points. In part, the expectation index dropped by 16.9 points and reached 100.5 points during the reporting period, the present situation index, which measures the employment rate, increased by 13.2 points and reached 53.4 points during the reporting period.

The Century News /page 5/
The MSE's IPO demand is three times higher than supply
The Mongolian Stock Exchange(MSE) offered six new products and registered 30 billion MNT on the stock market this year. The first bond was introduced successfully in the Mongolian Securities Exchange market and is awaiting approval from the Financial Regulatory Commission to operate in the market. The public's demand for initial public offerings (IPOs) is three times higher than available IPOs this year. Market demand reached 40 billion MNT, which is 16.5 times higher than last year. Executive Director of the MSE Kh. Altai emphasized that there are several companies planning on releasing IPOs in 2019.
The Official Gazette /page 11/
Financial Sector Compliance Forum held on Tuesday
Mongolia is required to report to Asia/Pacific Group on Money Laundering (APG) by January 2019 on the results of the implementation of 40 recommended measures. The Financial Regulatory Commission organized the 2018 Financial Sector Compliance Forum on Tuesday and discussed money laundering and terrorism financing in Mongolia and how to expand monitoring to prevent these violations of international law.  L. Amar, an economist at Asian Development Bank, emphasized that compared to global experiences, Mongolia has a high risk of being involved in money laundering schemes. He underlined the importance of monitoring official transactions and other transactions because 26,000 single transactions of over 20 million MNT were reported to the FRC  this year, which is two times higher than the number reported in 2017.
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