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AmCham Mongolia Daily Newswire

November 28, 2018

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Mayor S.Batbold submits his resignation
Mayor S. Batbold submitted a resignation letter on Tuesday night. Chairman of Mongolian People’s Party and Prime Minister U.Khurelsukh submitted a request to dismiss  Mayor  S. Batbold 15 days earlier, due to unsatisfactory performance. The Citizens' Representative Khural planned to hold a vote on the Prime Minister’s proposal within 15 days, but the meeting was delayed on Tuesday. Mayor S. Batbold submitted his resignation before the khural members could take a vote.

Today /page A2/
Erdenes Tavan Tolgoi JSC attends Mines and Money London
Erdenes Tavan Tolgoi Joint Stock Company (ETT JSC), owned by the Mongolian government and its citizens, is looking for an opportunity to sell 30 percent of its stock in the foreign and domestic stock market. As part of this plan, the company is attending the international mining and investment meeting Mines and Money London, which is taking place in London from November 26 to 29. State Secretary of the Ministry of Mining and Heavy industry G.Nandinjargal and Deputy Director in Charge of Strategy and Development T. Tsogtbayar delivered a presentation to investors on ETT JSC and its upcoming IPO.

The National Post /page 5/
Instant transactions between banks increases
With the launch of the Bank of Mongolia's Interbank Network, a project financed by Asian Development Bank, instant transactions rose to 3 million MNT, up from 1 million MNT prior to the network's launch.  This change will reduce the use of cash for a transaction, and make banking and financial services faster and more convenient and reliable. This will allow small and medium-sized enterprises to expand their scope of operations and business.
The Century News /page 5/
The Bank of Mongolia's monetary policy rate increases
The Monetary Policy Committee of the Bank of Mongolia voted to raise the monetary policy rate by 1 percent, bringing it to 11 percent. The reason for raising the rate was due to the nation's high fiscal deficit, exchange rate pressures, and external uncertainty. Analysts say that additional factors include expansionary fiscal policy, currency exchange rates, economic growth, credit growth, and the requirements of the International Monetary Fund.
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