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AmCham Mongolia Daily Newswire

October 17, 2018

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Economic Standing Committee reviews 2019 monetary policy guidelines   
The Economic Standing Committee of Parliament reviewed a draft of the Bank of Mongolia's proposed 2019 monetary policy guidelines, on October 16. According to the Bank of Mongolia (BoM), the balance of payments deficit has risen since 2017, due to increased imports of goods and services, and despite growing mining production. Governor of the BoM N. Bayartsaikhan noted, “The fluctuation of exchange rates is directly related to the balance of payments. It is critical to increase the nation's foreign currency reserves and FDI, thus reducing the deficit. In a recent study, it was determined that the currencies of 142 countries, out of 170, have also fallen in value against the American dollar.”       

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Minister D. Sumiyabazar meets with Azerbaijan’s Deputy Minister of Economy
Minister of Mining and Heavy Industry D. Sumiyabazar received a delegation from the Republic of Azerbaijan, led by Deputy Minister of Economy and Industry Niyazi Safarov. During the meeting, the sides exchanged views on cooperation possibilities in petroleum, natural gas, and geologic exploration. To take bilateral relations to the next level, Mongolia and Azerbaijan agreed to sign a memorandum of understanding on collaboration in the gold industry. 

The Century News /page 5/
Ministry of Environment provides updates on measures to fight air pollution     
Minister of Environment and Tourism N. Tserenbat held a press briefing on the actions of the National Committee on Air Pollution Reduction. He stated that the most effective short-term measure to fight air pollution is to replace raw coal with refined coal, and to install electrical devices in household chimneys that will completely burn smoke particles. Financing of 54 billion MNT has been allocated from the state budget to pursue these measures. Haier Group will manufacture chimney devices that have been designed by Mongolian engineers. It is estimated that the device will cost 22,000 MNT per month to operate.
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Mongolia ranked 99th out of 140 countries on the WEF competitiveness index  
The World Economic Forum released a 2018 global competitiveness report assessing the competitiveness landscape of 140 countries. In 2018, Mongolia was ranked 99th with a score of 52.7. Mongolia stood 101st out of 137 economies in 2017. The tight monetary policy approach of central banks in developed nations and intensifying trade disputes have been adding to the economic vulnerabilities of emerging countries in Asia. Analysts say that Mongolia's economic competitiveness has been adversely affected by low commodity prices.
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