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Interview

N. Zoljargal, Governor, Bank of Mongolia (BOM): Interview
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Interview: N. Zoljargal What is the importance of attracting increased foreign investment? How has balance of payments (BoP) pressure impacted economic stability? N. ZOLJARGAL: The economy of Mongolia has landed softly and adjusted well during a severe BoP shock in 2013-14. Over the past five years, 88% of exports have consisted of mineral commodities and 80% of foreign direct investment (FDI) flows…
Interview

D. Angar, CEO, Mongolian Stock Exchange (MSE): Interview
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Interview: D. Angar What efforts are under way to develop Mongolia’s capital markets and make the MSE function better? D. ANGAR: For Mongolia to reach its full potential, it needs to develop its capital markets. One of the principal ways of doing so is to build a viable, functioning stock exchange. For too long, the public and private sectors have considered the MSE ineffective, with low trading…
Analysis

Mongolia's new investment law a good start, but more reforms needed

Posted OBG AdminPosted in Uncategorized

A new investment law passed in October 2013 sent a clear message about the government’s pro-business reform ambitions, placing foreign and local investors on equal footing. New “tax stabilisation certificates” now offer an alternative to the previous investment agreements by freezing the relevant taxes for a period of up to 22.5 years. While the state mechanisms for such benefits were set up…
Analysis

New agreements between Mongolia and key neighbours set to boost foreign trade

Posted OBG AdminPosted in Uncategorized

Landlocked between two large markets, Mongolia has long used an activist trade policy to develop “third neighbours” and improve its terms of trade. The 1965 International Convention on Transit Trade of Landlocked States already grants it access to third markets, although quotas and transit tariffs are still subject to negotiations. Over the past decade, however, China has largely cornered the market…
Analysis

New law being discussed for managing Mongolia's debt

Posted OBG AdminPosted in Uncategorized

While public spending has been key to maintaining growth in 2012 and 2013, its funding has relied on a ramp-up in foreign-currency (FC) debt. Constrained by the Fiscal Stability Law (FSL), which caps public debt at 40% of GDP, the government subsequently channelled expansionary quasi-fiscal spending through the Development Bank of Mongolia (DBM). Rising Leverage The Ministry of Economic Development…
Analysis

New economic incentives in Mongolia could ease constraints on growth and boost small businesses

Posted OBG AdminPosted in Uncategorized

Accounting for 95% of all registered enterprises and around half of employment (910,000 workers), Mongolia’s 90,000 small and medium-sized enterprises (SMEs) are a crucial fabric linking large resource projects to the domestic economy. Indeed, the National Development and Innovation Committee estimates that every $1 invested in mining creates a $1.84 multiplier effect in other sectors like infrastructure,…
Analysis

Mongolian banks' strong track record in reaching residents in remote areas

Posted OBG AdminPosted in Uncategorized

In some ways, Mongolia can be considered “well-banked” in terms of banking access. It has one of the highest branch per capita ratios in the world. At 69 per 100,000 (according to World Bank 2012 numbers), it has far more banking outlets for each inhabitant than its peers and neighbours: South Korea is at 18; China, 8; and Russia, 38. Additionally, over 80% of Mongolians have bank accounts. In…
Analysis

Concerns about Mongolia's banking sector, but also signs of improvement

Posted OBG AdminPosted in Uncategorized

Banks in Mongolia saw weaker profits in 2015 as one of Asia’s fastest growing economies cools, triggering higher borrowing costs and an increase in non-performing loans (NPLs), while credit rating agencies are also watching the banks’ vulnerability to China's continued economic slowdown. Recent downgrades in Mongolia's sovereign credit rating following falls in commodity prices have added more…

Analysis

Beverages

Posted OBG AdminPosted in Uncategorized

The Company Established in 1924, three years after Mongolia’s communist revolution, APU – which comes from the name Arkhi Pivo Undaa, meaning “vodka, beer, drinks” – is the country’s largest beverage producer and its first national brand. APU was partially privatised in 1992 with 51% of its shares retained by the state and 49% floated on the Mongolian Stock Exchange. In 2001 the remainder…