Daily Business News Mongolia

Mongolia authorises bank capital injection

By Lucy Hornby

ULAN BATOR, Oct 28 (Reuters) - Mongolia’s cabinet on Tuesday authorised a capital injection into the nation’s commercial banks but will hold off implementing it for now, government officials said on Tuesday.

Former central bank governor O Chuluunbat said earlier on Tuesday that a rescue package of around $500 million could be ready as early as next week for the country’s pressured banks, which have struggled for months with a frozen mortgage market.
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National Development Agency was supported by the MPs.

MP D.Lundeejantsan, the Chairman of the MPRP group at the State Great Khural, provided information to media.
MPRP group meeting was held and informed about the completion of the state administrative organizations structure. During this meeting, the structure and general formation of implementing and instructing agencies were discussed in details, based on the requests of MPs. Today there are over 60 agencies, but according to this structure there will be instructive 11 and implementing 30 agencies. (more…)

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249.2 thousand shares were sold at MSE

Yesterday, 249.2 thousand shares of 17 SHCs were sold at MSE, totaling 71.3 million MNT.
Remicon was the actively traded share at the primiary market and Hermes Centre share was the most active in the secondary market. In comparison against the previous day, Shivee Ovoo share increased by 6.12% and NIC and Mongolia Telecom share decreased by 14.5%.

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M.Enkhsaikhan: There will be deep crisis in Mongolia

Q: What will your evaluation on today’s political and economy situation being as an economist?
M.Enkhsaikhan: The world economy and finance is at the edge of serious crisis and even our two neighbors. Then there will be an obvious question, what will it be for Mongolia. On October 15 2008, 20 big economies are meeting on economy issue. But we don’t pay attention on it, we are like sitting on an isolated island. We are talking about old and weary dreams such as budget, Government principles and Minsiter’s post. It is worrisome that we are doing nothing to prepare for the approaching danger. Recently scholars and experts made an advice for Big “8”. When I had a look on it, but there are around 60 countries have no prespective in development. Countries that are included in it; African and Central Asian countries. These countries are under difficulty and their situation will be even worse in the future. (more…)

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Will banks provide housing loan?

Irregular Cabinet Meeting was held and discussed about the Government Agenda and housing and real estate issues, which was the main dialogue of recent days.
The Government drafted a new law on mortgage and proposed to the State Great Khural. But the new parliament decided to take comment from the new Government on this draft. Therefore, until proposing new draft law on mortgage, Government decided to take joint measures together with the Bank of Mongolia on activating commercial banks activities in mortgage loan and loan secured by the real estate. (more…)

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Discussion on uranium

Around 10 deposits and over 1000 mineralized points in Mongolia. A open discussion is to be held on uranium and its importance and exploitation. The monthly lecture is organized by the Asia Foundation of USA, “Responsible Mining” NGO and NUM. Doctor and professor S.Enkhbat, head of the Atomic Energy Commission, and Mr. Manlaijav.G, deputy head of the state center of monitoring environment, geology, mining and radiation, State Authority of Professional Inspection and other experts will take part in the discussion. The lecture is scheduled at 17.00, Round Hall of NUM Building #1.

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President N.Enhbayar took part in the the 7th ASEM Summit

photo courtesy of Ministry of External Relations and Trade

President of Mongolia attended to the 7ths Summit of ASEM, in Beijing between October 24-25 2008, and provided a speech on “Ensuring Sustainable Development”. It is the first attendance of Mongolia since becoming its member in 2006. (more…)

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Mongolian – Russian joint military field training is scheduled.

The Ministry of Defense organized a press conference at the Government House. It informs that Mongolian – Russian joint military field training. This field training will continue for 1 month starting from November 1st 2008. Details will come up soon.

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Mongolia Economic Policy Conference

Begins: Oct 28, 2008 09:00
Ends: Oct 28, 2008 18:00

Objectives: To aim of the conference is to engage well known policymakers from the rest of the world with those in Mongolia in finding ways to address Mongolia’s development challenges.

Venue: Grand Hall, State Palace, Ulaanbaatar

Date/Time: 09:00-17:00, Tuesday, October 28, 2008 (Ulaanbaatar Time)

(more…)

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Mongolia will introduce one window online service

Last week, the consultative meeting in improving investment environment and developing private sector of Mongolia was held at the Government House of Mongolia. The meeting was chaired by Prime Minister S.Bayar, the Chairman of the Consultative Council, and Mr. Varel Freeman, the Vice President of European Reconstruction Bank and representatives from private sector of Mongolia and Ambassadors of USA and Japan and Representatives of International Organizations attended the meeting. (more…)

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