Daily Business News Mongolia

MP Kh.Narankhuu: If this measure is not taken, the outcome will be much worse.

Placing 220 billion MNT of Mongolia Development Fund at commercial banks is under strong criticism. About 61.9% of total voters of “Unuudur” daily newspaper readers said it was wrong decision. Let’s find out what is the position of lawmakers in this regard. They answered to the following two questions and are:

1. Do you support the operation of placing some fund of Mongolia Development Fund at commercial banks?

2. How to protect from the risk that may arise? (more…)

Posted in Economy, Finance, Government, Interview, Laws, News, Politics | No Comments »

Anod Bank gives housing loan

Mongol Shuudan Bank and Zoos Bank totally shut their all types of loan. But Capital, Savings, Khaan, Xac and Capitron Banks are providing business, salary, pension, secured by savings deposit and leasing loans. These banks are not providing housing loan. Xac Bank temporarily stopped its housing loan until the next year. It is still unclear for other banks when to start giving loan. People who bought Trade and Development Bank accredited construction companies can get housing loan. Mongol Bank reduced its interest rate and it gives good standing position for the commercial banks. (more…)

Posted in Business, Economy, Finance, News, Real Estate | 1 Comment »

996.8 thousand shares were sold at the Mongolian Stock exchange

96.8 thousand shares of 17 SHC were sold at the MSE totaling 51.8 million MNT trade. 15.6 thousand Remicon shares were sold at the primary market. 32.1 thousand shares of Hermes center was sold and it was the most actively traded share at the stock market. In comparison to the previous day’s trade, share price of Suu (dairy product) was increased by 11.11% and share price of Bayangol hotel by 7.89% but share price of Tavan Tolgoi was decreased by 7.12% and Genko tour bureau by 5.56%.

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Mongolian Stock Exchange news – 25th November

104.1 thousand shares of 18 SCH were traded on the 25th of November totaling 26.9 million MNT trade. 24.5 thousand Remicon shares were sold at the primary market. 23.2 thousand shares of Khukh gan was sold and it was the most actively traded share at the stock market. In comparison to the previous day’s trade, share price of APU was increased by 6.25% and Genko tour bureau by 1.12% but share price of Tavan Tolgoi was decreased by 15% and share price of Anod bank by 11.43% respectively.

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All saving deposit is secured by the State.

Prime Minister S.Bayar, Minister for Finance S.Bayartsogt and President of Mongol Bank A.Batsukh said it during the press conference at the Government House yesterday. The Prime Minister said about that the Government initiated a draft law on “Securing the saving deposit at commercial banks” and proposed it to the parliament. (more…)

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Mongolia insures savings against financial jitters

ULAN BATOR, Mongolia: Jittery over small bank runs and falling commodity prices, Mongolia’s government is guaranteeing all bank deposits, as the remote country tries to ward off the global financial crisis.

Parliament approved the law Tuesday to try to shore up confidence in Mongolia’s 16 commercial banks, which hold $1.1 billion (1.3 trillion tugrig) in deposits, and to ensure banks keep lending to buoy the economy.

“The world economic crisis is not affecting Mongolia directly. However, we are feeling the shock,” Prime Minister Bayar Sanjaa told reporters. Bayar said some Mongolians had started to withdraw their savings from banks out of concern they might collapse and that in part prompted the government to act to issue its 100 percent guarantee for deposits.

(more…)

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696.2 thousand shares were sold at the MSE

696.2 thousand shares of 20 SHC were traded at the Mongolian Stock exchange totaling 128.1 million MNT trade. 505.3 thousand Remicon share and 10 thousand Monfresh share were sold at the primary market. 129.7 thousand shares of Khukh gan was sold and it was the most actively traded shares at the stock market. In comparison to the previous day’s trade, share price of State Department Store was decreased by 1.85%, share price of Mongolian Telecom by 11.90% and share price of Buuni Hudaldaa (whole sale) by 9.58% respectively.

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Weekly stock review

During the week of November 17-21 2008, 863.1 thousand shares of 36 SHC were sold at the MSE totaling 139.3 million MNT. In the primary market 357.3 thousand Remicon shares were sold totaling 35.7million MNT and 10.2 thousand Monfresh shares were sold totaling 1.02million MNT. Index top – 20 was 6374.28 and is decreased by 297.6 units or 4.5% if compared to last week. The total market value is 585.7 billion MNT. (more…)

Posted in Finance | 1 Comment »

The Government Action Plan was approved by the State Great Khural

Party group meeting at the State Great Khural held series of meeting last week. Another working group was established by the two parties with purpose of solving the gap in the budget due to copper price fall. They wasted some time in predicting copper price in the next year which was already set at6 6700 US$ per m/t. But the Government suggested the State Great Khural to change it at 3200 US$ next year. But party groups rejected its proposal. After long meeting and discussing, party groups predicted copper price at 3400 US$ next year. Therefore, MP Khurelbaatar, head of the standing committee on budget, informed that copper price is set at 3400 US$ and windfall tax imposition on gold starts from 850 US$. (more…)

Posted in Economy, Finance, Government, News, Politics | 2 Comments »

Deutsche Bann proposed its cooperation to Mongolia

Mr. Bernard Kraft, the representative of the German National Railway company “Deutsche Bann”, and German Ambassador Pius Fischer met with Mr. Kh.Battulga, the Minister for Roads, Transportation, Construction and Urban Development.
Deutsche Bann is planning to start its railway transportation operation between China and Europe from April 1st 2009. It discussed about it with Minister Kh.Battulga and agreed on cooperation. Minister said about the Mongolian intention of making income from the transport between China and Europe and made request from Mr. Bernard Kraft about the possibilities of having investment and loan in strengthening the Mongolian railway. (more…)

Posted in Companies, Economy, Finance, Government, News | No Comments »