Daily Business News Mongolia

198 thousand shares were sold at the MSE

198 thousand shares of 22 SHC were sold at the MSE totaling 33.4 million MNT trade. 67.4 thousand Remicon share and 136 thousand Monfresh share were sold at the primary market. 80.1 thousand shares of Hermes center were sold and it was the most actively traded shares at the stock market. In comparison to the previous day’s trade, Makh Impex share price was increased by 9.09% and Talkh Chikher by 3.77% but share price of Zoos goyol was decreased by 14.71% and share price of Anod bank by 13.92%.

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Central bank of Mongolia: Are the commercial banks reliable enough?

Mongolian development fund has 455.1billion MNT. This money is stored in Mongol banks private account with an interest of 0.5% a year. The government is planning to locate half of this amount in commercial banks. By doing this the government could make 31.8billion MNT revenue on interest rate. Some of the MPs are against this as they think the history will be repeated. (more…)

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R.Sodkhuu visited the MICEX

R.Sodkkhuu, the executive director of the Mongolian Stock Exchange has attended the 14th assembly of Eurasian Stock exchange committee that was held in UAE. On his way back to Mongolia, he had attended another important meeting and had visited the Moscow Interbank Currency Exchange (MICEX).  R.Sodkhuu had a meeting with Aleksei Rubnikov, the executive director of the MICEX and they discussed and exchanged opinions about the future of both countries’ stock market.

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130.8 thousand shares were sold at the MSE

130.8 thousand shares of 15 SHC were sold at the Mongolian stock market (MSE) totaling 22.7 million MNT trade. 86.2 thousand Remicon share and 3.6 thousand Monfresh share were sold at the primary market. 16.9 thousand shares of Genco tour bureau were sold and it was the most actively traded shares at the stock market. In comparison to the previous day’s trade, Anod bank share price was increased by 14.88% and Shariin gol share price by 4%, but share price of APU was decreased by 14.48% and share price of Sor by 9.33%.

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Saving deposit size of individuals and entities decreased in October.

According to the Bank of Mongolia, money supply (M2) reached 2357.7 billion MNT at the end of October 2008 and it was decreased by 167.3 billion MNT or 6.6% if compares with the previous month, but increased by 1 billion MNT or 4.1% than previous year. Cash reached 329.3 billion MNT at the end of October 2008 and it was decreased by 31.7 billion MNT or 8.8% than the previous month, but increased by 6.2 billion MNT or 1.9% than the same time of previous year. (more…)

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Weekly stock review

During the week of November 10-14 2008, 1.8 million shares of 45 SHC were sold at the MSE totaling 399.2 million MNT. During this period share price of 16 SHC was decreased and 12 SHC was increased but share price of 17 SHC was unchanged. Over the week APU, UED (State department store), Talkh Chikher and Telecommunication had the largest increase of share price. Quantity wise, the most actively traded share was Hermes Center (464.7 thousand), Anod bank (152.2 thousand), Khukh gan (64.9 thousand).

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Bach Rachford, Executive Director of Goldman Sachs met with the President N.Enkhbayar

President meets with Goldman Sachs delegates, photo courtesy of www.gogo.mn

President N.Enkhbayar received delegates of Goldman Sachs, led by Mr. Bach Ruchford, the Executive Director of Goldman Sachs. The main topic of the meeting was the exchange of point of views on possibilities of investing in major mining projects of Mongolia and its principles. (more…)

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About 51 Percent by Ts. Gombosuren: It Would Be Right If Two Parties Re-consider It

Former Minister of Foreign Affairs, Head of advisors’ group of World Growth International NGO in Mongolia Ts. Gombosuren is interviewed.

Q – What is World Growth organization?  I understand that this organization is a place that gives a lot of advice. What are you advising to us?

A – World Growth is international NGO and non-profit organization. It runs an activity to give advice to world countries, in particularly, poor developing and developing countries.  We do not have money to give you. Instead of that, we have world scale ideas and opinions. We have prospects to share these ideas and opinions, as well as, to contribute to the development of your country.  World Growth wants to give advice to us in five key directions:  Economic Freedom, Rule and Stability of Law, Good Governance, Property Rights, and Environmental Interdependence. They have called it “Mongolia’s Path to Prosperity Project.” (more…)

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Largest Economic sector in Mongolia

There are over 430 thousand Mongolians living, working and studying overseas of which 130 thousand people are officially counted. This means 1 in every 15 Mongolian citizens are living abroad. $195million comes into the country by Mongolians who are living abroad, Mongol Bank’s analysis reveals. This means shocking one million dollar per working day. According to these statistics, Mongolians living overseas make up the largest Economic sector in Mongolia.

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A.Batsukh: Thanks to the right monetary policy, inflation is decreasing gradually.

Last September, budget has zero loss, but due to the copper price fall, the budget will be in loss by certain amount.

Some issues were clarified from Mr. A.Batsukh, the President of the Bank of Mongolia, regarding the monetary policy of the state in year 2009 was adopted by the State Great Khural.

Q: The situation was different than previous ones to adopt the monetary policy of the state. How the world crisis affects the monetary policy making procedure?
Mr. A.Batsukh: The situation is changed so much now when we were developing the monetary policy in August and September. Due to the gold and copper price fall, income of the state budget is decreased. In order to recover it, the policy of supporting economy growth will be pursued. Our main direction is to decrease inflation rate and promoting growth in economy. Thanks to the right monetary policy, inflation is decreasing gradually. (more…)

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