Mr. Chang Yong Rhee, Director, IMF Asia Pacific Department on Mongolia

  During the Spring Session of IMF Meeting, Mr. Chang Yong Rhee, Director, IMF Asia Pacific Department, comments about the Mongolian economy and briefly evaluates the current progress. He said “Central bank did many reforms. In macro-wise, we expected after the program growth rate will be close to zero or even lower. At this moment, we […]

Mongolia: Volatility in cashmere

Unexpected fluctuations in cashmere prices in 2012 have dampened optimism in Mongolia’s textiles sector, despite the introduction of incentives from the government aimed at streamlining the industry. However, industry players say a planned commodities exchange will resolve the issue. After opening at MNT70,000 ($52) per kg in the March-April buying season for the country’s pivotal […]

Mongolia: Growing pains for agriculture

Although Mongolia’s agriculture sector is feeling the benefits of new management approaches and seeing intensified production thanks to technological advances, it is still struggling to overcome issues created by under-investment and a transition from a planned to a market economy. In mid-June T. Badamjunai, the minister of food, agriculture and light industry, told the cabinet […]

Mongolia and China to promote bilateral economic cooperation

China-Mongolia economic and trade conference opened in China on Friday to promote bilateral economic cooperation. The event, jointly organized by the Mongolian National Chamber of Commerce and Industry and China Inner Mongolia International Trade Promotion Association was aimed at providing a platform for cooperation between Chinese and Mongolian enterprises. Present at the gathering were representatives […]

Mongolia: Setting the tone for investment

Concerns that a new foreign investment law would severely impact Mongolia’s natural resource sector and economy as a whole are beginning to ease, as industry players now see that reformed legislation is necessary for the country’s economic evolution. Reports in early May that the Mongolian government was planning to enact wide-ranging limits on foreign ownership […]

Mongol Bank raises interest rate

Mongol Bank has decided to increase the interest rate by half a percentage point to 13.25 percent and the required reserve rate by 1 percentage point to 12 percent. This was the second time the central bank has raised interest rates in recent months. The national average consumer price index increased notably by 15.3 percent […]