Due to the restricted loan giving from the commercial banks,
apartment and housing price slumped dramatically. But the price of construction
material is unchanged. The following is the apartment prices that varies from
their location and quality and are as follows
(more…)
Petrol price has reduced by 60-150 MNT from yesterday. In Relation to this news petrol importing companies are urging other companies and businesses to reduce their prices of goods and services as price of petrol have become more affordable and it is looking to reduce further. The most important issue is that public expects a reduction in the cost of public transport and taxi services.
Vanchigmaa, Finance Department Director of Public Transport is investigating this matter and she has said “Due to a constant decrease in price of petrol we have started planning to reset the tariff of the transport system”.
Real estate exhibition has opened its door at the National park of IT. There are about 20 companies taking part in this exhibition. As Commercial Banks have stopped housing loan, the sales of properties have dropped by 50%. The average price of an apartment in the market is costing around $750 per square meter and the upper class apartments are costing around $800-900 per square meter. Some companies went bankrupt as sales of properties are slumping. Generally, Construction companies are facing real survival situation. During the exhibition housing soft loan will be granted to the interested guests and visitors.
Mongol Bank pursues strict monetary policy to harness the inflation. But it is harming some businesses and private sector. It increased its principal interest rate twice since the beginning of 2008 and it was the warning for the commercial banks to limit or stop their loan granting. Housing loan was limited and apartment and housing price fell by 30-40%. Also construction companies have no fund to complete their projects. Commercial banks stopped their loan, even they wish to they have limited source. (more…)
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…)
Mr. Kh.Battulga, the Minister for Road, Transportation and Construction, met with Czech Ambassador Vaslav Jilek.they both expressed that Mongolia and Czech Republic have long lasting history of cooperation and it can be developed furthermore.
During the meeting, Minister Kh.Battulga noted that Czech Republic reached to the level of developed countries and Mongolia can cooperate with Czech Republic in Road Building and Transportation Industry. He said that he is eager to develop certain proposal and see the result. (more…)
Russian Federation sent a letter of notice to transfer its 49% of equity of Erdenet and MongolRostsvetmet to the third party. It was clarified from Mr. Ts.Nanzaddorj, Head of the Privatization Department of the State Property Committee. He said that “Russian Federation owns 49% of Erdenet and MongolRostsvetmet. The President of Russian Federation made decree to change the implementing authority of the Russian equity in Mongolian JVCs. It was informed to the Government of Mongolia and the Ministry of External Relations. It is being studied and will be replied through the Ministry of External Relations.
Few clarifications were made from Mr. A.Batsukh, the President of the Bank of Mongolia.
Q: Was inflation issue discussed by the Cabinet Meeting?
A.Batsukh: We discussed about the budget draft and monetary policy of the next year. Also discussed about the factors that is fueling inflation. Expenditures that are affecting inflation must be shrunk in the budget. Salary and pension were increased in order to protect risk of oil, food and wheat price increase. Inflation rate will be around 29-30% by the end of this year. We discussed about increase of productivity and decrease of expenditures. We will support state budget through policy. Gas and wheat supply affected inflation a lot. It will be settled next year. (more…)
It has been while since the 40.000 house program launched. As for now, 10,000 houses were built. But average Mongolians cannot afford houses or apartments even they saved 20-30 million MNT. Recent statistics say that average Mongolian family income is 300 thousand MNT and expenditure is 350 thousand MNT. In other words, most of Mongolians don’t’ save their income, but they are trying to survive with their income. (more…)
5 stock trades were held in a week between August 18-22, 2008. 654.8 thousand shares of 31 SHCs were sold at the Mongolian Stock Exchange, totaling 195.5 million MNT.
1.7 thousand shares of Remicon SHC were sold in 170.3 thousand MNT.
Index of Top-20 was 8670.71 and it was decreased by 830.85 units or 8.7%. Hence the total market capitalisation was set at 734.2 billion MNT.
Shares which prices were dropped are; Ulaanbaatar Hotel (by -27.8%), Gobi (by -7.5%), Mongolia Telecom (by -9.1%), Baganuur Mine (by -6.4%), NIC (by -6.3%), APU (by -6.4%), Moninjbar (by -9.7%).
468.9 thousand shares of Khukh Gan SHC, 71.4 thousand shares of Anod Bank, 55.2 thousand shares of Hermes Centre SHC, 22.2 thousand shares of Genco Tour Bureau (GTB), 21.9 shares of APU SHC were sold and most active.
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