Eurochamber Mongolia is pleased to welcome JTI - Japan Tobacco International as its Corporate member.
We are looking forward to our future cooperation. |
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| Khan Bank is honored with the titles of Top 10 Enterprises of the Year and Banking Industry Entrepreneur |
| At the Mongolian National Chamber of Commerce and Industry’s Entrepreneur 2023 Award Ceremony, our Premium member Khan Bank was honored with the titles of Top 10 Enterprises of the Year and Banking Industry Entrepreneur.
In 2023, Khan Bank underwent a significant transformation, transitioning to a public joint-stock company. Not only did the bank issue the domestic market’s largest IPO in terms of capital, but it also made history by issuing Mongolia's first green bond in the international and domestic capital markets. These endeavors highlight Khan Bank's commitment to pioneering sustainable development and contributing to a green future. |
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| Bodi International LLC receives the "BEST DEVELOPMENT" award |
| The "Buildings and structures of the Tavantolgoi-Gashuunsukhait railway complex project," constructed by our Premium member Bodi International LLC, was acknowledged as a valuable contribution to the development of Mongolian architecture with innovative ideas. The project received the "BEST DEVELOPMENT" award from the Union of Mongolian Architects.
As part of the railway complex project, the State Commission has officially handed over the completion of 44 individual buildings and engineering networks to Tavantolgoi Railway Co., Ltd. |
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| Golomt Bank is named as Mongolia's best domestic bank 2023 by Asiamoney |
| Asiamoney Best Banks Awards, which highlights the best in the economy and banking sector of the countries of the Asia-Pacific, has recognized our member Golomt Bank as the “Best Domestic Bank in Mongolia 2023”. Golomt Bank takes the awards for its contribution to the Mongolian economy, digital transformation, innovative product and services, financial performance, and efforts to improve sustainability and diversity. |
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| In Ulaanbaatar: December 29: It will be the 112th anniversary of the National Revolution of Freedom and Independence. On this day, the President of Mongolia, the Chairman of the State Great Khural, and the Prime Minister will pay tribute to the statues of Chinggis Khaan and General Sukhbaatar. The President of Mongolia will also present state awards and medals. December 31: The President of Mongolia Khurelsukh Ukhnaa will address the nation and offer New Year's greetings.
Local events: December 29: The "Golden Dipper" Award Ceremony will be held to select the best of the year in Tuv aimag. December 31: The “Golden Sun” Festival will be held to select the best of the year for Dornod aimag.
Source: montsame.mn |
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| Concerts to Take Place at Sukhbaatar Square for a Week Ahead of New Year |
| The annual "Silver Night of Ulaanbaatar," organized by the Governor's Office of Ulaanbaatar City and the Arts and Culture Department of Ulaanbaatar City, will be held at Sukhbaatar Square on December 31, 2023. To make the wait for the big night even more magnificent, a series of concerts will take place at the central Square.
On December 28, you can immerse yourself in the royal melodies of the piano played by N. Munkh-Erdene.
On December 29 (National Freedom and Independence Day), the singer of the State Opera and Ballet Academic Theatre A. Anar-Erdene will present jazz songs. On December 30, singer M. Oyunsuren will stage the old but gold songs.
Every concert kicks off at the Sukhbaatar Square marquee at 6 pm.
Source: montsame.mn |
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| Voting for the parliamentary elections is to be held on June 26, 2024 |
| The Speaker of the Parliament stated that the draft resolution of the State Great Khural (the Parliament of Mongolia), titled "On scheduling the regular election of the Great Khural of Mongolia in 2024 and setting the date for voting," had been postponed twice. Consequently, a voting took place on December 28, 2023, and it received support from 26 members of the Parliament, accounting for 56.3 percent of the votes.
In accordance with the resolution proposed by the Standing Committee on State Structure, the regular parliamentary election is scheduled for Wednesday, June 26, 2024, which is also a public holiday.
Source: ikon.mn |
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| The subsistence wage is to increase from January 1st, 2024 |
| Starting from the first day of 2024, a decision to increase the subsistence wage by 20 percent will be enforced. As per Resolution No. 12 of October 13, 2023, from the Tripartite National Committee for Labor and Social Partnership, the subsistence wage has been adjusted to MNT 660,000 per month.
The determination of the subsistence wage takes into account changes in the cost of living, labor productivity, the appropriate ratio to average wages, the minimum amount of a full pension provided by the social insurance fund, economic growth, the level of employment, and the rate of inflation.
In Mongolia, approximately 100,000 people receive the subsistence wage.
Source: gogo.mn |
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| Laws are scheduled to take effect on January 1, 2024 |
| Laws are scheduled to take effect on January 1, 2024 (revised laws) include as follows:
Social Insurance Package Law: - General Social Insurance Law
- Law on pensions provided by the Social Insurance Fund
- Law on benefits from the Social Insurance Fund
- Law on pensions, allowances, and payments for occupational accidents and diseases provided by the Social Insurance Fund
Education Package Law: - General Education Law
- Law on pre-school and general education
- Law on Higher Education
Law on Vocational and Technical Education and Training
Law on the purchase of goods and services with state and local property funds
Law on Political Parties
Railway Transport Law
Civil Aviation Law |
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| According to the preliminary results of the annual livestock census, 64.7 million livestock are counted |
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At the end of 2023, the preliminary results of the annual livestock census indicate a count of 64.7 million livestock, reflecting a 9.1 percent decrease compared to the previous year.
Breaking down the total herd composition: - Horses account for 4.8 million, or 7.5 percent.
- Cattle amount to 5.3 million, or 8.3 percent.
- Camels total 473.9 thousand, or 0.7 percent.
- Sheep make up 29.4 million, or 45.5 percent.
- Goats constitute 24.6 million, or 38.1 percent.
The preliminary results of the 2023 final livestock census reveal that Arkhangai province leads in the number of horses and cattle, Khuvsgul province in the number of sheep, Umnugovi province in the number of camels, and Bayankhongor province in the number of goats.
Analyzing the preliminary livestock census results, the top five provinces with the highest livestock counts are: - Khuvsgul province with 5.7 million livestock.
- Tuv province with 4.9 million livestock.
- Arkhangai province with 4.8 million livestock.
- Uvurkhangai province with 4.7 million livestock.
- Khentii province with 4.4 million livestock.
Source: www.nso.mn |
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| 1.5 billion yuan was settled from the utilization amount of the currency swap agreement with the People's Bank of China. |
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Within the framework of the national currency swap agreement between the Bank of Mongolia and the People's Bank of China, an early payment of 1.5 billion yuan, equivalent to US$210 million, from the transaction amount used between 2011 and 2016 was made, leading to the closure of transaction line 1.
The initiation of closing yuan swaps, facilitated by the income generated from purifying gold purchased from the domestic market and its monetization, has had a positive impact on reducing the central bank's interest costs and losses. This development is also considered significant in alignment with the recommendations of the International Monetary Fund and other international financial institutions.
This year, the current account of foreign trade and balance of payments has been positive, enabling the payment of 1.5 billion yuan for swap contracts, US$500 million for Development Bank Eurobonds, 30 billion yen for Samurai bonds, and other foreign loans of the government. With these substantial payments, the foreign exchange reserves stand at the level of US$4.5 billion, equivalent to 6 months of import needs. Moreover, owing to positive changes in the economy, the exchange rate of the Mongolian Tugrug (MNT) against the US dollar has strengthened by 1 percent since the beginning of the year.
Source: www.mongolbank.mn |
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Our mailing address is: info@eurochamber.mn |
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