| EuroChamber is pleased to welcome Atmor LLC as Premium member.
Atmor is the first and leading organization in HVAC/WWTP in Mongolia. The company has been offering engineering solutions for households and organizations since 2003.
We are looking forward to fruitful cooperation. |
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| Goal Set to Transport More Than Two Million Passengers |
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The Ministry of Road and Transport Development of Mongolia has declared 2024 as the “Year of Development to Support Regional Development” and set a goal of transporting 2.2 million passengers in the air transport sector. In January 2024, 124.5 thousand passengers were transported internationally by air, representing a 51 percent increase compared to the same period of the previous year. Additionally, 33.5 thousand passengers were transported domestically.
Last month, 29 percent of people who traveled by air to other countries flew to Seoul, South Korea, 15 percent to Beijing, China, 8 percent to Fukuoka, Vietnam, 7 percent to Istanbul, Turkey, 6.3 percent to Tokyo, Japan, 6 percent to Hong Kong, with the remaining 28 percent traveling to other destinations.
Of the international passengers, 50.7 percent flew on flights operated by the national air carrier “MIAT,” while 9.5 percent traveled on flights operated by “Air China,” 8.8 percent on flights operated by “Korean Air,” 7.3 percent on flights operated by “Hunnu Air” LLC, 6.8 percent on flights operated by “Aero Mongolia” LLC, and 5.3 percent on flights operated by “Eznis Airways” LLC. The remaining 11.6 percent traveled with other airlines.
Source: montsame.mn |
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| Electronic Trading of Copper Concentrate to be Discussed |
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The Mongolian Stock Exchange (MSE) began electronic trading of coal last year. Currently, in addition to coal and coking coal, mining products and mineral resources such as iron ore and ore concentrate are traded electronically. Soon, trading of copper concentrate for export will commence.
As part of the preparation for this trade, the Mongolian Stock Exchange has announced that a discussion on “Electronic Trading of Copper Concentrate for Export” will be held on March 18, 2024.
Management, employees, and experts of the Financial Regulatory Commission of Mongolia, Mongolian Stock Exchange, and "Erdenes Mongolia" LLC will participate in the discussion and provide information and exchange ideas with copper concentrate sellers, buyers, and other participants.
At the meeting of the Cabinet on December 14, 2022, the "Regulations for open electronic trading of coal for export" were approved, and it was decided to conduct coal trading openly and transparently through the Mongolian Stock Exchange. According to the decision, the Mongolian Stock Exchange successfully organized the first electronic trading on January 12, 2023. Thus, by organizing the trading of mining products in an open, transparent, and fair manner and creating the opportunity to determine the real market price, in the past year, the selling companies have traded 15.1 million tons of coal for MNT 7.4 trillion through the Mongolian Stock Exchange.
Call trading rates increased by an average of 10.7 percent, and selling companies earned a total of MNT 529.7 billion in additional income from the exchange rate difference.
Source: montsame.mn |
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| Foreign Minister Receives British Ambassador to Mongolia |
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Minister of Foreign Affairs of Mongolia Battsetseg Batmunkh received Ambassador Extraordinary and Plenipotentiary of the United Kingdom of Great Britain and Northern Ireland to Mongolia Fiona Blyth on February 9, 2024.
During the meeting, Minister of Foreign Affairs Battsetseg Batmunkh noted the dynamic development of friendly relations and cooperation between Mongolia and Britain and expressed her confidence that Ambassador Fiona Blyth will work hard to further advance it, improve the level of relations, and implement high-level mutual visits.
Ambassador Fiona Blyth mentioned that the two sides successfully celebrated the historic 60th anniversary of the diplomatic relations between Mongolia and the United Kingdom last year, and expressed her commitment to actively work to further expand relations.
Ms. Fiona Blyth has served as Principal Analyst in the UK Cabinet Office, Team Leader in the National Security Secretariat, Senior Policy Advisor in the United Kingdom Mission to the United Nations in New York, and Senior Political Affairs Officer in the United Nations Assistance Mission in Somalia.
Source: montsame.mn |
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| In 2023, loans from NBFIs increased by 35 percent |
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In 2023, the Financial Regulatory Commission reported a 35 percent increase in the total loans of non-banking financial institutions, reaching MNT 3.6 trillion compared to the previous year.
During this period, the non-performing loan share in total loans decreased by 0.6 percentage points, while the weighted average interest rate increased by 0.2 percentage points from the previous year.
The total number of customers for non-banking financial institutions doubled to 4.5 million, with 94.1 percent being fintech customers. Firms in the sector highlighted the demand for electronic consumer loans in their reports. For instance, "LendMN NBFI" JSC reported issuing 3.3 million online loans worth MNT 996.6 billion last year.
Due to the rising number of borrowers and increased loan demand, non-banking financial institutions have actively issued bonds to attract additional loan financing in recent years. Last year, "LendMN NBFI" JSC issued its fourth "Land Bond," collecting MNT 9 billion. Additionally, "Sendly NBFI" JSC issued bonds, raising MNT 8.5 billion.
Since 2021, seven non-bank financial institutions have issued bonds on the Mongolian Stock Exchange, accumulating a total of MNT 128.1 billion.
Source: gogo.mn |
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