Oct 18, 2024 61 min read Daily News Summaries

Mongolia News Summary for October 18, 2024

The following news articles are the opinions of their authors and publications. They are presented here as translations for informational purposes and do not necessarily represent the opinion of Mongolia Strategy Center or its members.

Today's Stories

Politics

Prime Minister L. Oyun-Erdene calls on SCO member countries to cooperate on 14 mega projects of the Government of Mongolia

Published: 2024-10-17 | Translated from: isee.mn

Prime Minister L. Oyun-Erdene attended and spoke at the expanded meeting of the Council of Heads of Government of the Shanghai Cooperation Organization's member and observer countries held in Islamabad, the capital of the Islamic Republic of Pakistan. During this occasion, he stated, "Mongolia has made constitutional changes to make its development policy and planning more stable and to involve multiple parties at the decision-making level. A coalition government has been formed, and we are announcing internationally 14 mega projects that are considered beneficial at the regional level to be implemented with the cooperation of the region and neighboring countries. Many of these projects are aimed at cooperation in the sectors of transportation, logistics, energy, and mineral resources and mining. Today, the Governments of Russia, China, and Mongolia used this SCO platform to hold a trilateral meeting for the first time, exchanging enthusiastic ideas to enhance cooperation on these projects. I would like to express our readiness to invest in cooperation with countries in the fields of railway, infrastructure, energy, agriculture, and tourism by working together for mutual benefit," he said. The government disseminates his stance under the theme "L. Oyun-Erdene called on SCO member countries to cooperate on 14 mega projects of the Government of Mongolia."

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L. Oyun-Erdene: Mongolia is ready to develop mutually beneficial cooperation with SCO member states

Published: 2024-10-17 | Translated from: montsame.mn

Luvsannamsrain Oyun-Erdene, the Prime Minister of Mongolia, has expressed that Mongolia is prepared to engage in mutually beneficial cooperation with the member states of the Shanghai Cooperation Organization (SCO). This statement reflects Mongolia's strategic focus on enhancing diplomatic and economic ties with neighboring countries and major international partners within the framework of the SCO.

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B. Enkhbayar: Bank Owners Now Determine Who Should Be in Mongolian Politics

Published: 2024-10-17 | Translated from: itoim.mn

During the plenary session of the State Great Khural, the discussion is ongoing regarding the resolution draft on "The Main Directions of Mongolian Monetary Policy for 2025." Members are actively asking questions and receiving responses related to the matter. Member of Parliament B. Enkhbayar stated: Over the past 30 years, the main participants and influencers in our country's political and business activities have been bank owners. Bank owners have come to determine who should be in Mongolian politics over the past three decades. The promising and potentially competitive businesses in Mongolia are being managed by these bank owners. They have entered various sectors, starting from mining and most recently, energy. There has been ongoing discussion over the last three to four parliaments about halting bank owners from engaging in business activities themselves. In 2018, amendments were made to the Banking Law, prohibiting activities aiming to dominate the financial market jointly or individually and preventing unfair advantages through cooperation within themselves or with third parties under section 7.4.1. Is the implementation of this provision being monitored by the Bank of Mongolia? Governor of the Bank of Mongolia, B. Lkhagvasuren responded: Section 7.1 of the Banking Law specifies what activities a bank can and cannot engage in. It is stated that a bank is to conduct financial intermediations. Five major commercial banks own shares on the stock exchange, with 10% of shares being made public. It now has 73,000 shareholders. This matter is not addressed in the banking law. Bank owners hold certain shares in their own banks. Regardless of entering other businesses such as mining, energy, or construction through owning shares in other companies, it is unrelated to our law, hence, the Bank of Mongolia does not oversee it. Member of Parliament B. Enkhbayar also highlighted: During the Development Bank and coal hearings, it became evident that bank owners were taking all loans for themselves and expanding via state funds. To reduce the political involvement and influence of bank owners, a provision was added in 2018 prohibiting bank owners from donating to political parties. Recent information shows that for the 2024 State Great Khural elections, bank owners have provided large contributions to members using their commercial subsidiaries. How independent can the Bank of Mongolia remain from political decision-making? For instance, has any estimate or analysis been done on how major government projects, programs, and the stability of the Mongolian currency would be affected? Governor Lkhagvasuren replied: The law concerning the central bank states that it shall operate independently and make decisions autonomously. The largest decision made by the Bank of Mongolia is regarding the policy rate. Decisions to increase or decrease the policy rate are made by seven persons appointed by the parliament. Decisions are made based on research and analysis, ensuring independence. However, looking at the macroeconomic situation, there is no room for monetary policy expansion while the budget is expanding. To maintain economic stability, monetary policy decisions are currently being enacted. For an average household in Mongolia, 50% of consumed goods are imported. It can be understood that when household income and consumption increase, imported goods consumption increases accordingly. Member of Parliament Ts. Iderbat noted: Mongolia's credit rating has improved after performing poorly since 2014, rising after 10 years. It seems that the credit rating of commercial banks operating in Mongolia is also increasing in line. How will improved credit ratings help bring in foreign loan sources to the economy and commercial banks? Governor Lkhagvasuren responded: Credit ratings have improved, having declined since 2012. Initially, Fitch Ratings agency upgraded them. In 2012, the economy grew by 17.5%, and we are back to that momentum. If the economy continues to recover, credit ratings will improve. Private enterprises cannot exceed the national credit rating. As the national credit rating progresses, enterprises can improve their credit ratings. Improved credit ratings reduce risks and lower interest rates. At the beginning of the year, the yield on issued bonds decreased in the market and entered single digits. Ulaanbaatar city is soon issuing bonds for development, and we are confident that the interest on these bonds will be relatively low. As funds come in with lower interest rates, the cost of subsequent loans can also decrease. Green bonds, climate change-related loans, and loans for female entrepreneurs typically have interest rates lower than the average loan rates.

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Economy

B. Lkhagvasuren: Next year, all loan interest rates will be reduced /LIVE/

Published: 2024-10-17 | Translated from: isee.mn

The plenary session of the State Great Hural is ongoing. Today's session is discussing the draft resolution of the State Great Hural on "The main directions of monetary policy to be followed by the state in 2025". During this session, State Great Hural member S. Ganbaatar said, "Partner and Central Asian countries are moving away from their dollar-centric policies. However, I realized that we have no policy direction on this issue. Monetary 'usury' policy is being practiced in Mongolia. Thanks to money lenders, banks' net profit has reached 909 billion MNT per year. Moving forward, how will we adopt a policy to increase exports and substitute imports?" Meanwhile, the President of the Central Bank of Mongolia, B. Lkhagvasuren, stated, "Lowering interest rates and easing the monetary policy stance will affect all bank financial products such as market interest rates, deposit rates, and loan rates. The Central Bank of Mongolia is confident that next year the loan interest rates will decrease to a certain extent under the influence of the policy rate."

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E.Batshugar: The fastest and easiest way to reduce the loan interest rate, a major issue for Mongolians, by 30% is to establish an Asset Management company

Published: 2024-10-17 | Translated from: isee.mn

During the meeting of the "Standing Committee on Economics," the "Main Directions for Monetary Policy in 2025" were discussed. During this session, Member of the Parliament E. Batshugar stated, "The loan interest rate has become a pressing issue for Mongolians. On average, it stands at 18%. The fastest and easiest way to reduce the loan interest rate is to establish an asset management company. Implementing this method could reduce the loan interest by 30%. This means the 18% interest rate could potentially drop to 12%. Work to establish an asset management company in our country was underway but was halted. What is the status of this work now? As I mentioned, is it possible to reduce the loan interest rate by 30%? Secondly, I support the government and Central Bank's plan to open a 'money market operation' next year based on the yield difference between government and Central Bank securities. The Central Bank's securities market amounts to 10 trillion MNT. This opens up the possibility to enhance the capital market by shifting to 'Money Market Appreciation.' I urge quick action on this. Thirdly, currently, preparations are underway to implement digital currency by 11 central banks worldwide, along with banks in 55 countries and 79 central banks. Therefore, regarding our country, I believe the Central Bank of Mongolia should implement digital currency transactions. Implementing this would bring tangible results to the economy and improve control and financial inclusion. Finally, when bringing foreign investors to Mongolia, I'd like them to invest in MNT. The Bank of Mongolia has also detailed this in its main financial guidelines. Since 1990, financial derivatives have hardly been implemented. The most critical concern for foreign investors is currency risk. How can we protect against currency risk?" he asked. In response to his questions, the President of the Bank of Mongolia, B. Lhagvasuren, said, "The part related to bad assets that you mentioned is discussed as 17%. The current operating costs of banks are 12-13%, while technological costs are 17-18%, so a reduction of over 20% is possible. An asset management company would be able to sell off bad assets. Collateralized properties held by banks will also become circulating assets. Our banks and financial institutions have improved and are moving toward being publicly traded companies registered on the stock exchange. As of today, non-performing loans account for 5.8% of total loans, which is a very low level. If this law is enacted, it is a timely opportunity. Although the proposed law was introduced at the time, it was not discussed. Regarding digital currency, the Bank of Mongolia has completed all research. According to international examples, central bank digital currency can operate on wholesale or retail markets. Please invest. Since 1990, financial derivatives have hardly been implemented."

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Published: 2024-10-17 | Translated from: ikon.mn

At 9:00 AM at the "Corporate Convention" center, a consultation meeting for health sector leaders under the slogan "Public Health Policy as a Priority" is taking place. At 9:30 AM in the Grand Ballroom of the Shangri-La hotel, President U. Khurelsukh will deliver a speech at the "High-Level Stakeholder Consultation Meeting" in preparation for the parties' conferences of the UN conventions on Biological Diversity, Climate Change, and Combating Desertification. At 10:00 AM in the State Palace, the autumn session plenary meeting of the State Great Khural will be held. At 10:30 AM at the Fire Department headquarters, officials will report on the situation and preventative measures in response to the increase in fire incidents in the capital city in recent days. At 10:30 AM in the Conference Hall of the Puma Imperial Hotel, a meeting to provide comprehensive public information on the policies and regulations for the preparation and risk prevention of the 2024-2025 winter and spring seasons in Mongolia's livestock sector will be held. At 11:00 AM at the National Statistical Office, Mongolia's social and economic indicators for the first 9 months of 2024 will be presented. At 11:00 AM in the meeting room of the City Police Department, a press conference about crimes and violations identified through surveillance cameras in the Green Zone will be held. At 11:00 AM at the "National Information Center," the "Freedom Center" and members and supporters of the Democratic Party will present information under the theme "Separating the Democratic Party from the Pockets of the People's Party. Separating ideologies from fascists and communists." At 11:00 AM at MUISTO, a North Asian regional meeting on the professional status of teachers will discuss and resolve the issue of a worldwide shortage of 44 million teachers, its causes, and potential solutions. Warning: Media organizations (Television, Radio, Social media, and Websites) must cite the source (ikon.mn) when using our information in any form, in whole or in part.

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The Bank of Mongolia: Exchange Rate Fluctuations Are Temporary and Expected to Stabilize

Published: 2024-10-17 | Translated from: ikon.mn

The Bank of Mongolia explained the reasons behind the fluctuation of the exchange rate of the Mongolian tögrög. As of October 10, 2024, the exchange rate of the tögrög against the US dollar as announced by the Bank of Mongolia was 3,385.87 MNT, registering a depreciation of 0.15% compared to the start of the month. However, since the beginning of the year, the tögrög has appreciated by 0.7% and by 2.0% compared to the same period last year. Every autumn, starting from September, the demand for imported goods rises due to the preparation of winter fuel and purchases of consumer goods, while activities in industries that generate foreign currency, such as mining and livestock, tend to decrease due to cold weather. This leads to seasonal fluctuations in the foreign exchange market each year. Historical statistics show that the pressure for the tögrög to weaken is highest in September annually. This pattern has repeated this year as well. Additionally, while export revenues increased by 4.3% over the first nine months of 2024 compared to the same period last year, the value of imports during this timeframe grew by 27.4%, reflecting increased economic activity. From a macroeconomic perspective, with high coal export levels and strong international prices for gold and copper, foreign currency inflows remain robust, maintaining foreign currency reserves at $4.6 billion. Therefore, current exchange rate fluctuations can be considered temporary and expected to stabilize. On the other hand, while a few large enterprises supply foreign currency in Mongolia's foreign exchange market, the demand comes from a large number of relatively smaller enterprises. Thus, the Bank of Mongolia intervenes in the foreign exchange market as needed to mitigate sharp fluctuations. As of October 11, 2024, the Bank of Mongolia has net sold $378 million. In other words, while the bank is selling the foreign currency it has purchased, it is also adding to its official foreign currency reserves by monetizing the gold bought from citizens and enterprises. Since the Government of Mongolia has deferred the payment of significant foreign loans and bonds, there are no substantial debt repayments due in the short term, thereby reducing the likelihood of significant depreciation of the tögrög. Warning: Media outlets (Television, Radio, Social networks, and Websites) must cite the source (ikon.mn) whenever fully or partially using our information in any form!

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Total Tax Revenue Reaches 20 Trillion MNT in the First Nine Months of 2024, Growing by 26% from the Previous Year

Published: 2024-10-17 | Translated from: ikon.mn

The total revenue and assistance of the unified state budget reached 22.8 trillion MNT in the first nine months of 2024, according to preliminary performance data. This is an increase of 5.1 trillion MNT or 29% compared to the same period last year, while the adjusted revenue and assistance reached 21.3 trillion MNT, growing by 26%. The total expenditure and net loans repayable amounted to 19.8 trillion MNT during the said period, resulting in a balanced surplus of 1.5 trillion MNT, as reported by the National Statistics Committee. The total tax revenue for the first nine months of 2024 reached 20 trillion MNT, growing by 4.1 trillion MNT or 26% from the same period last year. This increase was mainly influenced by the following: - Income tax revenue increased by 47.3% or 2.1 trillion MNT. - Value-added tax increased by 26.9% or 913.8 billion MNT. - Social insurance contributions increased by 21.1% or 578.2 billion MNT. - Foreign operations revenue increased by 23.8% or 252.8 billion MNT. - Excise tax increased by 38.2% or 226.6 billion MNT. Note: Media organizations (television, radio, social media, and websites) must cite the source (ikon.mn) when using this information in any form, either fully or partially.

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Did the Central Bank Stabilize the Currency for Elections?

Published: 2024-10-17 | Translated from: isee.mn

After the election, the dollar exchange rate increased by 20 togrog, and reserves decreased, allegedly because the Central Bank of Mongolia supplied a large amount of foreign currency to stabilize the exchange rate during the elections. In the past two months, the dollar exchange rate had remained stable, but immediately after last Friday's local elections, it surged, with one U.S. dollar now trading at 3407 togrog. Specifically, in the last five days, the dollar's rate has risen by almost 20 togrog. Despite official reports showing 6% inflation, a 28% increase in government revenue compared to the previous year, and a $3.2 billion surplus in the balance of payments, the dollar's rise has drawn public attention. - THE CENTRAL BANK INJECTED A LARGE AMOUNT OF DOLLARS BEFORE THE ELECTION - The Central Bank's main role is to maintain the togrog's exchange rate stability. Thus, it supplies dollars to the domestic market. It is possible that during the local elections, the Central Bank intervened, supplying a large amount of dollars from its reserves to forcibly maintain a stable exchange rate. According to data on the execution of the Central Bank's foreign currency auctions, on September 19, it supplied 102 million USD at 3380 togrog, on October 3, 70 million USD at 3381 togrog, and on October 8, 82 million USD at 3383 togrog. In short, the Central Bank was steadily supplying large amounts of dollars to the market at a stable rate. However, after the local elections, it supplied 60 million USD at 3388 togrog, raising the auctioned rate. - IS THE PRESSURE FROM IMPORTS PREVENTING THE GROWTH OF CURRENCY RESERVES? - At a recent meeting of the Economic Standing Committee, Central Bank Governor B. Lkhagvasuren stated, “The currency reserve reached a historic high of 5.2 billion USD this year, but since then, the Central Bank has repaid 50% of the debt from the swap agreement with the People's Bank of China, which affected the currency reserve's reduction. Additionally, imports increased by 20% and exports by 6% compared to last year, also having an impact. Import pressure is preventing currency reserves from increasing.” Meanwhile, Member of Parliament J. Ganbaatar remarked that the decline in currency reserves is linked to not selling coal through the exchange. He suggested selling coal through the exchange, noting that in the past four years, many debts have been repaid, except for this year's delay in repaying the loan from the People's Bank of China.

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Owners of Chinggis Khan Bank Propose Selling Shares to Foreign Investors

Published: 2024-10-17 | Translated from: ikon.mn

During discussions on the fundamental directions of monetary policy for 2025 in the State Great Khural, MP N. Altankhuyag demanded that the president of the Mongol Bank, B. Lkhagvasuren, disclose the names of the owners of Chinggis Khan Bank and the National Investment Banks. He also inquired where the accounts of state-owned enterprises "Erdenes Tavantolgoi" and "Erdenet Factory" are held. The president of the Mongol Bank, B. Lkhagvasuren, responded: "Chinggis Khan Bank is owned by three investors. The names are registered under three individuals: Bata, Batkhuy, and Buted. These individuals have proposed selling their shares to foreign investors, and this is currently being reviewed by the Mongol Bank. If the investment funds are received, the bank will be restructured to operate with a new investor. The National Investment Bank is registered under a company, which is divided among several individuals. Among them, D. Sumyabazar is a significant shareholder. As for the ultimate beneficiaries, the bank itself should disclose this information openly on its website. I will take responsibility for ensuring this information is made available. Additionally, I will compile detailed information about the ownership percentages and provide it to MP N. Altankhuyag. Accounts for state-owned enterprises like "Erdenes Tavantolgoi" and "Erdenet Factory" are held in several banks. Based on payment and transaction observations, they are with the Trade and Development Bank, Golomt Bank, Khan Bank, and the State Bank. It is appropriate for the enterprises themselves to provide information regarding their client accounts," he concluded. Warning: Media organizations (TV, Radio, Social, and Websites) must cite the original source (ikon.mn) when using our information in whole or in part in any form.

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Tugrik Exchange Rate Strengthens by up to 2% against US Dollar

Published: 2024-10-17 | Translated from: montsame.mn

According to the rates announced by the Bank of Mongolia, the exchange rate of the tugrik against the US dollar was 3,385.87 tugriks, indicating a depreciation of 0.15%. However, since the beginning of the year, it has strengthened by 0.7% and by 2% compared to the same period last year. Every year starting in September, there is an increased demand for imported goods related to preparing winter fuel and buying consumer goods. Meanwhile, due to weather conditions, the activity of sectors with foreign currency income, such as mining and livestock, decreases, causing seasonal fluctuations in the foreign exchange market. According to long-term average statistics, the pressure for depreciation of the tugrik is at its highest in September. This trend is repeating this year. As of the first nine months of this year, export income has decreased by 4.3% compared to the same period last year, while the sum of imports related to increased economic activity has risen by 27.4% in the same period. From a macroeconomic perspective, due to high coal exports and stable prices of gold and copper in the international market, the inflow of foreign currency remains high, with gross international reserves standing at 4.6 billion US dollars. Therefore, the central bank has indicated that the current exchange rate fluctuations are temporary and are expected to stabilize in the future. The Bank of Mongolia has sold a net amount of 378 million US dollars. This means they are selling back the foreign currency purchased while monetizing the gold procured from citizens and businesses to increase the international reserves. The government has successfully deferred the payments of foreign loans and bonds, meaning there are no major loan repayments due soon, which reduces the reasons for further depreciation of the tugrik, according to reports.

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Producing Coking Coal and Thermal Coal

Published: 2024-10-17 | Translated from: news.mn

The "Erdenes Tavantolgoi" JSC's Coal Enrichment Plant processes 10 million tons of raw coal annually and produces two types of products that meet international standards. The main product, coking coal, has an ash content of less than 10.5%, an adhesive content of more than 80, and a calorific value exceeding 7000 kcal/kg. Thermal coal produced here is characterized by having less than 22% ash, a calorific value of more than 6000 kcal/kg, volatility under 23%, and sulfur content less than 1%. The plant has installed world-leading equipment, including Australia's McLanachan crushers, Aury dewatering centrifuges and screens, Eriez magnetic separators, Haiwang desliming cyclones, dense medium cyclones, rain jigs, and SGB pumps. The technology employed features a 2-stage heavy medium cyclone, TBS jigs, flotation machines, dewatering devices like centrifuges, and filter presses, which are in line with global standards, all making it a fifth-generation cutting-edge plant. From the central control room, over 1,100 pieces of equipment can be monitored, started, stopped, and configured within 24 hours, using more than 250 cameras to fully oversee the production process, making it a highly automated factory. The Coal Enrichment Plant at "Erdenes Tavantolgoi" JSC produces value-added final products that comply with the quality standards expected by international customers.

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MN TOWER: Become an Owner in a Business-Friendly Zone

Published: 2024-10-17 | Translated from: ikon.mn

MN TOWER: A VALUABLE LOCATION MN Tower offers service spaces to you, our esteemed guest. MN Tower offers office spaces to you, our esteemed guest. MN Tower includes all needed services. 1. MN TOWER - A VALUABLE LOCATION: Located on the west side of Freedom Square in the Chingeltei District, MN Tower is 1 km from the center point of Ulaanbaatar city, neighboring the Government House, ministries, and major organizations. It saves your precious time and offers an advantageous location for expanding your business scope. A location with increasing future value. 2. MN TOWER OFFERS SERVICE SPACES TO YOU, OUR ESTEEMED GUEST: For you, we offer 128-202 sq.m. service spaces that will meet your needs and become the foundation of your business success with a perfect interior solution whose value will further increase in the future. Your business entrance is marked by a reception area. - 202 sq.m of service area fully equipped for all types of use, with a VIP meeting room section. - A 202 sq.m service space with a fully equipped and comfortable tea area for employees. - Organized with a comprehensive modern interior solution. - A 202 sq.m fully equipped area designed for your comfort and enhanced creative thinking. - A 202 sq.m service area ideal for your startup or training center. 3. MN TOWER OFFERS OFFICE SPACES TO YOU, OUR ESTEEMED GUEST: Choose from high-class office spaces ranging from 31-400 sq.m and become an owner in a business profitable zone. Be invited to a high-class office that fully reflects your success. - Only one office space of 31 sq.m remains available. - Only one office space of 62 sq.m remains available. - Only one office space of 89 sq.m remains available. - Only one office space of 100 sq.m remains available. 4. MN TOWER INCLUDES ALL NEEDED SERVICES: MN Tower, with its service-oriented floors from 1 to 6, is tailored for you and your team's successful business activities, offering services like Golomt Bank, Unitel, TOM N TOMS, "Central Capital" MFI, Notary, "CU" convenience store, art gallery, and a high-end "Mongolian hot pot" restaurant, plus a World Kids play center funded by Korean investment, specially available for renters' and buyers' children at discounted or free rates. - "Mongolian hot pot" restaurant with a capacity of up to 250 people. - Korean investment-backed World Kids playroom. - TOM N TOMS coffee shop on the first floor. - Golomt Bank to keep your business running smoothly. - CU convenience store for your daily needs. You can receive a special discount if you pay the full amount. Address: Chingeltei District, 5th khoroo, MN Tower, 18th floor, Ulaanbaatar Properties LLC Telephone: 77009919-2 Website: mntower.mn

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Why Does the Tugrik Exchange Rate Fluctuate?

Published: 2024-10-17 | Translated from: news.mn

According to the Bank of Mongolia, the exchange rate of the Mongolian Tugrik against the US Dollar was 3385.87 Tugrik. This indicates a 0.15% depreciation of the Tugrik against the Dollar in the month of October. However, from the beginning of the year, the Tugrik has appreciated by 0.7% and by 2.0% compared to the same period last year. Every autumn, starting from September, the demand for imported goods increases due to stocking up on winter fuel and purchases of consumer goods. Conversely, sectors generating foreign currency income, such as mining and animal husbandry, see reduced activity due to cold weather, leading to seasonal fluctuations in the foreign exchange market. According to long-term average statistics, September is consistently the month with the highest pressure for the Tugrik to depreciate every year. This pattern is repeating itself this year as well. In addition, while export income increased by 4.3% in the first nine months of 2024 compared to the same period last year, the economic activity improvements led to a 27.4% rise in import sums during the same period. From a macroeconomic viewpoint, while coal exports are high and gold and copper prices remain high in the international market, the inflow of foreign currency remains strong, keeping the gross international reserves at a level of 4.6 billion US dollars. Therefore, the current exchange rate fluctuations can be considered temporary, and stabilization is expected. On the other hand, a few large enterprises supply foreign currency to Mongolia's market, whereas demand comes from many relatively small businesses. Therefore, the Bank of Mongolia intervenes in the foreign exchange market as needed to reduce sudden fluctuations in the exchange rate. As of October 11, 2024, the Bank of Mongolia has sold a net amount of 378 million US dollars. In other words, while the Bank of Mongolia is re-selling the foreign currency it has purchased, it is also increasing its gross international reserves by monetizing the gold it has acquired from citizens and businesses. The successful postponement of external loans and bond payments by the Government of Mongolia means that there are no significant loan payments due in the near future; therefore, there is little reason to expect further depreciation of the Tugrik.

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The Outstanding Loan Debt Increased by 35% in the First Nine Months of the Year Compared to the Same Period Last Year

Published: 2024-10-17 | Translated from: ikon.mn

Monetary supply reached 41.8 trillion MNT in the first nine months of this year, increasing by 25.9% compared to the same period last year, according to the National Statistics Office. This increase was mainly influenced by the rise in MNT deposits by 5.7 trillion MNT and MNT accounts by 3.8 trillion MNT. Out of the total 20.2 trillion MNT in MNT deposits, 85.3% are held by individuals, and 14.7% by businesses and organizations. Additionally, individual deposits rose by 4.6 trillion MNT to reach 17.6 trillion MNT, and business deposits increased by 1.2 trillion MNT. Meanwhile, the outstanding loan debt amounted to 35.2 trillion MNT in the first nine months of the year, which is a 35% increase compared to the same period last year. The main contributors to this rise were the increase in individual loan debts by 6.3 trillion MNT and private organization loan debts by 2.5 trillion MNT. Of the total outstanding loans, 90.7% are normal loans, 3.7% are watchlist loans, and 5.6% are non-performing loans. Warning: Media outlets (TV, Radio, Social, and Websites) must cite the source (ikon.mn) when using our information fully or partially in any form.

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Diplomacy

Expressed desire to establish embassies of Mongolia and Pakistan

Published: 2024-10-17 | Translated from: montsame.mn

The Prime Minister of Mongolia, L. Oyun-Erdene, attended the expanded meeting of the Council of Heads of Government of the Shanghai Cooperation Organization (SCO) member and observer countries in Islamabad, the capital of the Islamic Republic of Pakistan. During this event, he met with the Prime Minister of Pakistan, Shehbaz Sharif. Prime Minister L. Oyun-Erdene noted his intention to enhance and strengthen the friendly relations and cooperation between the two countries, with a focus on mutually beneficial collaboration in areas such as trade, economy, agriculture, tourism, and culture. Both parties agreed on the importance of increasing trade turnover between the two countries, especially in agriculture and light industry sectors. They discussed the possibility of Mongolia supplying halal-prepared meat, wool, cashmere, leather products, and Pakistan supplying sewn and woven goods. The Prime Minister of Mongolia expressed interest in studying the experience of the Pakistan-China Economic Corridor construction in relation to promoting the Mongolia-China-Russia economic corridor. The Prime Minister of Pakistan, Shehbaz Sharif, proposed the establishment of an intergovernmental commission to expand trade and economic relations and expressed a desire to establish embassies in each other's countries. He requested Prime Minister L. Oyun-Erdene to consider easing visa conditions. He also expressed a keen interest in importing agricultural products, particularly wool, cashmere, leather, and meat, and stated his commitment to make these plans a reality. Mongolia and the Islamic Republic of Pakistan established diplomatic relations on July 6, 1962, and Mongolia currently handles its diplomatic affairs with Pakistan through its embassy in Beijing, China.

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Mongolia Expresses Desire to Establish Embassies with Pakistan

Published: 2024-10-17 | Translated from: isee.mn

During an expanded meeting of the heads of government of the Shanghai Cooperation Organization (SCO) member and observer states held in Islamabad, the Prime Minister of Mongolia, L. Oyun-Erdene, met with the Prime Minister of Pakistan, Shehbaz Sharif. Prime Minister L. Oyun-Erdene emphasized Mongolia's commitment to expanding and strengthening friendly relations and cooperation with Pakistan, and to developing mutually beneficial partnerships in trade, economy, agriculture, tourism, and culture. The parties agreed on the importance of increasing bilateral trade, particularly in agriculture and light industry. They discussed the potential for Mongolia to export halal-prepared meat, wool, and leather products to Pakistan, while importing textiles from Pakistan. Prime Minister L. Oyun-Erdene also expressed interest in studying Pakistan's experience with the China-Pakistan Economic Corridor, as Mongolia aims to accelerate the Mongolia-China-Russia economic corridor. Prime Minister Shehbaz Sharif proposed establishing an intergovernmental commission to expand trade and economic relations, and expressed a desire to establish embassies in both countries. He also requested Prime Minister L. Oyun-Erdene to consider facilitating visa processes. Additionally, he highlighted Pakistan's interest in importing agricultural products from Mongolia, including wool, leather, and meat, and emphasized the need to bring these initiatives to fruition. Mongolia and Pakistan established diplomatic relations on July 6, 1962, with Mongolia's embassy in China concurrently serving as the embassy to Pakistan.

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President of the Australian Senate, Sue Lyons, is Visiting

Published: 2024-10-17 | Translated from: unuudur.mn

At the invitation of D. Amarbaysgalan, Speaker of the State Great Khural (Parliament of Mongolia), a delegation led by Sue Lyons, President of the Senate of the Federal Parliament of Australia, has begun its visit. The honored guests were welcomed by Deputy Speaker of the State Great Khural, B. Pürevdorj, Ambassador Extraordinary and Plenipotentiary of Mongolia to the Commonwealth of Australia, D. Davaasüren, and Ambassador of Australia to Mongolia, Katie Smith. As part of the visit, Speaker D. Amarbaysgalan and Senate President S. Lyons have planned extensive meetings to discuss the extension and development of inter-parliamentary relations and cooperation between the two countries, which commenced yesterday at the State Palace. It is worth noting that this is the first ever visit to Mongolia by a President of the Senate. Additionally, S. Lyons will formally meet with President of Mongolia, U. Khürelsükh, to engage in political discussions and exchange views on cooperation between Mongolia and Australia.

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Ready to Cooperate Mutually with SCO Countries

Published: 2024-10-17 | Translated from: news.mn

The Prime Minister of Mongolia, L. Oyun-Erdene, took part in the expanded meeting of the Council of Heads of Government of member and observer countries of the Shanghai Cooperation Organization (SCO), held in Islamabad, the capital city of the Islamic Republic of Pakistan. We present the full text of his speech. His Excellency Prime Minister of the Islamic Republic of Pakistan, Shehbaz Sharif, Respected Heads of Delegations, Ladies and gentlemen, First of all, I would like to express my gratitude to the Secretary-General and the Secretariat for their leadership over the past three years in guiding the spirit of the SCO. I also extend my congratulations and gratitude to His Excellency Prime Minister Muhammad Shehbaz Sharif of the Islamic Republic of Pakistan for successfully organizing today's expanded meeting of the Council of Heads of Government of the SCO's member and observer countries. Since its establishment, the SCO has expanded and enriched its scope with various contents, with the number of member states and dialogue partners gradually increasing each day, strengthening and cementing mutual trust and friendly relations among the countries. Mongolia is pleased with the development of the SCO as an important mechanism for strengthening peace, stability, and security in the region and expanding political, economic, cultural, and humanitarian cooperation. The international community is facing significant challenges such as warfare, price hikes, food and energy shortages, climate change, and desertification, requiring all countries to pay attention to strengthening peace, stability, and security. Therefore, I emphasize the importance of adhering to the principles of the UN and the "Shanghai spirit," deepening international unity, mutual understanding, trust, and respect, where all countries cooperate with joint efforts. The SCO has contributed appropriately to today's expansion by effectively working towards the enhancement of trade, economic cooperation, mutual understanding, and trust among the participating countries. Distinguished guests, In the context of Mongolia's foreign policy, which is "peace-loving, open, autonomous, and multi-pillared," it will continue to develop the relations and cooperation with the SCO's member, observer, and dialogue partner countries at bilateral and multilateral, regional levels. Mongolia will actively cooperate with the SCO and its member countries in the economic and infrastructure sectors and strive to develop mutually beneficial cooperation in trade, investment, food, agriculture, mining, energy, industrialization, transportation logistics, border infrastructure, environment, green development, green transition, tourism, information technology, AI, and humanitarian fields. Ladies and gentlemen, Mongolia, together with you, has overcome the challenging period of the global Covid-19 pandemic on a regional scale and, for three consecutive years, the economy has grown by 5-8%, with the GDP per capita increasing annually by $1,000. This is a crucial indicator reflecting economic integration with the region. Mongolia has amended its Constitution to strengthen parliamentary governance, increase the representation capacity of the parliament, and add more representatives. For the first time, our new parliament has seats for five parties, with women's participation rising above 25%, surpassing the regional average, and includes experts from many sectors. Amendments were made for more stable development policies and planning, with broader participation of multiple parties in decision-making. A Coalition Government was formed to implement 14 mega projects at the regional cooperation level. Most of these projects focus on transport, logistics, energy, minerals, and mining cooperation. Today, we are pleased with the trilateral meeting between the governments of Russia, China, and Mongolia, using this SCO platform to increase collaboration on these projects. I express our readiness to support investment in railway, infrastructure, energy, agriculture, and tourism with mutual benefits for future cooperation. Mongolia's financial rating and e-governance index have improved, providing a positive signal to investors, and we aim to maintain stability and responsible collaboration. Mongolia is ready for active cooperation with the SCO's member countries in line with our "Vision-2050" long-term development policy, "New Revival" policy, Government Action Plan, and regional cooperation and government programs. Ladies and gentlemen, We are confident that today's meeting will further strengthen the SCO's leadership and global peace, security, and sustainable development goals, enhancing the trust, mutual respect, and cooperation among the world nations. I wish success to His Excellency Muhammad Shehbaz Sharif, the Prime Minister of the Islamic Republic of Pakistan, who is successfully chairing this conference, and to China, chaired by Premier Li Keqiang, and Russia, chaired by Prime Minister Mikhail Mishustin, which will lead next year's meetings and determine strategies for expanding future cooperation. While defining the future strategy of the SCO, attention should be given to three key points: First, more attention should be paid to how artificial intelligence and rapid technological development affect the region during strategic planning while in the age of rapid technology. Second, it would be important to define a regional strategy for how green development will unfold for countries like Mongolia, whose economy depends on the mining sector. Third, there is a growing shortage of human resources every day. Countries experience low birth rates, shortages in the workforce, and the education sector is not keeping pace with fast-growing green economy developments, resulting in issues. Therefore, the SCO should outline the future trends of human resources and establish mechanisms to explore how AI and green growth will impact the region's economy. At the next meeting and while defining the SCO's future strategy, it will be a smart forward-thinking choice if countries such as China, India, and Russia, with strong technological advancement, demonstrate leadership in this area. Our region should look ahead, not trying to catch up with the development, enabling the region to showcase leadership to the world. Thank you to the participating countries for actively engaging in today's meeting for regional prosperity and world peace.

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VI Meeting Held between the Ministry of Foreign Affairs and the Inner Mongolia Autonomous Region People's Government

Published: 2024-10-17 | Translated from: montsame.mn

The VI meeting of the Permanent Consultative Working Group between the Ministry of Foreign Affairs of Mongolia and the People's Government of the Inner Mongolia Autonomous Region of the People's Republic of China was held in Hohhot. At the meeting, the sides exchanged views and signed a protocol on cooperation in various sectors including border, transportation, infrastructure development, energy, investment, environment, tourism, education, and humanitarian sectors. The parties agreed to continue their efforts with new approaches and forms that suit the current times and to develop more pragmatic cooperation to achieve tangible results. Furthermore, it was agreed to use this cooperation mechanism as a platform to implement the agreements reached between the heads of state of the two countries and to deepen the comprehensive strategic partnership in all areas. The regular meeting was chaired by Secretary of State of the Ministry of Foreign Affairs of Mongolia, L. Munkhtushig, on the Mongolian side, and by Vice Chairman of the People's Government of the Inner Mongolia Autonomous Region, Yang Jin, on the Chinese side, with representatives from border, customs, environment, education, and other organizations of both sides in attendance. The regular meeting of the Permanent Consultative Working Group coincided with the 75th anniversary of the establishment of diplomatic relations between Mongolia and the People's Republic of China and was convened in person for the first time in six years due to the pandemic situation. The first meeting of the Permanent Consultative Working Group between the Ministry of Foreign Affairs of Mongolia and the People's Government of the Inner Mongolia Autonomous Region was held in 2011 in Hohhot, the second meeting in 2013 in Ulaanbaatar, the third meeting in 2016 in Hohhot, the fourth meeting in 2018 in Ulaanbaatar, and the fifth meeting in 2022 in the form of a protocol exchange.

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Infrastructure

Russia Stalls Egiin Gol Dam Project Again

Published: 2024-10-17 | Translated from: isee.mn

The Russian side has dismissed previous studies related to the "Eg River" hydroelectric power station (HPS) and has once again stalled the project for three years, suggesting the establishment of a new joint working group between Mongolia and Russia. For many years, the construction of the "Erdeneburen" and "Eg River" hydroelectric stations has been stalled due to involvement from many stakeholders, and if built, it would allow Mongolia to become independent in terms of energy from Russia. Russia has been stalling this project since 1991 and even filed a complaint with the UN in 2016 to halt construction funded by a $1 billion concessional loan from China. The political decision to build the "Erdeneburen hydroelectric power station" was made during the "Belt and Road" meeting held in China in October 2023, during which the presidents of the two countries met and the relevant officials signed a special loan agreement for the project. Accordingly, a Chinese company has been identified to construct the "Erdeneburen hydroelectric power station" and has begun its work. Meanwhile, the issue of building the "Eg River hydropower station," a major project, was most recently discussed during Russian President Vladimir Putin's visit to Mongolia last month. Specifically, during Putin's visit, a memorandum was signed regarding the construction of the "Eg River hydroelectric power station," and our working group's leader was decided to be S. Odontuya, the Minister of Environment and Climate Change. From the outset, the government's efforts to engage in discussions with the Russian side regarding the "Eg River hydroelectric power station" have faced obstruction. The response from the Russian side has often been to "flip the bird," so to speak. However, during a meeting between U. Khurelsukh and V. Putin at the Shanghai Cooperation Organization's summit in Samarkand, Uzbekistan, in September 2022, the issue was discussed more positively, and a nod of approval was given. Following this, when Prime Minister L. Oyun-Erdene attended the 7th Eastern Economic Forum held in Vladivostok, Russia, in 2022, he also discussed the project's progress with V. Putin. A few days before this meeting, the UN Secretary-General Antonio Guterres visited our country and stated that "the UN will provide political support for the construction of the Eg River hydroelectric power station." Since the sentence involved geopolitics and reached Putin's attention, he diplomatically and wisely stated that "we cannot directly contradict the UN's position. Let's form a joint Mongolian-Russian working group to assess the project and make a decision," during a meeting with our Prime Minister L. Oyun-Erdene. Such responses regarding the project from Russia, in truth, have not been encouraging, suggesting that Russia may intend to keep Mongolia dependent on itself for transportation and energy resources. Initially, the government made decisions to construct a 220 MW hydroelectric station in 1991, 1996, and 2007, but the Russian side has always caused delays. In 2013, the government renewed its decision to build this power station, and in 2014, the technical and economic feasibility study was revised to increase the capacity to 315 MW. Although construction with a loan of one billion dollars at a discounted rate from China started in 2016, the Russian complaint to the UNESCO World Heritage Committee of the United Nations caused the project to stall. Russia suggested forming a joint research working group, expressing President V. Putin's request to present the outcome in 2026. Over the years, the "Eg River Hydroelectric Power Station" JSC, along with the Mongolian Academy of Sciences, conducted studies. The study concluded that this project will not have a negative impact on Russia's Selenga River and Lake Baikal's water resources. Additionally, Mongolia announced an international tender, and a French company conducted a biological impact study, but when the Russian Ministry of Energy reviewed the detailed environmental assessment of the Eg River HPS by the French company, they stated, "We do not want to rely on assessments from countries with unfriendly relations. Let’s establish a joint working group between our two countries' four ministries," further delaying the project. Amidst these developments, a memorandum of understanding was signed during Putin's visit, followed by a meeting in Moscow between MP and Minister of Environment and Climate Change S. Odontuya and Russian Minister of Natural Resources and Environment A.A. Kozlov. However, the Russian side has demanded another three-year postponement of the project. In other words, it appears to be Russia's continuous attempt to delay the project, consistent with Putin's comments during his previous visit after Antonio Guterres' visit to Mongolia. Both sides have agreed to start a joint environmental impact research study on the "Eg River hydroelectric power station" construction, with specific responsibilities and timelines established. A research working group has been set up, consisting of six experts from each country's scientific academies, with the Mongolian team led by academician S. Demberel, director of the Institute of Astronomy and Geophysics. Both sides will exchange previous research work, aiming to conclude the results by the end of 2026. This may merely be another attempt by Russia to postpone the project as before. Once the "Eg River hydroelectric power station" is completed, it will produce 606 million kWh of electricity, meeting the growing demand of the central region's integrated network and providing essential system regulation functions. This has economic significance, as it will replace over $50 million annually spent on imported electricity with domestic supply and generate tax revenue equivalent to $4.2 million each year.

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Discussing the Russian Natural Gas Pipeline Project through Mongolia

Published: 2024-10-17 | Translated from: gogo.mn

Prime Minister L. Oyun-Erdene, participating as an observer in the meeting of heads of government of the member states of the Shanghai Cooperation Organization held in Islamabad, Pakistan, met with Russia's Prime Minister Mikhail Vladimirovich Mishustin. The heads of government of the two countries discussed advancing specific issues of cooperation in sectors such as economy, trade, banking and finance, transportation, and energy within the framework of bilateral cooperation between Mongolia and Russia. In particular, they exchanged views on accelerating the implementation of the project to construct a pipeline for supplying natural gas from Russia to China through Mongolian territory. Prime Minister L. Oyun-Erdene proposed a new railway construction project along the central railway corridor to be conducted jointly by Mongolia, Russia, and China. This would allow for an increase in the total freight transport volume to 60 million tons annually. The parties noted the importance of establishing a temporary free trade agreement between Mongolia and the Eurasian Economic Union within the year, as it holds significance for increasing the volume of bilateral trade. Additionally, the Mongolian side expressed support for conducting an environmental impact assessment by scientists and researchers from the academies of sciences of both countries in connection with the Egiin Gol hydropower plant project. Source: Government of Mongolia

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Revenue of the transportation sector increased by 645.5 billion MNT in the first 9 months compared to 2023

Published: 2024-10-17 | Translated from: montsame.mn

Nationwide, 87.5 million tons of cargo were transported by all types of transport in the first 9 months of 2024, an increase of 14.9 million tons compared to the same period in 2023. By transport type, cargo transported by road increased by 14.3 million tons, and by air increased by 1.6 thousand tons. To note, 63.0 million tons of cargo were transported in the first 9 months, an increase of 14.3 million tons compared to the same period in 2023. Revenue in the transport sector reached 5.4 trillion MNT in the first 9 months, increasing by 645.5 billion MNT from the same period in 2023. This growth was due to: revenue from road transport increased by 342.1 billion MNT, air transport by 220.2 billion MNT, and railway transport by 84.7 billion MNT. Revenue in the road transport sector reached 3.6 trillion MNT in the first 9 months, up by 342.1 billion MNT from the same period in 2023. Railway transport reached 24.5 million tons in the first 9 months, an increase of 640.7 thousand tons compared to the same period in 2023. This increase was contributed by: import cargo increased by 183.1 thousand tons, transit cargo by 291.8 thousand tons, and domestic transport cargo by 212.8 thousand tons. Railway transport revenue reached 911.0 billion MNT in the first 9 months, an increase of 84.7 billion MNT over the same period in 2023, supported by the transport of fluorspar, fluorspar concentrate, iron ore, petroleum, and petroleum products. Cargo transported by air reached 7.6 thousand tons in the first 9 months, an increase of 1.6 thousand tons over the same period in 2023. Domestically, 18.7 tons of cargo were transported in the first 9 months, 5.6 tons more than the same period in 2023, while international cargo reached 7.6 thousand tons, increasing by 1.6 thousand tons from the same period. Additionally, international passengers totaled 1.4 million in the first 9 months, an increase of 371.0 thousand from the same period in 2023. This growth was influenced by passengers on the Hong Kong route increasing by 74.5 thousand, the Hohhot route by 36.2 thousand, the Manzhouli route by 8.4 thousand, and the Hailar route by 15.3 thousand people. Domestic air passenger numbers reached 319.3 thousand, up by 7.7 thousand from the same period in 2023. Revenue of national air transporters reached 926.1 billion MNT in the first 9 months, up by 220.2 billion MNT from the same period in 2023. For this type of transport, the number of passengers increased, resulting in profitable operations. However, passenger transport by road and railway showed a decrease compared to 2023. Freight turnover: It is a unit that measures transport performed by carrying one ton of cargo over a kilometer or more. Freight turnover and transported cargo volume are calculated by type of transport and type of cargo. Freight turnover is expressed in ton-kilometers. Passenger turnover: A unit that measures transport performed by carrying one passenger over a kilometer or more. Passenger turnover is expressed in passenger-kilometers. Transferred ton-kilometers: An indicator that transfers the various types and forms of work and services performed by transport into one unit using special coefficients, or ton-kilometers. This indicator varies by type of transport. Transport revenue: The sum of the cost received for providing transport services, representing the result of transport organizations' operations, meaning the revenue from cargo and passenger transport and related activities, as explained by the National Statistics Committee.

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B.Jargalduren: From next month, traffic on the old Zaisan Bridge will be closed for eight months for demolition

Published: 2024-10-17 | Translated from: ikon.mn

Starting from November 1, 2024, traffic on the old Zaisan Bridge will be closed for demolition. B. Jargalduren, a bridge inspection specialist from the Capital City Road Development Agency, stated, "As part of the project to reduce traffic congestion in Ulaanbaatar, the Zaisan Bridge is being renovated and twinned. In this context, a new bridge on the west side was built and put into operation in 2023. From November 1 this year, traffic on the old Zaisan Bridge will be closed and preparations for a new construction will begin. During the closure of Zaisan Bridge, a new sewage pipeline for the residents of the area will be connected. After that, the old bridge will be demolished. Traffic on the old bridge will be closed until July 10, 2025. During this period, the newly operational bridge will be used in the opposite direction." The old Zaisan Bridge was put into operation in 1968 and has fallen below a D rating, necessitating its renovation and reconstruction. Meanwhile, the new 225-meter-long bridge was put into operation last year. Notice: Media organizations (Television, Radio, Social Media, and Websites) must cite the source (ikon.mn) when using our information in any form, either in full or in part.

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Society

Published: 2024-10-17 | Translated from: itoim.mn

According to a new report by Intelligent.com, which surveyed around 1000 business leaders about the labor market, companies are increasingly reluctant to hire members of Generation Z. Specifically: One in six business leaders expressed doubts about hiring Generation Z due to their communication skills, behavior, and professional competencies. Six out of ten employers laid off graduates who joined the workforce in 2024. One in seven stated that they might refuse to hire new graduates next year as well. The challenge of understanding and working with Generation Z, or the new generation, is becoming one of the pressing issues in our country's labor market. Moreover, due to a decline in birth rates during Mongolia's transition period in the 1990s, the working-age population is relatively smaller compared to other times. A recent study by the Ministry of Family, Labor, and Social Protection showed that by 2035, Generation Z, or young people born after 2000, will account for 43% of the working-age population. This indicates a need for a radical overhaul of human resources policy. Therefore, major Mongolian companies are sharing their good practices in working with the new generation. If you understand their characteristics, they can become more productive workers. Sh. Ganbyamba, Deputy Director of Human Resources at Khan Bank, says that 15% of their total employees are young people under the age of 25. It's important first to understand the characteristics of the new generation. From our perspective, they're born with skills to quickly learn new technologies and programs. Secondly, the new generation is active in social and volunteer work. They like helping others using what they are good at. Supporting this trait could be beneficial. Also, the new generation values their personal space and freedom. They like to express their thoughts freely. They prefer a flexible work environment, the ability to work from home, and to have a work-life balance—completing all work within working hours and going home. Understanding these traits makes managing them easier. However, there is much for managers to learn about how to communicate and work with the new generation to make them better employees. For this reason, Khan Bank is starting step-by-step training for managers on "How to work with the new generation and lead them effectively." I believe they can become more productive if we understand their characteristics and communicate effectively. The organization isn't just a place to collect a paycheck. O. Solongo, HR Director at Max Group, which has over 4500 employees, states that approximately 25% of their employees are from Generation Z. The characteristics of Generation Z include preferences for favorable working conditions, comfort, and flexible hours. They've improved the work environment by spending over 4 billion MNT on renovations, making it more comfortable. Additionally, they provide various opportunities to spend free time comfortably, such as table games, tennis, darts, and access to gym facilities. Generation Z tends to be somewhat mentally unstable or burnout-prone. International studies show that 15% of the total workforce has mental health issues. Among them, 30-40% of Gen Z are prone to depression or stress. To address this, their organization employs a psychologist to provide various types of counseling on personal and professional issues. They also maintain a flexible work schedule, allowing employees to arrive between 7-10 AM, with flexible departure times to avoid city traffic. They enable employees to work from offices located closer to their homes. Furthermore, they implement fitness, yoga, and swimming programs at the group level for physical development. An organization is not just a paycheck place. It's a place where people learn, grow, build their future, form a team, and expand their network. Therefore, the organization should provide opportunities for self-development. Due to this, they openly offer chances to work on projects and attend desired training sessions. We make the work delightful. B. Tsolmon, Operations Director at Intermed Hospital, mentions that MCS Group has 13,000 employees, 40% of whom are young members of Generation Z. They began discussing issues related to the new generation during the MCS Group managers' meeting in 2016. Therefore, they adjusted the core values for these employees in 2020, keeping the content but adapting the language to match the style of today's youth. For example, changing words to describe work as something engaging and rewarding. In addition, being a group with many activities aimed directly at younger generations, MCS Group recently launched the "MCS benefit" website, where every MCS Group employee can access discounts on products and services from subsidiary companies. There are pros and cons not just for Generation Z but for all age groups. B. Munkhtsetseg, HR Director at Monos Group, explained that Monos Group has 2500 employees, with 25-30% from Generation Z. Generation Z seems to be more technologically skilled and aware of their value, getting a kick out of it. They're keen to meet deadlines and see how their goals align with the organization's goals, and what value they're contributing. It's important to make them understand and feel this. Monos Group's HR policy and direction aim to improve and focus on the well-being of employees through various programs. Employees work in teams categorized into four age groups. It's not just Gen Z that has distinctive features; each age group has unique characteristics. There are advantages and challenges for each age group. They tailor their policies to ensure employee participation according to their characteristics. They make you feel as comfortable at work as at home. B. Khoschimeg, HR Director at "UbCab Holding," says they have 140 employees, with over 60% from Generation Z. Since they produce technology-based products, they have many young employees. The management is mostly young, under 40. Their corporate culture is based on understanding, collaborating, and supporting each other, or "love" as they call it. They organize many competitions and events in the team. There are interest clubs for every employee's preferences, where one can become the president of their chosen club. This motivates their young employees. Interest clubs receive some sponsorship to organize events monthly, quarterly, or annually. Looking at the turnover in their technology sector, it accounts for 7%. Necessary turnover occurs due to conscription, illness, or going abroad. Otherwise, exits and entries are rare. In their most youth-dominant IT company "Mezorn," 80% of the workforce is young people. They work on a flexible timetable with fortnightly performance reviews and celebrations of achievements. The team leaders are aligned with the unique characteristics of each generation to effectively collaborate with employees. Leaders determine the psychological conditions, needs, and development levels of their employees. Furthermore, they have implemented standards from Netflix, Amazon, and Google, making their environment more innovative and suitable for today's youth. For example, they have nap and shower rooms to create a home-like feel at the workplace. They approach work less as a formal task and more as a mentorship or role model relationship at work.

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Environment

S.Odontuya: The Entire World Will Focus on Climate Change and Desertification in Mongolia for 14 Days

Published: 2024-10-17 | Translated from: ikon.mn

The United Nations (UN) high-level participant discussions leading up to the conferences of the parties to the "Convention on Biological Diversity, Climate Change, and Combating Desertification" were held today. The objective of the discussions was to evaluate the commitments and obligations under the ratified conventions and assess readiness for environmental changes, ensuring inclusive participation. The discussions also aimed to lay the groundwork for Mongolia's long-term "Land Program," which will be introduced internationally in preparation for the 17th Conference of the Parties of the Convention to Combat Desertification that Mongolia will host in 2026. Minister of Environment and Climate Change S. Odontuya stated, "Our main focus is transitioning to a green economy and green energy. Introducing advanced technologies and utilizing renewable energy are priorities. It is crucial to emphasize resilience against climate change and natural disasters, such as floods, droughts, and desertification. Human activities contribute to more than 50% of environmental and climate changes, so significant attention is needed in this area. Legislative and legal frameworks are vital. Several provisions have been updated and enacted to support climate change measures. For example, laws have been passed to exempt businesses from certain taxes if they invest in planting trees, protecting the environment, restoring it, and establishing green reservoirs, thus encouraging their social responsibility. Establishing incentive mechanisms is important. All equipment for processing industries is now exempt from customs duties. Previously, companies operating in waste management received no support when importing equipment, but they are now exempt from customs duties." "It is insufficient to rely solely on domestic budgets, so involving international organizations is crucial," said the minister. In response to a journalist's question, she further elaborated: Journalist: The World Bank report suggests that Mongolia needs to allocate an additional 25 billion USD to combat climate change in the next 10 years. What are the criteria for financing climate change measures? Minister S. Odontuya: No country alone can financially sustain environmental protection and tackling climate change solely from their own budgets due to the vast amounts of funding required. While a specific portion of the budget is allocated, it is vital to engage with international communities and organizations, such as the United Nations (UN) and other international NGOs that work on climate change, to attract financing. Consequently, we have established a Foreign Cooperation Department under the Ministry of Environment and Climate Change to facilitate these efforts. Mongolia will host the UN Desertification Parties Conference in 2026. This will bring global attention to Mongolia's climate and desertification issues for 14 days. Utilizing this opportunity can help attract funding to combat desertification in our country. Currently, a major conference is taking place in Baku, Azerbaijan. Many representatives from Mongolia are attending to gather experience. Note: Media organizations (TV, Radio, Social and Web pages) must cite their source (ikon.mn) when using this information in any form, whether entirely or partially.

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Warning of potential grazing shortage due to harsh winter conditions

Published: 2024-10-17 | Translated from: news.mn

According to Government Resolution No. 286, the Institute of Meteorology and Environmental Research has calculated the carrying capacity of winter and spring pastures for 2024-2025 based on the pasture yield, livestock numbers, pasture area, and grazing duration. The summer conditions were evaluated as good in over 70% of the territory, moderate in over 20%, and poor in a few areas. The carrying capacity results show that: - 47% of the territory has surplus pasture - 20% has sufficient pasture - 21% is exceeded by 1-3 times - 4% is exceeded by 3-5 times - 8% is exceeded many times In other words, the carrying capacity of winter and spring pastures is sufficient for about 70% of the area, while it is exceeded in over 30%. Examining by province, the carrying capacity was exceeded in some localities of Bayan-Ölgii, Uvs, Khovd, Govi-Altai, Bayankhongor, Khövsgöl, Arkhangai, and Övörkhangai provinces. In particular, several municipalities such as Sagsai in Bayan-Ölgii, Zavkhan in Uvs, and Möst, Myangad, Buyant in Khovd have exceeded their carrying capacity several times. Meanwhile, 3-5 times the carrying capacity was exceeded in locales such as Nogoonnuur, Tsengel, and Bayannuur in Bayan-Ölgii, with further similar examples existing in Uvs, Govi-Altai, and Arkhangai provinces. Around 21% of the territories exceeded their carrying capacity by 1-3 times. The carrying capacity reflects how many livestock can be grazed on the pasture or by how much it exceeds its resource. Areas with relatively good summer conditions have sufficient and surplus pastures. However, during winter, heavy snowfall, crusting, and icy conditions can lead to pasture shortages. Therefore, the Institute of Meteorology advises that early preparations are necessary for regions with exceeded carrying capacity, such as securing additional feed and hay, seasonal migration, selling livestock, and reducing numbers, to prepare for winter and spring conditions.

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B.Chuluunhuu: Aim to Reduce Greenhouse Gas Emissions by 22.7% in the Energy, Construction, Transportation, and Agriculture Sectors

Published: 2024-10-17 | Translated from: ikon.mn

A high-level participant discussion was organized today in preparation for the United Nations (UN) framework conventions' conference of the parties on "Biological Diversity, Climate Change, and Combating Desertification." During this event, we clarified with B. Chuluunhuu, Adviser to the Minister for Environment and Climate Change, who said, "There is a significant need for investment to transition from a brown economy to a green economy. Mongolia participates in the Paris Agreement on climate change by defining its commitments or goals. These goals are clarified and implemented every five years. Currently, achieving major energy projects is a target. On the other hand, we are working to reduce the number of livestock to a specific level, use Euro-5 fuels to reduce greenhouse gases, and implement adaptation activities for climate change. Our goal is to reduce greenhouse gases by 22.7%. This target will be primarily met by the energy, agriculture, transportation, waste management, and construction sectors. All sector ministries conduct preliminary research, estimate the potential growth of greenhouse gases, outline the measures to be taken for reduction, calculate the reduction, and incorporate it into their policy documents. The Ministry of Environment and Climate coordinates this and submits it as an international target. The goal of reducing by 22.7% must be redefined by 2025. Therefore, Mongolia is obliged to increase its target, meaning it will exceed 22.7%. Through extensive research involving research institutions and policy-implementing ministries and agencies, it will be determined how much greenhouse gas can be reduced and from which sector," he said.

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1% of GDP to be Allocated to Climate Change

Published: 2024-10-17 | Translated from: gogo.mn

Under the initiative of the President of Mongolia, discussions involving stakeholders have been organized annually since 2021 in anticipation of the Conference of the Parties to the three Rio Conventions, which include Climate Change, Biodiversity, and Combating Desertification. This year, the discussions are aimed at ensuring the implementation of these key environmental conventions, increasing the participation of government agencies, private sectors, civil society organizations, youth organizations, strengthening coordination between international organizations and across sectors, and seeking solutions to urgent environmental issues. The alignment of national policies to ensure the implementation of the Conventions is evident in Mongolia's long-term, medium-term, and short-term policy documents, such as Vision 2050, the New Revival Policy, the 5-Year Development Guidelines for 2021-2025, and the Government Action Plan for 2024-2028, which include major objectives of the three conventions. The commitment of Mongolia to the Conference of the Parties includes significant contribution by the President's "Billion Trees" national movement towards fulfilling the obligations under the UN Conventions on Climate Change, Combating Desertification, and Biodiversity. Additionally, Mongolia has pledged to allocate 1% of its GDP to climate change, develop and implement a "National Adaptation Plan," reconcile the gap between greenhouse gas emissions and absorptions to reach "Net-zero by 2050," and implement declarations such as the "Climate and Health Declaration" and the "Emirate Declaration on Sustainable Agriculture, Food Systems, and Climate Action." The objective of these discussions is to evaluate the readiness to fulfill the commitments under the conventions, ensure equitable participation, and define the basis, concepts, and objectives for Mongolia's "Long-term Land Program" to be proposed internationally in preparation for the 17th Conference of the Parties to the Convention to Combat Desertification, which Mongolia will host in 2026. This year marks the fourth year of these discussions organized in collaboration with the Ministry of Environment and Climate Change, which include participation from all sectors and are held with openness and innovation. The discussion involved approximately 180 participants from 70 organizations, including diplomatic missions in Ulaanbaatar, international organizations, government and non-government organizations, the private sector, civil society organizations, and youth representatives. The Presidential Office of Mongolia, based on suggestions and recommendations made by participants in the discussions, presented a draft Recommendation focusing on five main directions: improving the legal framework, increasing intersectoral coordination, boosting financial investments, ensuring transparency for stakeholders and the public, and enhancing the reporting of commitments made under multilateral treaties and conventions. It was also announced that by the first quarter of 2025, a Post-COP conference will be organized to report on the decisions from the high-level meetings of the UN Conventions on Climate Change, Biodiversity, and Combating Desertification, and Mongolia's participation in these conventions.

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Proposal to Increase Funding for Disaster Risk Reduction in Regional Countries Approved

Published: 2024-10-17 | Translated from: isee.mn

During the Ministerial Conference on Disaster Issues of Asian and Pacific Region Countries held in Manila, the capital of the Republic of the Philippines, Deputy Prime Minister of Mongolia, S. Amarsaikhan, participated in a roundtable discussion and proposed three major initiatives. Among these, the proposal to increase funding aimed at reducing disaster risk in regional countries was approved. Specifically, it is important to establish a training system to improve the skills of joint disaster response organizations covering the region and to jointly form a permanent training and exercise system for the countries of the Asia-Pacific region. This is deemed crucial to enhancing disaster preparedness and ensuring effective collaboration during disaster situations. Furthermore, Mongolia has decided to organize a sub-regional seminar in the third quarter of 2025. Within this framework, it aims to share achievements, lessons learned, and challenges encountered in reducing risks and implementing early warning systems for disasters. The increasing number and frequency of disasters have necessitated the intensification of regional cooperation.

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Summit on Environmentally Friendly Development Takes Place

Published: 2024-10-17 | Translated from: unuudur.mn

Since 2021, at the initiative of the President of Mongolia, a discussion involving participants has been organized annually in anticipation of the Conference of the Parties to the three Rio Conventions - Climate Change, Biological Diversity, and Combating Desertification - to which Mongolia is a party. This year, the focus is on ensuring the implementation of key environmental conventions, increasing the participation of government agencies, the private sector, civil society organizations, and youth organizations, ensuring coordination with international organizations and intersectoral cooperation, and accelerating activities related to pressing environmental issues. The aim of the discussion is to assess the obligations and commitments within the framework of the conventions joined, evaluate readiness for environmental paradigm shifts, ensure equitable participation, and ultimately define the justification, concepts, and objectives of Mongolia's "Long-Term Program on Land" to be proposed internationally as part of preparations for the 17th Conference of the Parties to the Convention to Combat Desertification, which Mongolia will host in 2026. This discussion, organized for the fourth year in cooperation with the Ministry of Environment and Climate Change, is being conducted in an open and innovative manner, involving participants from every sector. This time, more than 180 participants from about 70 organizations are taking part, including embassies in Ulaanbaatar, international organizations, governmental and non-governmental organizations, the private sector, civil society organizations, and representatives of children and youth.

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Innovation

Published: 2024-10-17 | Translated from: montsame.mn

A delegation led by Ms. Sue Lines, President of the Senate of the Australian Parliament, visited the Asian Foundation's Women Entrepreneurs' Center. During their visit, the center introduced itself, showcased the innovative initiative of "URECA" LLC's transition from coal to solar energy, and organized an exhibition and sale of products made by women entrepreneurs. D. Jargalsuren, founder of the felt production brand "JaSu" and a graduate of the "Business Incubator" program at the Women's Entrepreneurs' Center, along with B. Tuya, founder of "Nogadoi" vegetable juice production, shared how they have integrated global standards into their micro-businesses through participating successfully in startup support projects and programs, as reported by the Mongolian National Chamber of Commerce and Industry (MNCCI).

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Mineral Processing-2024 International Conference to be Held

Published: 2024-10-17 | Translated from: unuudur.mn

The "Mineral Processing-2024" international scientific and practical conference, traditionally organized every two years by the Mongolian Association of Mineral Beneficiaries, is set to take place for the 7th time in Ulaanbaatar on October 25, 2024. This year's "Mineral Processing-2024" conference will feature researchers and experts from highly developed mining countries such as Canada, Australia, the USA, and China. Preliminary estimates suggest that over 200 domestic and international representatives will gather at this event. The conference aims to introduce new technologies utilized in the beneficiation and processing of minerals, explore the potential for the localization of advanced technology and software in practice, facilitate mutual knowledge and experience exchange, contribute to defining trends in the mineral processing sector, and develop cooperation between technology suppliers, manufacturers, and research institutions. The "Mineral Processing-2024" conference will be attended by representatives from enterprises operating in the mineral processing sector, government agencies, scientists, universities, suppliers, laboratories, and consulting service providers. They will discuss issues in the sector such as technological updates, best practices in processing plants, occupational safety, research findings, legal frameworks, and taxation matters. The Mongolian Association of Mineral Beneficiaries is the main organizer of the "Mineral Processing-2024" conference, and it will be held at the Conference Hall of the Novotel Hotel.

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MONGOLIA MILLENNIUM CHALLENGE ACCOUNT: GENERAL PROCUREMENT NOTICE

Published: 2024-10-17 | Translated from: ikon.mn

MONGOLIA MILLENNIUM CHALLENGE ACCOUNT GENERAL PROCUREMENT NOTICE Program Name: Program to Increase the Overall Water Supply of Ulaanbaatar The Government of Mongolia (referred to as "Government") and the United States Millennium Challenge Corporation (referred to as "MCC") signed a 350 million USD Millennium Challenge Compact agreement on July 27, 2018. This agreement is intended to reduce poverty through economic growth. The Mongolia Millennium Challenge Account (MCA-Mongolia) intends to apply part of this funding to procure various goods, works, and services required to implement the projects and programs specified in the Compact. This General Procurement Notice includes the following consultancy services, goods, and non-consultancy services: CONSULTING SERVICES: - Consulting services to improve public understanding of the real cost of water services and cultivate a culture of timely payment for water usage. - Development of a Laboratory Information Management System. - Graphic design and content development for MCA-Mongolia's "Water" magazine. - Independent consulting services for quality assessment of monitoring and evaluation data. - Independent consulting services for evaluating tenders for the Laboratory Information Management System. - Independent consulting services for designing improvements for the design of portable water distribution points for USUG. - Independent consulting services for social media management, promotion, and communications with media and other stakeholders. GOODS: - Supply of laboratory office furniture. - Supply of custom-made laboratory furniture. - Supply of computers and printers for laboratory offices. - Supply of professional audio-visual equipment. These procurements will follow the principles, rules, and procedures set out in the MCC's procurement guidelines, available at www.mcc.gov. Procurement is open to all those from eligible countries as per MCC's guidelines, and specifics for each procurement will be announced on the United Nations Development Business (UNDB) website at www.devbusiness.com, the Development Gateway Market (dgMarket) site at mcc.dgmarket.com, MCA-Mongolia’s website at mca-mongolia.gov.mn, in daily newspapers, and other media outlets. Suppliers and contractors interested in being included in the mailing list for tender announcements or seeking additional information should contact the Procurement Agent at PA-Mongolia@charleskendall.com with a copy to procurement@mca-mongolia.gov.mn. Millennium Challenge Account-Mongolia 5th Floor, MPM Complex, UNESCO Street, 1st Khoroo, Sukhbaatar District, Ulaanbaatar, Mongolia. Note: Media outlets (Television, Radio, Online and Web pages) must indicate their source as (ikon.mn) when partially or fully utilizing our information.

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Millennium Challenge Account-Mongolia: Selection of Independent Consultants

Published: 2024-10-17 | Translated from: ikon.mn

The Millennium Challenge Account-Mongolia is seeking independent consulting services to support social media management, promotion, and engagement with media and other stakeholders. Contract Number: MCA-M/ICS/041 Location: Ulaanbaatar, Mongolia The Government of Mongolia and the United States of America, through the Millennium Challenge Corporation (MCC), entered into a Millennium Challenge Compact to provide $350 million in assistance to reduce poverty through economic growth. The Government, via the Millennium Challenge Account-Mongolia, intends to allocate part of this funding to support this consulting contract. All payments will be subject to Compact terms and relevant documents, and no entities other than the Government and MCA are entitled to the investment. The Compact, including restrictions and conditions, is accessible on the MCC (www.mcc.gov) and MCA-Mongolia websites (mca-mongolia.gov.mn). The Compact's investments will support Mongolia's water supply needs in Ulaanbaatar by financing three integrated projects: 1. Establishing new groundwater sources, developing infrastructure, and constructing an Advanced Water Purification Plant. 2. Building a wastewater recycling plant for treated water supply to industries, increasing freshwater for households. 3. Improving long-term water sector sustainability through policy reforms, institutional strength, and technical assistance. Interested individual consultants are invited to apply for the following roles: - Social Media Expert - Graphic Designer (Social Media) - Videographer - Media and Stakeholder Engagement Expert - Graphic Designer (Media and Stakeholder Engagement) Detailed terms, requirements, and application forms are in the RFA Document. Organizations are not eligible. Consultants will be selected under the MCC Procurement Policy & Guidelines procedures for Individual Consultants. Register by emailing "Request for RFA for Five Communication ICSs" to PA-Mongolia@charleskendall.com and procurement@mca-mongolia.gov.mn. Include full contact details for updates. Questions must be submitted by 14:00 Ulaanbaatar Time on October 24, 2024, to PA-Mongolia@charleskendall.com and procurement@mca-mongolia.gov.mn. Responses will be sent by 17:00 on October 25, 2024, to interested consultees. Applications must be submitted via the RFA document's electronic link by 14:00 Ulaanbaatar Time on October 31, 2024. Only electronic submissions are accepted. Late submissions will be declined. Note: Media organizations must cite the source (ikon.mn) when using this information.

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N.Uchral: Total cost of the national satellite is 328 million euros vs Ch.Anar: No need for such a budget. High altitude satellites are no longer used globally

Published: 2024-10-17 | Translated from: ikon.mn

In today's meeting of the Standing Committee on Innovation and Digital Policy of the State Great Khural, Minister of Mongolia and Head of the Cabinet Secretariat N.Uchral presented the "National Satellite Project". The Head of the Cabinet Secretariat N.Uchral stated, "By launching the National Communications Satellite, we can establish an independent communication network that entirely covers the territory of Mongolia with spatially indiscriminate communication, thereby allowing us to provide all types of internet-based communication services to every citizen and enterprise. Moreover, this will reduce the risk of relying solely on fiber optic networks for internet gateways, ensure constant communication during emergencies, reduce disaster risks, bridge the digital divide between urban and rural populations, and enable remote learning for children of herders and those with disabilities. Our satellite is a communication satellite of the geostationary type, located at a position given to us by the International Telecommunication Union (ITU) at 36,000 kilometers. The location "Chingis" is not of any particular country; it's a position allocated to us, and we've retained it for many years. To connect all herder households to the internet, we would need 29 trillion MNT. However, that’s just for the herder households. Signal interruptions persist when traveling from one bag (administrative unit) to another. In 2013, Japan's Padeko updated the feasibility study of the National Space Communications and Earth Observation, increasing its funding and efficiency. According to this feasibility study, the total cost amounts to 212.9 million euros. Additionally, the launch of the satellite is expected to cost 58 million euros, consulting services 3 million euros, and insurance 40 million euros. Additional observation costs will be added, amounting to 0.91 million euros per year or 13.65 million euros over 15 years. This brings the total cost to 328 million euros. To put it simply, the French will build a satellite for us. If we aim to launch it by 2027 and want to queue, they responded, 'We are building many satellites; there is no room to talk about queues now.' Later, when discussing with the US SpaceX, we asked if they could organize placing our satellite on their rocket, they expressed feasibility. Japan also showed feasibility when approached. We haven't fully decided which country will launch our satellite, but it will be one of the US or Japan. In terms of cost, the US option is considered slightly cheaper. Although the cost appears high, to fully equip the country with fiber cables it would cost 29 trillion MNT. Instead, having our own satellite incurs such expenses. Concerning financing, 15% will be from the budget, and 85% from concessional loans. France has offered us an especially concessional loan of 82 million for 15 years, a matter discussed during state visits between the two countries. From a geopolitical perspective, choosing France is right, as decided upon by the National Security Council and the Space Council. Even if the satellite is launched, it will not negatively impact private businesses because internet in urban areas will remain unchanged. There won't be a notion that this is cheaper than existing services. The satellite will only be used for remote soums, settlements, herders, and in state security sectors like emergency situations and border protection. The tentative timeline is to launch our satellite in the second quarter of 2027. In connection to the ongoing discussion, Member of Parliament Ch.Anar asked questions and received answers. MP Ch.Anar said: "I have worked in this sector for 24 years and have experience assembling satellites in three countries. As Minister N.Uchral mentioned, providing internet to herder households, using it in disasters, and conducting weather monitoring - such multi-type satellites do not exist anywhere in the world. If not provided more specific information, problems may arise later. Is there any satellite related to national security? If so, please provide information. Using a geostationary satellite to provide internet service to 260,000 herders is very unsuitable. Internet with a 1.2-1.4 meter satellite dish is costly for users. Moreover, unlike with DDish, professional engineers are needed for setup, making it unsuitable for herder households. Technology companies are all moving towards smaller, high-capacity satellites in low orbits. Additionally, this French company develops traditional satellites. The modern satellites are all small and moving to low orbit. From a national security perspective, I understand. But there is no need with such a budget. Globally, telecommunication companies have stopped using high-altitude satellites. Mobicom is planning to decommission its last high-altitude satellite in 2025. Cabinet Secretariat Head N.Uchral responded: "I am not just saying whatever comes to mind. Moreover, the French company is not doing a test for the first time. Inter-governmental agreements between the two countries are in progress. It's not something I suddenly thought of and started talking about. Should MP Ch.Anar and I discuss knowing or not knowing about satellites, it would be a different matter. Are you the right person to criticize satellites? You should be the one supporting it the most, yet I am surprised. Are you saying we don't need a national satellite? Which country should build it, and what alternatives do you have? This matter is being prepared to present to the National Security Council (NSC). It doesn't concern any military secrets."

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Khaan Bank Receives LinkedIn Learning's "Rising Star" Award for the First Time from Mongolia

Published: 2024-10-17 | Translated from: itoim.mn

In today's rapidly changing business environment, continuously improving the knowledge and skills of employees and promoting a culture of learning is one of Khaan Bank's strategic goals. In this context, Khaan Bank has consistently implemented training, career planning, and coaching programs to enhance the professional skills of its employees through major international training platforms and its internal KB Academy. Recognizing these efforts, Microsoft-owned LinkedIn Learning awarded Khaan Bank with the "Rising Star" award. Khaan Bank has been collaborating with LinkedIn Learning since 2019 to focus on improving the professional skills of its employees. As of today, a total of 1,029 employees have watched 64,457 LinkedIn Learning courses, spending a total of 16,860 hours. This means each employee has dedicated an average of 17 hours and 10 minutes to their training. Over the past 4 years, LinkedIn Learning has highly evaluated the learning attitude of Khaan Bank employees and highlighted the following achievements: - In 2020, LinkedIn Learning featured Khaan Bank's best practices on their website. - In 2021, LinkedIn Learning awarded Khaan Bank as the "Best Organization for Online Learners." - In 2022, Khaan Bank was recognized as the "Best Organization for Creating a Learning Culture." - In 2024, for the first time from Mongolia, Khaan Bank received the "Rising Star" award. Additionally, it's worth noting that starting this year, Khaan Bank has begun collaborating with international online learning platforms COURSERA and UDEMY. These platforms aim to improve skills ranging from soft skills to specialized professional skills. This collaboration demonstrates that Khaan Bank's organizational culture, human resource policies, and approach to training and developing employees have reached global standards. Together we grow brilliantly - Khaan Bank.

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Position: Having a National Satellite - Beneficial or Not

Published: 2024-10-17 | Translated from: itoim.mn

At yesterday's meeting of the Parliamentary Standing Committee on Innovation and Electronic Policy, the Minister of Mongolia and the head of the Cabinet Office provided information about the "National Satellite Project." The Government of Mongolia has decided to implement a project to acquire a national satellite through a loan from the Government of France. According to the feasibility study, the total cost is 212.9 million euros. Additionally, the satellite launch is planned to cost 58 million euros, consultancy services 3 million euros, and insurance 40 million euros. Observation costs will also be added, amounting to 0.91 million euros annually and 13.65 million euros over 15 years. In total, the costs will add up to 328 million euros. Regarding this issue, Parliament member Ch. Anar and Cabinet Office head N. Uchral had a heated debate. Parliament member Ch. Anar stated: "I have been in this field for 24 years and have experience assembling satellites in three countries. Minister Uchral's presentation mentions delivering internet to herder households, 5G, weather, and disaster information as capabilities of this satellite. There is no such multifunctional satellite in the world. If precise information is not given from the beginning, the project might not be implementable later. What satellite is capable of so many functions? The intention is to provide internet services to 260,000 herders. High-orbit satellites are very large. Internet access would be through a 1.1-1.4 meter dish antenna, which is costly. Moreover, unlike Ddish, this setup requires a professional engineer for adjustment, making it economically and technologically inaccessible for herder households. Professionals should explain this. 'Thales Alenia Space' is a company that manufactures traditional satellites. Modern satellites are smaller and orbit at lower altitudes. I fully agree with the national security policy. We need a satellite, but there is no need to proceed with such a budget. If done at this cost, will it include military and reconnaissance equipment? If so, it should pertain to state secrets. Also, economic wise, cell companies are no longer using high-altitude satellites." Cabinet Office head N. Uchral responded: "I am not just speaking off the top of my head. The feasibility study was updated in Japan, engineers and technicians from France worked on it, and it was approved by professional councils. Also, 'Thales Alenia Space' is not a company making trial attempts for the first time. It is a major global company. An open negotiation is ongoing between the two governments. Whatever the case, we will have an opportunity to provide internet to every corner of the nation. This isn't just something I started discussing out of the blue. It has been discussed for many years. This time, in terms of geopolitics, financing, and technology, significant dialogues have taken place. Therefore, it is crucial not to miss the opportunity to have a satellite. If Parliament member Ch. Anar and I discussed whether or not we know about satellites, it would be quite different. Your contribution to the development of space has always been highly appreciated. We have often talked about how achieving a national satellite would be historic for future generations. It's surprising that you say these things now. Are you really the person to criticize the satellite, or not? I thought you would be the most supportive. Whether we should have a national satellite or not is crucial. We need to determine which other country to involve for this. If the public does not get the right understanding, non-professionals might not grasp your discussions well. If you continue such talks, the project should not proceed. This is the Parliament's decision. We are preparing to present it to the National Security Council. What we are building is not related to military assignments or secrets. We are establishing our path in space. What will travel on that path is a secondary issue. We are building infrastructure." Parliament member Ch. Anar concluded: "I am 100% in support of having a national satellite. However, the means don't justify the end. Firstly, it's too expensive. For this aim, the cost could be 120-140. Secondly, you are being misinformed. As a professional, I am concerned. You say you will enable 260,000 herders to communicate from the pasture. That's costly. If there are no state secrets, please include professionals in your team."

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Khan Bank Receives LinkedIn Learning "Rising Star" Award from Mongolia for the First Time

Published: 2024-10-17 | Translated from: itoim.mn

In today's rapidly changing business environment, continuously improving the knowledge and skills of employees and supporting a culture of continuous learning is one of the strategic objectives of Khan Bank. As part of this, Khan Bank has regularly implemented professional skills development training, career planning, and coaching programs for its employees through major international training platforms and its internal KB Academy. Recognizing these efforts, LinkedIn Learning, part of the world-leading technology company Microsoft, has awarded Khan Bank the "Rising Star" award. Since 2019, Khan Bank has been collaborating with LinkedIn Learning to focus on enhancing the professional skills of its employees. As of today, a total of 1029 employees have accessed 64,457 courses on LinkedIn Learning, collectively spending 16,860 hours. This means that each employee has dedicated an average of 17 hours and 10 minutes to their training. In the last four years, LinkedIn Learning has highly appreciated the learning attitude of Khan Bank's employees and highlighted the following achievements: - In 2020, Khan Bank's best practices were featured on its website.
- In 2021, Khan Bank was awarded the "Best Organization for E-Learning".
- In 2022, Khan Bank was recognized as the "Best Organization for Creating a Learning Culture".
- In 2024, for the first time from Mongolia, Khan Bank received the "Rising Star" award. Additionally, starting this year, Khan Bank has begun working with COURSERA and UDEMY, international online learning platforms. These platforms aim to improve skills ranging from soft skills to specialized professional skills, and by collaborating in this way, Khan Bank's organizational culture, human resources policy, and employee training and development approaches demonstrate alignment with global standards. Shared Growth - Khan Bank

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Arts

"The Mongol Khan" Play Premieres in Singapore's Sands Theatre

Published: 2024-10-17 | Translated from: isee.mn

The play "The Mongol Khan" is set to premiere at Singapore's Sands Theatre. According to some Singaporean media, the play has been highlighted as the first Mongolian production on London's "West End," showcasing historic events from Central Asia 3,000 years ago. This journey marks the beginning of its Asian tour in Singapore, the "Asian Tiger," as the play "The Mongol Khan" leaves its mark on the global theatrical stage with Mongolian culture. Interestingly, 700 years ago, envoys of the Great Khan of the Mongols came to this land to acquire elephants, and now, 700 years later, cultural envoys of Mongolia are returning again. Furthermore, the Sands Theatre team has extended a floral greeting and best wishes to the cast and crew of "The Mongol Khan."

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Today's Stories

Politics

Economy

Diplomacy

Infrastructure

Society

Environment

Innovation

Arts

Politics

Prime Minister L. Oyun-Erdene calls on SCO member countries to cooperate on 14 mega projects of the Government of Mongolia

L. Oyun-Erdene: Mongolia is ready to develop mutually beneficial cooperation with SCO member states

B. Enkhbayar: Bank Owners Now Determine Who Should Be in Mongolian Politics

Economy

B. Lkhagvasuren: Next year, all loan interest rates will be reduced /LIVE/

E.Batshugar: The fastest and easiest way to reduce the loan interest rate, a major issue for Mongolians, by 30% is to establish an Asset Management company

Events: Presentation of Mongolia's Social and Economic Indicators for the First 9 Months of 2024

The Bank of Mongolia: Exchange Rate Fluctuations Are Temporary and Expected to Stabilize

Total Tax Revenue Reaches 20 Trillion MNT in the First Nine Months of 2024, Growing by 26% from the Previous Year

Did the Central Bank Stabilize the Currency for Elections?

Owners of Chinggis Khan Bank Propose Selling Shares to Foreign Investors

Tugrik Exchange Rate Strengthens by up to 2% against US Dollar

Producing Coking Coal and Thermal Coal

MN TOWER: Become an Owner in a Business-Friendly Zone

Why Does the Tugrik Exchange Rate Fluctuate?

The Outstanding Loan Debt Increased by 35% in the First Nine Months of the Year Compared to the Same Period Last Year

Diplomacy

Expressed desire to establish embassies of Mongolia and Pakistan

Mongolia Expresses Desire to Establish Embassies with Pakistan

President of the Australian Senate, Sue Lyons, is Visiting

Ready to Cooperate Mutually with SCO Countries

VI Meeting Held between the Ministry of Foreign Affairs and the Inner Mongolia Autonomous Region People's Government

Infrastructure

Russia Stalls Egiin Gol Dam Project Again

Discussing the Russian Natural Gas Pipeline Project through Mongolia

Revenue of the transportation sector increased by 645.5 billion MNT in the first 9 months compared to 2023

B.Jargalduren: From next month, traffic on the old Zaisan Bridge will be closed for eight months for demolition

Society

HRs Share Good Practices for Understanding and Working with the New Generation

Environment

S.Odontuya: The Entire World Will Focus on Climate Change and Desertification in Mongolia for 14 Days

Warning of potential grazing shortage due to harsh winter conditions

B.Chuluunhuu: Aim to Reduce Greenhouse Gas Emissions by 22.7% in the Energy, Construction, Transportation, and Agriculture Sectors

1% of GDP to be Allocated to Climate Change

Proposal to Increase Funding for Disaster Risk Reduction in Regional Countries Approved

Summit on Environmentally Friendly Development Takes Place

Innovation

Sharing Implementation of Global Standards in Micro-Businesses

Mineral Processing-2024 International Conference to be Held

MONGOLIA MILLENNIUM CHALLENGE ACCOUNT: GENERAL PROCUREMENT NOTICE

Millennium Challenge Account-Mongolia: Selection of Independent Consultants

N.Uchral: Total cost of the national satellite is 328 million euros vs Ch.Anar: No need for such a budget. High altitude satellites are no longer used globally

Khaan Bank Receives LinkedIn Learning's "Rising Star" Award for the First Time from Mongolia

Position: Having a National Satellite - Beneficial or Not

Khan Bank Receives LinkedIn Learning "Rising Star" Award from Mongolia for the First Time

Arts

"The Mongol Khan" Play Premieres in Singapore's Sands Theatre

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