The Standing Committee on Economics has issued a protocol along conclusion of a working group that has studied foreign currency rate and reasons of gasoline price increase. The protocol has been also issued in base of the law on parliament. MP D.Gankhuyag worked as a head of the working group.

Firstly, the protocol has instructed that the committee asks Prime Minister S.Batbold to introduce implementation of down written measures within April that to reduce gasoline price in feasible level, provide petroleum price stability.

1.1. To enforce some provisions of the law on competition and promptly send implementation information.

1.2. To prepare conclusion of current inter governments’ negotiations of stable supply of petroleum from Russia with experience study of some nations that do not have oil. Also to prepare conclusion of the negotiations’ accordance to rules and negotiation condition of the World Trade Organization, Economics Development and International Cooperation, and Organization of the Petroleum Exporting Countries.
As well the state activity plans of above mentioned issues to be prepared and introduced to the committee.

1.3. To keynote organizations that negotiate fuel supply with Russian companies at financial commerce to access risks of price fluctuation with derivative conclusions, with mutual benefice. Also negotiations should be concluded at futures trade, option, and swap types for three months and above period.

1.4. To form legislation that the Government could directly participate to petroleum import negotiations and transparently monitor purchase contract, border price, price structure of wholesome and retail trade of petroleum products, and logistics with participation of the Finance Minister, Customs General Office, Authority for Fair Competition and Consumers, and General Department of National Taxation.

1.5. To prepare petroleum reserve with proper expenditure along the laws on state reserve, on competition, and Parliament passed protocol of strategic reserves.

1.6. To speed oil refinery construction and factory to extract oil from coal.

1.7. To organize public advertisement of the law on competition among citizens and organizations.

1.8. To reduce number of petroleum importers organizations relating to Russian exporter organizations’ number and other exporters. Do not exempt fuel special tax for gasoline supply from petroleum importers to large mining companies. To take measures of competition support with the aim of cheap price and stable supply of fuel.
Secondly, the protocol has instructed that the committee asks Mongol Bank President L.Purevdorj to introduce implementation of down written measures within April to provide currency rate stability and reduce currency rate in possible level.

2.1. To amend the law on Mongol Bank (central bank) and relevant laws.

2.2. To prepare suggestions of improvement of monetary policy implementation along inflation curb and proper regulation of consumer goods demand and supply in frame of legislation and relevant economics and financial policy.

2.3. To provide national currency stable rate against foreign currencies and prepare structure proposals to account rate risks in scientific basis and improve mechanism of policy and measures.

2.4. To research maximum limit of savings and loan interests relating to commercial banks’ high interests in base of Mongol Bank monetary policy interests because of inflation curb.

2.5. To improve legislation environment that Mongol Bank would not refund balance deficit in way to fluctuate tugrik’s rate. 

Thirdly, the working group of the Standing Committee on Economics that has been established on January 10 has been asked to monitor the protocol’s implementation.