The MPRP group in Parliament met on Monday to discuss and approve the draft protocol on the general directives on privatization of state properties from now until 2012. The head of the group, D.Lundeejantsan, said Parliament should have discussed the protocol right after it had been submitted, but for various reasons this has been delayed.

The draft resolution prepared by the Government aims to establish a real financial market, use foreign and domestic expertise and make each citizen of Mongolia a shareholder in, and a rightful owner of, natural resources such as Erdenet’s copper, Tavantolgoi’s coal and Oyutolgoi’s gold.

If bonds are openly traded in the stock market according to internationally followed procedures, Mongolian citizens would not have to keep their money in banks with low interest rates. Instead, they can become shareholders of guaranteed assets based on natural resources of the country and make more money.

A working group consisting of 17 people has been established to work on privatization issues. It will be charged with identifying assets for privatization. Lundeejantsan hoped Mongolians would soon have access to international financial markets. The Government proposed to establish two companies to enable citizens to participate in financial market.