Economic Archives - News.MN

Mongolia to develop Zamyn-Uud Free Zone with ADB loan

Earlier today (2 July), the Asian Development Bank (ADB) and the Government of Mongolia signed three projects to lessen the socioeconomic impacts of the coronavirus (COVID-19) pandemic on poor and vulnerable groups in Mongolia, to help support Mongolia’s post-pandemic recovery

Mongolia keeps key policy rate at 9 percent

At a meeting held on 26 of June 2020, the Monetary Policy Committee decided to:

1) Keep the policy rate unchanged, considering the current macroeconomic and financial market developments, their prospects, and uncertainties in the domestic and external environment;

2) Reduce remuneration

Rio Tinto avoids ‘Catch-22’ with Mongolian power plant

Rio Tinto has been spared from footing the bill for a US$1bn coal-fired power station in Mongolia, where the miner is developing a huge underground copper deposit in the Gobi Desert.

The Anglo-Australian group said on Monday that a government-built plant

Ulaanbaatar City Bank merges with TDB

Ulaanbaatar City Bank has been merged with the Trade and Development Bank of Mongolia (TDB) with its entire active, passive assets and sectors. The Central Bank of Mongolia (aka Mongol Bank) gave approval of consolidation of two banks on 23

Mini LNG plant to supply fuel for Mongolia’s coal truck fleet

Mongolia coal seam gas pioneer Elixir Energy has signed its first offtake agreement with one of the country’s largest fuel retailers to build a small-scale liquified natural gas (LNG) plant to supply the large truck fleet hauling coal to China.

Supporting Mongolia’s employment in the wake of COVID-19

The World Bank’s Board of Executive Directors today approved a USD 20 million IDA credit facility for the Mongolia Emergency Support and Employment Support Project. The project will provide temporary relief to eligible workers and employers in response to the

Beijing-backed AIIB allocates USD 100 million to Mongolia

The Beijing-backed Asian Infrastructure Investment Bank (AIIB) has approved a loan of USD 100 million to help Mongolia battle the coronavirus pandemic, the bank said on Friday.

The project, cofinanced by the Asian Development Bank, will support a government program covering

COVID-19 and Mongolia’s oil exports

Mineral-rich Mongolia’s first oil refinery is under construction in the southeastern province of Dornogovi, with an expected commissioning date for late 2022.

At present, all the oil which is extracted, is exported to China. In the first half of 2020, Mongolia