 The winners
of the tender to privatize the Gobi Cashmere Ltd., the largest cashmere
producer in Mongolia, were announced Thursday morning with the Japanese
Toshisoke Investment Bank and HS Security’s consortium outbidding the other
competitor by nearly US $350,000.
Just two
consortiums competed in the open, international tender for the Mongolian
state’s 73.47 percent equity interest (5,730,198 common shares) in Gobi Cashmere
Ltd.
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According
to research done for the first time in Mongolia, the cost of state
regulation is the chief factor inhibiting the countries development and
reducing economic growth.
The research,
completed by Ch. Khashchuluun, Doctor of Economics at the School of Economy,
National University of Mongolia, was initiated by the Open Society Forum and named
Mongolian Freedom of Economy. The research’s presentation was done recently in
the meeting hall of the Open Society Forum.
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According to the Parliament session held yesterday night,
the new law on Budget 2007 was passed at 22:05 on November 30, after four hours
of discussion. Officials of the Parliamentary Standing Committee on Budget said,
“Members of Parliament approved the law with a 100 percent in favor vote.” In
total 54 of the 76 MPs attended and voted at the session.
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On Tuesday MPs voted on more than 20 proposals for the
2007 state budget such as children’s money, funds for each Member of Parliament
and societal funds. With only 50 members present to vote, many of the proposals
were passed along party lines with the majority MPRP passing much of its
legislation.
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Rapid growth in Mongolia’s
economy continued during the first eight months of 2006 but is still very
vulnerable and greatly needs diversification, according to Mongolian economists
and an update from the World Bank presented Tuesday.
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Mr. Zbigneiw
Kulak, Plenipotentiary Ambassador of Poland,
on behalf of Polish Government and N. Bayartsaikhan,
Minister of Finance on behalf of the Mongolian Government signed a bilateral negotiation
settle the issue of 29.9 million transferable Russian Rubles in debt on Thursday,
a Press release from the ministry said.
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The Ministry of Finance announced Monday that an earlier discussed project where by a Japanese bank would support Mongolian banks with funds for SME loans has been initiated and will commence immediately.
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 The
consortium of the Chinggis Khaan Bank, Russian Public Bank of Bratsky and
Mongol Insurance won for the privatization of the Savings Bank by more than US $1million
over the next competitor, the Anod-Monnis Consortium, officials announced Thursday.
The
Chinggis Khaan bank’s consortium offered over US $20.1 million while the
Anod-Monnis Consortium gave US $18.71 million and Soyuz Bank of Russia submitted
US$18 million.
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After listening to a presentation by the standing
committee on economics only 44 members of parliament quickly discussed and
voted on appointing A. Batsukh as the new Mongol Bank president.
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The winner of
the tender for the privatization of the Savings Bank will be clear tomorrow at
10:00am in the meeting hall of the State Property Committee’s building,
government officials said Wednesday.
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During a meeting of the Standing Committee on Economics
members of the group voted for whether to appoint a new president of the Mongol
Bank of Mongolia.
Six members out of 12 attending the meeting rejected appointing A. Batsukh, current
Vice President, as the next President.
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On Wednesday, Golomt Bank singed a transfer loan agreement
with the Ministry of Finance to make small and medium private enterprise loans
available. While six commercial banks of
Mongolia,
TDB, Golomt, Xac, Zoos, Khan and Capitron banks were all selected by the
ministry, only TDB and Golomt have signed agreements.
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Government
discussions on September 27, concerning the main direction to pursue in 2007 in monetary policy resulted in a draft, submitted to the Speaker of
Parliament on September 29, 2006, the press
office of the Government of Mongolia said today.
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AeroMongolia
has cancelled all flights from Ulaanbaatar to Chon-ju, Korea
for the month of October for lack of permission from the Korean Civil Aviation Bureau,
said a company official Tuesday.
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“The main result of this year’s Council
conference is perhaps the fuller understanding on everyone’s part about the
changes of the mining law. Although the members of the Business Council
represent a broad spectrum of economic interests, it is our belief that the principle
driver for the Mongolian economy is mining and natural resources,” said Edward
T. Story, Chairman of the North America Mongolia Business Council and President
of SOCO International.
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T. Gankhuyag, Deputy Chairman of the Petroluem and
Mineral resources Authority, Speaker at the North America-Mongolia
Business Council’s (NAMBC) 9th Annual Investors’ Forum, introduced various
issues that have attracted investors’ interest.
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 The President of the European Bank for Reconstruction and Development
(EBRD), Jean Lemierre, signed a loan contract worth US$5 million yesterday with
XacBank in Ulaanbaatar. An additional US$1 million in trade
finance was also provided to bolster the financing of imports and exports by its
clients. It is the first investment from the EBRD to a
Mongolian financial institution. XacBank is Mongolia's second-largest micro-credit financial institution, providing mortgage financing and financial leases for small private
businesses and individuals.
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Russian
Federation petroleum supplier
RosNeft has increased the price of some oil products this month said Petrovis company senior sales manager R. Oyunkhishig.
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Import and
export delays and problematic credit laws are a hindrance to business reform
and development in Mongolia,
a joint World Bank and International Finance Corporation report has found.
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Fitch Ratings, an international ratings agency, affirmed that
Mongolia’s long-term foreign and local currency Issuer Default Rating
(IDR) is “B+”, Stable.
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