YAY! It’s UB Marathon week. This Saturday, thousands of runners will fill the streets as the annual UB Marathon returns to the capital, bringing road closures across the city center and the city’s car-free day. Whether you’re planning to run, spend the day out with the kiddos, or simply enjoy a quieter Ulaanbaatar, it might be a good time to plan your routes and your weekend ahead. 😎

What’s inside today’s edition…

• ✈️ Direct Flights Between Astana and Ulaanbaatar

• 🐪🌍 The Silk Road Caravan: Bridging Riyadh to Ulaanbaatar 

• 🗣️ UN Human Rights Chief Concludes Visit to Mongolia

We’ve got a lot to cover, so let’s get moving. 🐐

MARKET

KZ: Direct flights between Astana and Ulaanbaatar are set to launch this June, operated by Kazakhstan’s SCAT Airlines, which has maintained international operations since 1997.

MNG: Since 2017, Mongolia’s budget transparency score has steadily increased to 64, ranking the country 5th out of 23 Asian nations in budget transparency.

MNT: Within a year, MNT-denominated savings deposits increased by ₮5.5 trillion, or 25.1%, while corporate MNT deposits nearly doubled, surging 84.3% to exceed ₮5.1 trillion.

🐪🌍 The Silk Road Caravan: Bridging Riyadh to Ulaanbaatar 

A symbolic journey linking COP16 in Riyadh to COP17 in Ulaanbaatar officially began on May 13 in Antalya, with the launch of the Silk Road Caravan.

• 🌱 The Road to COP17: Spanning a 6,000-km route, the Silk Road Caravan will travel across 9 countries, Saudi Arabia, Jordan, Türkiye, Russia, Uzbekistan, Kazakhstan, Kyrgyzstan, China and Mongolia, linking former Silk Road hubs, drylands and pastoral regions before culminating at COP17 in Ulaanbaatar.

🐫 Reviving the Silk Road for Rangelands 

For centuries, the Silk Road served not only as a trade route, but as a corridor through which ideas, cultures and technologies moved across Eurasia. Today, that same route is being revisited to draw attention to one of the world’s most overlooked ecosystems: rangelands.

• Rangelands cover more than half of the Earth’s land surface and support the livelihoods of over 2 billion people, particularly pastoralist communities across dryland regions. Yet despite their economic and environmental importance, they remain increasingly vulnerable to degradation, desertification and climate pressure.

📍 A First for the UNCCD

The caravan marks the first time the UN Convention to Combat Desertification (UNCCD) has organized a cross-continental expedition connecting 2 consecutive COP summits. The initiative also coincides with the International Year of Rangelands and Pastoralists 2026, strongly backed by Mongolia.

🎥 People, Land and Storytelling

Traveling through countries historically connected by trade and migration, the caravan brings together pastoralists, researchers, UN representatives and filmmakers. Along the route, participants will document traditional herding knowledge from Mongolia and Central Asia, land restoration projects and local responses to desertification and climate change.

Why Mongolia Matter? For Mongolia, where nomadic pastoralism remains part of daily life and rangelands account for more than 70% of national territory, COP17 represents more than a diplomatic gathering. It offers an opportunity to position the country’s long-standing land stewardship practices within a broader global climate and sustainability discussion.

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ECONOMY & BUSINESS

• Uzbekistan and Mongolia Target $100 Million Trade Turnover. (TimesofCenralAsia)

• TMK Energy Records Strong April Gas Production as Mongolia Power Talks Advance. (TradingView)

• Mongolia’s Budget Projections Prioritise Recurrent Spending Over Strategic Development. (GoGoMongolia)

• SouthGobi Secures RMB235M Loan from Khan Bank to Support Mongolian Operations. (MSN)

POLITICS

• 8+1: The New Geometry of Mongolian Foreign Policy. (TheDiplomat)

• There's an Elephant in Mongolia's Parliament. (ThinkMongol) 

• Goyang City Hosts Mongolian Urban Development Delegation for Benchmarking of Urban Planning and Smart City Best Practices. (AsianBusinessDaily)

• WHO Advances Partnership for Science and Research in Mongolia. (WHO)

CULTURE & LIFESTYLE

• Kazakhstan Showcases Educational Programs at Study in Kazakhstan Exhibition in Mongolia. (Kazinform)

• The Steppe Is Not a Fortress: What Mongolia Can Learn from Iran’s Mosaic Defense. (SmallWarsJournal)

• When 1,500m of Fencing was Removed from the Trans-Mongolian Railway, a Long-Lost Animal Reclaimed its Native Lands. (DiscoverWildlife)

• Korean Air's Tree Planting in Mongolia. (TheKoreaTimes)

• The Mongolian American Football Association was Officially Accepted as a Member Federation of the Mongolian National Olympic Committee. (IFAF)

 🗣️ UN Human Rights Chief Concludes Visit to Mongolia

UN High Commissioner for Human Rights Volker Türk concluded his official visit to Mongolia, marking the first visit by a UN human rights chief to the country in 26 years. Describing Mongolia as “a remarkable example in the region” for preserving its human rights system, he praised the country’s democratic institutions, active civil society and legal framework.

• Still, his assessment came with a clear warning: Mongolia’s challenge is no longer the absence of laws, but implementation.

📌 Strong Democratic Scores, but Growing Concerns

Mongolia remains classified as “Free” with a score of 84/100 in Freedom House’s 2025 assessment. However, international democracy indexes have pointed to declines in press freedom, civic space and freedom of expression over the past 5 years. Volker Türk stressed that democratic space “cannot be taken for granted,” calling for stronger institutional checks, judicial independence and public trust in the rule of law.

• ⚖️ Corruption Remains a Key Concern: Mongolia’s corruption score stagnates at 33 for third consecutive year. Referring to concerns raised by civil society organizations, he described corruption as “the biggest bottleneck” to the country’s development and emphasized the importance of strengthening public trust in state institutions.

• 🌍 Climate, Mining and Human Rights: Climate-related risks also featured prominently during the visit. The 2023-2024 dzud killed 8.1 million livestock and pushed agricultural GDP down by 27%, highlighting how climate change is increasingly becoming a human rights issue in Mongolia. He also called for stronger human rights oversight around large-scale mining and infrastructure projects, particularly those affecting herder communities.

🤝 Toward a Regional Human Rights Hub

During the visit, Mongolia’s Ministry of Foreign Affairs and the OHCHR signed a MoU to develop a roadmap for establishing a regional human rights training and research center in Ulaanbaatar, an initiative linked to Mongolia’s earlier commitments made during the 75th anniversary of the Universal Declaration of Human Rights.

Overall… Mongolia continues to stand out regionally for its human rights framework and democratic institutions. Yet the gap between legislation and enforcement remains one of the country’s biggest challenges, particularly in cases involving power, political influence and institutional accountability.

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Publisher: Ts.Ankhbayar
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Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.

Good morning! On May 23, Ulaanbaatar will host its 11th annual marathon, with more than 46,000 runners registered. Major roads across the capital will be closed throughout the day, affecting traffic and public transport. For residents and visitors alike, planning ahead will be essential as the city shifts into race mode. 🏃‍➡️👟 

What’s inside today’s edition…

• 🤝 MSE Launches Liquidity Enhancement Program

• 🤖 Can AI Predict Mongolia’s Deadliest Disasters?

• ☹️ Investment Law Stuck for Three Years as Risks Mount

We’ve got a lot to cover, so let’s get moving. 🐐

MARKET

MNG: Mongolia to host first-ever investment forum in Shanghai on May 27. 

GOV: In the first 4 months of this year, 994 visa violations were recorded, involving 2,340 individuals from 34 countries. 

MSE: Mongolian Stock Exchange signs first market maker agreement with Golomt Capital under liquidity enhancement program

🤕 Can AI Strengthen Mongolia’s Disaster Prevention?

The animals die in a specific order. First the goats, which are small and produce heat poorly. Then the sheep, which are heavier but starve faster once the grass is locked under ice. Then the cattle, then the horses. The camels sometimes survive. The herder watches this happen over weeks, in temperatures that hold at –40°C, on a landscape that has become a white slab from which nothing edible can be extracted.

❄️ A Disaster Accelerating

Dzud was once a once-in-a-decade event. Today, Mongolia faces 6 dzuds within 10 years. Recovery time has collapsed, pastures no longer regenerate, and herds fail to rebuild. Families that lost livestock in 2017 were hit again in 2022 and again in 2023–2024, each time starting from a weaker position. The most recent dzud was the worst in 50 years, wiping out over 7.4 million livestock, roughly 10% of the national herd, and causing up to $1.9 billion in damages across just 5 provinces.

• Around 70% of herder households were affected, while thousands of families lost the majority of their livelihoods.

📊 The Arithmetic of Catastrophe

Each dzud compounds the previous one, steadily eroding livestock numbers, degrading pasture, and weakening resilience. In an economy of roughly $20 billion, recurring billion-dollar losses are no longer exceptional shocks but a structural burden, disproportionately carried by rural households.

• 🤖 AI as a Turning Point: Artificial intelligence offers a path from reaction to prediction. By combining satellite data with weather modeling, AI can forecast dzud risks months in advance, track pasture conditions in real time, and identify high-risk zones for early intervention. It can also enable faster, automated insurance responses based on climate triggers, reducing delays that currently leave herders unsupported when it matters most.

• 🚜 From Response to Prevention: Real change depends on shifting from reactive aid to proactive systems. This means building fodder reserves in vulnerable regions, improving winter logistics access, strengthening livestock insurance, and enforcing sustainable pasture management. At the same time, policies must support herders who choose to transition out of the sector, reducing long-term vulnerability.

Beyond Survival... Mongolians have survived dzud for centuries through mobility and deep environmental knowledge. But today’s dzud is more frequent, more intense, and less forgiving. Survival alone is no longer enough, the challenge now is to anticipate, adapt, and ultimately outsmart it.

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ECONOMY & BUSINESS

• Bank of Mongolia to Support Commercial Banks Securing Long-Term Foreign Funding. (gogo)

• Mongolia Approves Jade Gas Appraisal Report for TTCBM Project. (YahooFinance)

• Hunnu Air’s Airbus Expansion Signals New Travel Opportunities Between Mongolia and Europe. (TTW) 

• Sendly NBFI JSC Awarded Best Money Transfer Provider in Mongolia 2026. (GlobalBankingFinanceReview) 

• BC.GAME Esports Signs Mongolian CS2 Rifler Senzu. (PRN)

POLITICS

• Former President Enkhbayar Appointed to Advisory Committee of Tsinghua’s Institute. (ZMS)

• Customs Inspector Arrested Due to Bribery. (UBPost)

• UNDP, GEF, and Government of Mongolia Launch Green and Inclusive Cities Initiative to Transform Urban Development. (UNDP)

• Mongolia and Uzbekistan to Organize Exhibition for SMEs in Tashkent. (AKIPress)

• Mongolia Advances Medicines Quality Control with New National Laboratory Project. (ZMS)

CULTURE & LIFESTYLE

• Would You Survive Mongolia? (AshDykes)

• Social Media and the NBA’s Growing Mongolian Fanbase. (WashingtonBeerBlog)

• Tuvergen Band to Bring Mongolian Folk Rock To Flushing Town Hall. (WorldMusicCentral)

☹️ Investment Law Stuck for 3 Years as Risks Mount

The PM has canceled this year’s Mongolia Economic Forum to manage external risks and reinforce budget discipline. Yet the larger issue lies elsewhere. The investment law has remained stalled for nearly 3 years. 

☯ Rhetoric vs. Reality

One of the core aims of the Mongolia Economic Forum is to attract foreign investment. In 2023, the event expanded its reach, drawing senior executives from Rio Tinto, as well as representatives from Goldman Sachs and Morgan Stanley, alongside delegates from 45 organizations. The ability to convene global investors marked a step forward. The lack of follow-through on reforms has since tempered that momentum.

• 🫏 Execution Gap: At the 2023 forum, policymakers signaled an ambitious reform agenda, promising legal revisions, broader investor support, and new entry points into Mongolia’s banking sector. In practice, progress on amending the Investment Law has stalled.

😧 The Cost of Uncertainty

Efforts to update the 2013 Investment Law have repeatedly faltered, reinforcing a wait-and-see stance among investors. Although reform discussions resurfaced in 2024, developments have since slowed. In the interim, foreign direct investment has remained concentrated in existing projects such as Oyu Tolgoi, while new inflows have declined by roughly 35%.

• 😨 A Long Plateau: Mongolia’s peak year for foreign investment remains 2011, when inflows reached $5.7 billion, a level not matched in the 15 years since. More recently, FDI fell by $349.1 million year-on-year.

• 👺 Structural Risks Persist: Assessments such as the US Investment Climate Statement continue to highlight policy inconsistency and legal uncertainty as persistent concerns.

Overall… Forgoing large-scale forums may deliver short-term fiscal savings. Private initiatives, such as those organized by Capital Markets Mongolia, have shown that investor engagement can proceed without heavy state involvement. The broader question is whether policy clarity and reform momentum can be sustained. Without them, the constraint on investment is unlikely to be the absence of forums, but the persistence of uncertainty.

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ts.Tselmeg

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.

Morning! Last Friday, citizens of Ulaanbaatar were introduced to the summer water outage schedule. As part of the city administration’s annual “grand renovation” tradition, residents will once again go through 10 days without hot water. Just imagine surviving a “hot shower” in a summer where temperatures can reach 35°C+. If you take on this challenge, will you make it through, or surrender on day one? 🥸

What’s inside today’s edition…

• ⚡ Micro-Mobility Boom Turns Deadly

• 🛍️ Mongolia’s Must-Buy Brands

• 🌍 COP17 Blue Zone Registration

We’ve got a lot to cover, so let’s get moving. 🐐

MARKET

AND: AND Solutions has signed a full-service agreement with AEON Thana Sinsap, a Thailand-based subsidiary of AEON Financial Service, to deploy its credit scoring model across the company’s personal loan operations.

MNG: Parliament has begun discussions on the draft law on organ, tissue, and cell transplantation.

GOV: The government is planning to redirect mortgage lending exclusively toward ger districts and targeted groups.

🛵🛴 Micro-Mobility Boom Turns Deadly 

Electric scooters, mopeds first entered the Mongolian market in force in 2022. What started as freedom on wheels has turned into a growing public safety threat. 

• Background News: In 2023, Jet Sharing Mongolia launched 3,000 electric scooters. The following year, another 6,000 were planned. As the numbers on the streets grew rapidly, so did the risks.

🤕 Sharp Rise in Injuries

By 2025, the consequences became clear. Injuries linked to these vehicles have increased 6-fold in just 3 years. In 2022, only 50 cases were recorded. By 2023 the number jumped to 305, rising further to 532 in 2024. In 2025 alone, a staggering 2,792 people were injured. In just 5 days in April 2026, another 48 accidents were recorded. Many involved young riders traveling at high speeds without proper safety gear.

💭 Why These Vehicles Are Risky

Unlike ordinary bicycles, many of these vehicles are equipped with powerful motors. Electric scooters can reach up to 60 km/h, while Surons can go as fast as 120 km/h. This combination of speed, lack of protective gear and frequent use by young or inexperienced riders has led to a surge in serious head, spinal and brain injuries. Many accidents occur because riders treat them like regular bicycles, ignoring the much higher risks involved.

🧐 New Rules Introduced

In response to the growing crisis, the city adminstration has introduced stricter regulations that came into effect on 10 April 2026. The new rules aim to balance public safety with the growing popularity of micro-mobility. Under the updated law, electric scooters and mopeds can only be used by people aged 16 and over, while Surons are restricted to riders aged 18 and above. All such vehicles must now use cycle lanes or stay on the far right side of the road, and riding on pavements is strictly prohibited.

• Even with stricter regulations, minors are still riding, and accidents continue to happen. The core issue is that the city lacks proper infrastructure for scooters and mopeds. As a result, they are forced to use pedestrian paths, increasing the risk of injuries.

📃 What Happens Next?

Rental companies must now verify users’ age via the E-Mongolia platform, with parents held responsible for minors. Traffic Police will enforce the rules nationwide. While officials expect fewer accidents, pedestrians still need to stay on full alert, because if you’re not paying attention, getting clipped by a scooter or moped isn’t a possibility, it’s just a matter of time.

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• Kazakhstan Ready to Meet Mongolia's Demand for Wheat. (Qazinform)

• Why Mongolia May Be Asia's Most Overlooked Frontier Investment Opportunity. (AsiaPacificInvestmentPartners)

• AND Solutions Signs a Full Service Agreement with AEON Thana Sinsap. (ANDSolutions)

• Plant-Based Product Exports Reach 183,500 Tonnes in One Year. (Montsame)

• Mining in Mongolia: 10 Things to Know. (NortonRoseFulbright)

POLITICS

• Conference Diplomacy in Action: What COP17 Means for Mongolia. (CPD)

• Mongolia Agrees Petroleum Product Supplies at Domestic Market Prices with Russia. (Interfax)

• Chinese APT Abuses Multiple Cloud Tools to Spy on Mongolia. (DR)

• Presidents of Mongolia and Armenia Hold Talks in Astana. (AKIPress)

• Mongolia Is Redefining Steppe Diplomacy With Kazakhstan. (TheDiplomat)

• Delegation of the Institute of Strategic Studies of Mongolia visits SCO Secretariat. (SCO)

CULTURE & LIFESTYLE

• How to Feed a Mongol Warrior. (EatsHistory)

• An Jooeun, Chairperson of CJES Foundation, Appointed as Cultural Envoy of Mongolia. (AsianBusinessDaily)

• 11.2 Million Livestock Have Given Birth Nationwide. (Montsame)

• How a Sinking Lithospheric Root Raised Mongolia's Hangay Mountains. (Phys) 

• Blue Zone Registration Open on May 1st. (UNCCD)

🛍️ Mongolia’s Must-Buy Brands: A Shopper’s Guide for 2026

Mongolia is fast emerging as one of the most exciting destinations in global tourism. If you’re planning a trip, here’s a curated list to elevate your shopping experience.

🛍️ Fashion & Cultural Icons 

Mongolia’s cashmere is among the finest in the world, and Gobi Cashmere stands as its ultimate icon, with 60+ stores locally and a growing global presence. Its timeless designs and luxurious quality make it a must-have. 

• Michel Amazonka also gained global recognition after designing Mongolia’s striking Paris 2024 Olympic uniforms. Its refined ready-to-wear pieces, available at Galleria Ulaanbaatar and the State Department Store, capture modern Mongolian elegance. 

• For authentic souvenirs, Mary & Martha Mongolia offers fair-trade handicrafts, while Narantuul (the Black Market) is the go-to for traditional deels. Jewelry brand Baigal is known for its exquisite silver pieces inspired by Mongolia’s heritage.

💄 Beauty & Cosmetics 

Mongolia’s beauty scene is rising, led by Lhamour, a natural skincare brand using ingredients like sea buckthorn and camel milk. Its clean, locally sourced products deliver a premium experience with growing international appeal.

🥛 Dairy: Mongolia’s Hidden Treasure

Beyond fashion, Mongolia’s dairy offers a unique kind of luxury. With one of the highest livestock densities globally, the country produces exceptionally fresh, flavorful products rooted in nomadic tradition. So don’t miss APU Dairy’s premium range, including Mont-Yak, Honin Nuga, and Sain Yogurt, alongside Teso Food’s Zuv, a traditional curd drink and curd pellets that offer a distinctly local, and often surprising, taste.

🌿 Health & Wellness 

For wellness seekers, Monos Foods’ VITOS (Цэнэг) is a trusted supplement brand made from pure Mongolian ingredients, perfect for adding a local touch to your routine.

🥃 Vodka & Spirits: Premium Mongolian Alcohol

No trip is complete without exploring Mongolia’s spirits. APU’s Founder Mongolian Gin stands out as a refined, export-quality option crafted with local botanicals. Chinggis Khan remains the most iconic vodka, while Shiguderi offers a distinctive twist, produced using traditional methods from fermented airag or yogurt. Have a favorite local spirit? Share your must-try Mongolian brands with us.

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ts.Tselmeg

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.

Good morning! Japan has the Shiba Inu, the UK has the Corgi, Germany has the German Shepherd, and Mongolia has the Bankhar. But how much do you really know about this ancient guardian breed? 🐾 Click HERE to explore more about Mongolia’s gentle giant. 🙆‍♀️

What’s inside today’s edition…

• ✈️ President’s Visit to Kazakhstan

• 🤔 18.4% of Mongolia’s Workforce is in the Public Sector 

• 🚀 Meat Prices are Soaring

We’ve got a lot to cover, so let’s get moving. 🐐

MARKET

DBM: Fitch Ratings affirmed the Development Bank of Mongolia at B+/Stable, in line with the sovereign rating. The bank plans a 2026 bond issuance, with a 62.8% impaired loan ratio and 13.1% a capital ratio. 

KZ: President U.Khurelsukh’s state visit to Kazakhstan begins today and will run through April 23, at the invitation of President Kassym-Jomart Tokayev.

NGL: The National Green Lab’s deadline for green project submissions closes today. 

🤔 18.4% of Mongolia’s Workforce is in the Public Sector 

Mongolia has a population of around 3.5 million, of which 266,895 are civil servants, accounting for 6.4% of the total population. Within the labor force of 1.4 million, this translates to 18.4%,  or roughly 1 in every 5 workers,  employed in the public sector, making it one of the largest employers in the country.

👩‍💼 Workforce Snapshot

Mongolia’s civil service workforce is both young and well-educated. The average age stands at 39, with nearly 60% of employees in the prime working range of 25–45, while just 1.8% are over 60, suggesting a relatively limited pool of senior-level experience. At the same time, qualification levels remain strong, with more than 72% holding a bachelor’s degree or higher.

⚖️ Gender Dynamics

A clear gender imbalance is evident as women make up 64.3% of civil servants, dominating administrative and service roles, while men are more represented in political and specialized positions. As a result, many institutions fall short of the recommended 40:60 balance.

• 🔄 Experience Gap: The workforce is relatively new, with over 35% having less than 5 years of experience. While this reflects steady recruitment, it also raises concerns around institutional memory and long-term capacity.

• 📍 Geographic Concentration: Furthermore, more than half, or 52.7% of civil servants are based in Ulaanbaatar, highlighting a strong concentration in the capital.

🌍 Global Context

As you can see, Mongolia’s public sector is relatively large. While public employment averages around 11% worldwide and 18% in OECD countries, Mongolia’s 18% places it above the global norm and close to advanced economy levels. This reflects the state’s key role in service delivery, particularly in rural areas, but also raises questions around efficiency and sustainability.

Overall, the government is moving to streamline and improve the productivity of the civil service. The push is timely. Despite its size, the public sector is often criticized for slow, bureaucratic processes. There is also a broader structural concern. When the state employs such a large share of the workforce, it can crowd out the private sector, tightening the talent pool for businesses. In effect, the government risks becoming one of the largest competitors for labor in the market, raising important questions about balance, efficiency, and long-term growth.

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• MIAT Mongolian Airlines Adopts RateGain’s AI Platform to Boost Pricing Agility. (ePlaneAI) 

• Mongolia Targets Fiscal Overhaul with EU Support to Bolster Financial Systems. (TheBrusselTimes)

• Making Money on the Mongolian Mania. (StockInvestors)

• Mongolia’s Calving Reaches 4.2 Million. (GoGo)

• The Government of Japan Extends Funding Support to WHO Mongolia to Strengthen Local Health Systems for Disease Outbreak Preparedness and Response. (WHO)

• Jeju Island Seeks to Diversify Tourism Markets by targeting Mongolia, Latin America. (KoreaJoongAngDaily)

POLITICS

• MOH and WHO Conclude Pilot on HPV Testing for Cervical Cancer Screening in Mongolia. (WHO)

• Ulaanbaatar Partners with UNDP to Pilot Solar-Powered EV Charging Stations. (UNDP) 

• U. Khurelsukh Becomes the First Mongolian President to Visit All Central Asian Countries During His Tenure. (InsideMongolia)

• Capital Shifts Civil Servants to 4-Day Workweek. (InsideMongolia)

• New Mongolian Ambassador Begins Mission in Kazakhstan. (Kazinform)

CULTURE & LIFESTYLE

• Chinggis Khaan Statue Complex: Mongolia's Giant Monument Guide. (AdHocNews) 

• The Silent Demise: Mongolia’s Fight to Save the Steppe. (Earth)

• Discovery Debunks Long-Held Beliefs About Mongolian Burial Rituals. (Earth.com)

• This 86-Million-Year-Old Mongolian Dinosaur was the Most Feared Predator of Its Time. (FuturaScience)

🚀 +158% in 10 years: Meat Prices are Soaring in Mongolia 

Despite having 58.1 million livestock, Mongolia continues to see rising meat prices. How much have they increased, and what’s driving the surge?

🥴 A Decade Ago: The “Good Old Days” 

Around this time in 2015, boneless beef was priced at about ₮10,300 per kg. Today, it has surpassed ₮30,000. Bone-in beef used to cost around ₮8,500, while horse meat was under ₮6,000. Over the past 10 years, meat prices across all types have risen by an average of 158%.

• ❤️‍🩹 The “Golden Period” of Deflation: Taking 2015 as a base year, meat prices reached historic lows between late 2015 and early 2018. Specifically, from December 2015 to the end of 2016, mutton and goat meat prices dropped by 40%–46% compared to 2015 levels.

• 🥵 The Turning Point: From 2019 onward, prices stopped declining and began to rise sharply. By mid-2021, horse meat prices had doubled for the first time. Meanwhile, prices of mutton and beef, the most consumed meats in Mongolia, have seen the steepest, almost vertical increases over the past 2 years.

🥊 Import Dynamics and Price Gap 

Interestingly, while domestic meat prices have continued to climb, imported chicken prices have remained relatively stable, even declining from their 2022 peak. This highlights how domestic meat prices are more exposed to fluctuations driven by logistics, processing, and other cost pressures.

🔑 Where Does the Money Go? 

Even though livestock per capita remains extremely high, rising meat prices are not translating into higher income for herders. Instead, costs such as transportation, fuel, storage, and multiple layers of intermediaries are driving prices up. As a result, herders feel underpaid, while consumers feel overcharged, creating a system where both sides lose.

Lastly… Even Mongolians themselves are wondering, despite having more livestock than ever before, why are meat prices still skyrocketing? It all comes down to the urgent need to develop modern logistics, cold storage infrastructure, and digital platforms that can properly connect herders with consumers. Unless Mongolia acts on this, its people will remain like beggars sitting on a mountain of gold.

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Publisher: Ts.Ankhbayar
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Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.

Good morning! A striking 2 stallion steel sculpture now stands in Bangkok’s Benchakitti Park, symbolising the enduring friendship between Mongolia and Thailand. Have you had a chance to see it yet? Gifted by Mongolia’s embassy, the installation features 2  stainless-steel horses facing one another, a powerful representation of balance, harmony, and mutual respect between the 2 nations. 😎

What’s inside today’s edition…

• ⚖️ A Bill with Good Intentions, but a Dangerous Mechanism

• 📊 World Bank Flags Rising Economic and Inflation Risks

• 🎪 World Circus in Mongolia

We’ve got a lot to cover, so let’s get moving. 🐐

MARKET

GOV: The Prime Minister N.Uhral has expressed a request to purchase diesel fuel from Russia at a discounted price or under preferential terms.  

MNG: Parliament rejected the proposal to establish a temporary committee to review the Harbin agreement.

ERD: An open selection process has been announced for an independent board member of Erdenes Mongol Group.

🫣 A Bill with Good Intentions, but a Dangerous Mechanism

Last week, parliament saw a heated debate over whether to move forward with the President’s proposed bill on recalling members of parliament. The debate is no longer about ethics alone, but whether a law designed to improve accountability could instead weaken parliamentary independence and become a political tool.

⚖️ Where the debate stands

During the first parliamentary discussion, the President’s Office framed the bill as an effort to activate constitutional provisions that allow MPs to be held accountable for breaking their oath, violating the Constitution, repeated absenteeism, serious ethical breaches, or court-established wrongdoing. From the Presidency’s perspective, the message is straightforward: public demand for real and enforceable accountability toward underperforming lawmakers can no longer be ignored.

🏛️ Where the pushback lies

Critics, however, argue that the issue extends far beyond ethics. Lawmakers and legal experts have questioned whether the President has the constitutional authority to introduce legislation that directly affects MPs’ mandates, warning that it may cross institutional boundaries and undermine parliament’s independence. More broadly, concerns have been raised that the mechanism could be used to pressure dissenting lawmakers and, over time, erode parliamentary immunity, disrupt the balance of power, and create wider governance risks.

🧭 Why this matters

At the heart of the controversy is Mongolia’s three-pillar state structure: the President, the State Great Khural, and the Government. The central issue is that one institution — the Presidency — has introduced legislation that could impose accountability mechanisms on another, namely parliament. This institutional overlap has become the core political fault line of the debate.

• 🥴 Additional concerns remain over provisions that appear to differentiate MPs based on how they were elected, while potentially granting indirect influence to the Constitutional Court and political parties, further raising questions about governance balance.

⚖️ The justification

Supporters of the bill argue that it is intended to strengthen accountability and create a clearer legal pathway to hold MPs responsible when they break campaign promises or act against national interests. Some have also described it as an effort to operationalize constitutional provisions that already address parliamentary responsibility.

🧩 Overall…

The Democratic Party has taken a procedural pause, with the debate expected to resume later next week. Since the bill was initiated by the President, Mongolia’s political orchestra has only grown louder. While strengthening MPs’ responsibility is undeniably important, the larger concern remains whether the law could evolve into a political weapon, a risk that may prove too great for the country to absorb.

⭐ Selected for you

ECONOMY & BUSINESS

• Kakao Bank Taps MCS Group for Mongolia Expansion. (TheKoreanHerald)

• Public Awareness Efforts Expand as Online Fraud cases in Mongolia Increases by 296%. (NLR)

POLITICS

• Mongolia Elected as a Member of the UN Statistical Commission for 2027–2030. (Gazeta)

• Remote Work Introduced for Mongolia Civil Servants to Reduce Expenses. (ANN)

• China approves Inner Mongolia Pilot Free Trade Zone. (SCIO)

• UNDP and the Medicine and Medical Device Regulatory Agency of Mongolia Sign Agreement to Strengthen Access to Essential Medicines. (UNDP)

• Can Uchral Hold On? Beyond Mongolia’s Leadership Shake-Up. (TheDiplomat)

CULTURE & LIFESTYLE

• How Does the Mongolian Language Sound to a Foreigner Hearing it for the First Time? (Open.kg) 

• China Soong Ching Ling Foundation Donates X-ray Machine to Mongolian Hospital. (UnitedDaily)

• World Circus in Mongolia 2026 Show to Open Soon. (Kazinform)

🚩 World Bank Flags Rising Economic and Inflation Risks in Mongolia

Last week, the World Bank released its latest Mongolia Economic Update report. This time, the outlook incorporates wartime conditions into its projections. What risks lie ahead for Mongolia?

🥴🫨 Growth-Driven Inflationary Pressures

Last year, Mongolia was once again hit by fuel shortages. Although supply is currently stable, Russia recently announced an expansion of its export restrictions. While fuel supply to Mongolia is expected to continue normally, retail prices for non AI-92 fuels are set to increase, diesel by ₮2,200, Euro-5 diesel by ₮1,300, and AI-95 by ₮500.

• ❤️‍🩹 Early signs of impact: As of March 30, fuel price changes stood at just 4%. However, by April 6, this figure had risen to 10%. If fuel prices continue to rise, it is almost certain that inflation could again return to double digits. This would likely lead to an increase in the policy rate, higher lending rates, and a deepening of the high-interest “vicious cycle.”

😪 Will We be able to Withstand It…?

Taking into account the above conditions, as well as declining coal prices and limited growth in export volumes, the World Bank projects Mongolia’s economic growth at 5% in 2026 and around 5.5% on average for 2027–2028.

• ‼️ Warning: Although the fiscal balance is expected to remain in surplus and debt levels stable over the next 2 years, the report highlights significant financing risks ahead, including widening current account deficits due to falling coal prices and rising imports, as well as increased external debt repayment pressures.

• 🥊 Policy: The weakening of external demand caused by geopolitical tensions may further reduce export revenues. As a result, Mongolia is urged to strengthen economic resilience through strict fiscal discipline and cautious monetary policy implementation.

In conclusion, the situation remains challenging. In practical terms, recent social media posts show an increase in businesses announcing closures. The reasons are clear: rising prices, tax pressure, and declining purchasing power, all of which are hurting profitability.

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ts.Tselmeg

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.

Hello readers! At this point, Mongolia is basically running on politics alone: new government, new ministries, new speaker, and probably new surprises by the time you finish reading this. No one can actually predict the future, so why not make our own predictions? What happens next? Share your thoughts with us. 🧐

What’s inside today’s edition…

• 🆕 New Cabinet, New Speaker

• 💸 South Korea’s T-money Leaves Mongolia After a Costly Decade 

• 🤕 SOE Debt Crisis Deepens 

We’ve got a lot to cover, so let’s get moving. 🐐

MARKET

KHAN: Fitch Ratings assessed Khan Bank as financially stable and continuing to benefit from Mongolia’s economic growth, with its Tier 1 capital ratio remaining broadly steady at 17.5% at end-2025 versus 17.8% a year earlier.

BOM: As of the end of the first quarter of 2026, Mongolia’s foreign exchange reserves reached $7.2 billion, up $182.5 million since the beginning of the year, setting a new all-time high. 

MNG: The 35th Prime Minister, N.Uchral, has formed his government, while S.Byambatsogt was elected as Mongolia’s new Parliament Speaker.

🚌 Mongolia’s Public Transport Revenue Spikes 69% After T-money Exit

South Korea’s smart transit payment operator T-money has officially exited Mongolia, transferring its 55% stake in Ulaanbaatar Smart Card LLC to the city government in May 2025. 

• ⛓️‍💥 As a result, the city’s ownership rose from 24% to 79%, giving it full controlling rights over the capital’s public transport payment system.

📃 Briefing the History

T-money first entered Mongolia in 2015 to roll out the U-Money system based on Seoul’s model, managing card issuance, top-ups, fare settlement, and the system’s technical infrastructure. However, the project remained unprofitable for a full decade, recording an estimated ₩21.6 billion in cumulative losses. 

• 👉🏻 According to the company’s audit report, the main reason was structural, fares and service fees were largely determined by government policy, while fare increases were minimal over the years, making it difficult to build a commercially viable model.

💸 A Costly Exit, A Strategic Shift

Mongolia became one of T-money’s largest loss-making overseas projects. The company’s share of the loss from its 55% ownership is estimated at around ₩12 billion, including ₩4 billion in foreign exchange losses. The exit also reflects a broader strategic shift. After shutting down operations in the US in 2016, Malaysia in 2023, and now Mongolia in 2025, T-money appears to be moving away from directly owning overseas subsidiaries and instead repositioning itself as a technology provider and transport systems consultant.

🏙️ After the Exit, Revenue Starts Climbing

In early 2025, Mongolia doubled public transport fares for the first time in 11 years, from ₮500 to ₮1,000, just months before T-money’s exit. Since gaining greater control, Ulaanbaatar has expanded the payment system beyond the U-Money card, allowing passengers to pay with bank cards, mobile apps, QR codes, or cash.

• 🤾🏻 The impact has been immediate. Public transport revenue rose from ₮33 billion in 2024 to ₮56.7 billion in 2025, marking a 69% increase. In the first 2 months of this year alone, revenue increased by ₮1.4 billion year-on-year, while passenger numbers climbed 8.5%.

Finally... After years of losses under the previous model, the sector is now beginning to show signs of financial improvement under city-led management. But who knows how long the city can sustain this achievement...

⭐ Selected for you

ECONOMY & BUSINESS

• European Union Imports of Anti-Freezing Preparations and Prepared De-Icing Fluids From Mongolia. (TradingEconomics)

• Moncement Building Materials LLC Signs MoU with South Korea’s Carbon Star Co., Ltd. (Moncement)

POLITICS

• Ambassador of Mongolia to Kyrgyzstan Sodnom Gankhuyag Completes His Diplomatic Mission. (AKIPress)

• Dual Transition Project Launched in Mongolia With The Involvement of the Czech Organisation People in Need. (MZV)

• Notable Partnership in Mongolia’s IPTV Sector: Univision and HBO Max. (LemonPress)

CULTURE & LIFESTYLE

• Morin Khuur Craftsmanship Program Commences. (UBPost)

• New Race Across The World Series Tests Relationships on a Global Trek to Mongolia. (TheIndependent)

• Mongolia Arrive as the Team to Beat at FIBA 3x3 Asia Cup 2026. (FIBA)

• Mongolia’s Devotion vs. Southeast Asia’s Mixed Feelings: What Explains the Different Receptions of K-Culture? (MaeilBusiness)

• Where Did Bronze Age Mongolians Prepare Their Feasts? (ArchaeologyMagazine)

• Fact Check: Mongolia Burial Ground Dating to Han Dynasty Miscaptioned as Gaza Grave. (ReutersFactCheck)

🫣 SOE Debt Crisis Deepens

Mongolia’s state-owned enterprises are grappling with a growing debt crisis, and since 2023, their debt has doubled to ₮11 trillion.

🤕 How Big is the SOEs Debt?

This is nearly 1/3 of the country’s ₮32.9 trillion national budget for 2026, and it also accounts for 24% of total national debt. Of this, ₮7.2 trillion is short-term and must be repaid within a year, while ₮4 trillion is long-term. Short-term obligations include ₮3 trillion from pre-collected revenue, ₮3.4 trillion from other sources, and ₮0.2 trillion from bonds, highlighting urgent repayment pressures. Back in January 2025, 44 non-mining SOEs were merged under Erchist Mongolia LLC to improve management and governance, but the initiative has since failed.

• 🏚️ Erchist Mongolia LLC Fails: The company recently faced liquidation after operating at a ₮3.5 billion loss, and it failed to manage its own operations, let alone address the losses of other SOEs. A company leaving this much debt within a year would be impossible anywhere except under state ownership, which underscores how deep the SOE debt problem has become and why urgent solutions are needed.

🌐 Government External Debt Remains High 

As of Q4 2025, Mongolia’s external debt from multilateral and bilateral lenders totals ₮23.1 trillion, while the country’s total external debt is around ₮32 trillion. 53% of the bilateral/multilateral debt is owed to multilateral lenders, and 47% to bilateral partners. Major multilateral creditors include the Asian Development Bank with ₮7.7 trillion and the World Bank with ₮3 trillion, while key bilateral lenders are China with ₮3.9 trillion, Japan with ₮2.8 trillion, India with ₮1.4 trillion, and South Korea with ₮1.3 trillion.

• 💱 Currency Exposure Highlights Vulnerabilities: Debt exposure by currency underscores Mongolia’s dependence on foreign financing. 55% of this debt is in US dollars, 20% in IMF Special Drawing Rights, and the remainder in yen, euro, won, and other currencies. This makes repayment sensitive to exchange rate fluctuations and global financial conditions.

⚠️ Public Finances Under Strain

Rising SOE obligations, combined with high external debt, are creating mounting pressure on Mongolia’s public finances. Repayment deadlines and currency exposure pose serious risks that policymakers cannot ignore, and the newly appointed Prime Minister now faces the reality that the government itself carries huge debt. Any plan to privatize SOEs or increase transparency must first tackle the massive, unmanageable obligations weighing on the state.

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ts.Tselmeg

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.

Hello, Monday again! Did you know Mongolians pay significant attention to spring fatigue? It’s because after long winters, a sudden surge of sunlight shifts our hormones, leaving us tired, sleepy, and unfocused, something anyone in extreme seasonal climates can relate to. Just a Monday insight. 😎

What’s inside today’s edition…

• 💰 Capital Bond Launch

• 🏃🏻 Short-Lived Government…

• 🤕 Digital Vulnerability in Mongolia

We’ve got a lot to cover, so let’s get moving. 🐐

MARKET

MNG: The primary market sale of the “Capital Bond” to finance Thermal Power Plant No. 5 will run from March 30 to April 3. The bond has a total value of ₮200 billion, consists of 200,000 units with a nominal value of ₮1 million each, carries an annual interest rate of 14%, and has a maturity of 3 years.

IAAC: The Anti-Corruption Agency considers the Health Promotion and Social Welfare special funds to be at extremely high risk of corruption.

AR: Armenia approves creation of free trade zone between EAEU and  Mongolia.

🫣💔 Short-Lived Government…

Truly yours, Zandan bro… That was the final IG story of Mongolia’s 34th Prime Minister, G.Zandanshatar, after just 9 months in office.

🤔 What Happened?

He resigned voluntarily last Friday, a move that surprised many. Even more striking was how unusually fast and smooth the process unfolded, suggesting that when political consensus aligns at the top, decisions in Mongolia can move swiftly. That consensus now appears to favor Parliament Speaker N.Uchral as the next PM.

👯‍♂️ Same Pattern

The pattern that is hard to ignore is how former prime ministers step down. Back in early 2021, President U.Khurelsukh became the first PM to resign voluntarily, later winning the presidency. While his resignation was triggered by public backlash during COVID-19, specifically the controversial transfer of a postpartum patient to quarantine, G.Zandanshatar’s case is different on the surface.

• 💭 His resignation came amid pressure framed by the Democratic Party of Mongolia, particularly over the issue that N.Uchral could not simultaneously serve as party leader and Parliament Speaker. However, this demand alone appears too minor to bring down a politically backed PM. Yet, the third strike ultimately landed. 

• 🫣 What It Really Signals: The pattern suggests that formal triggers are often secondary. Beneath them lie deeper political dynamics, internal alignments, timing, and leadership rotation ahead of bigger events. This raises the question, “Will G.Zandanshatar follow the same trajectory as President U.Khurelsukh?”

⏭️ The Next PM

Following the resignation, the Mongolian People's Party’s governing council nominated Uchral. Out of 597 members, 421 participated, with 99.7% voting in favor. If confirmed, the 39-year-old would become the second-youngest PM since 1990. For comparison, former president Ts.Elbegdorj became PM at just 35.

In the end… Mongolia’s governments last on average only 1.8 terms, meaning completing a full 4-year cycle is rare. With a presidential election approaching next year, this reshuffle looks less like instability and more like preparation.

⭐ Selected for you

ECONOMY & BUSINESS

• Denmark and Mongolia Show Unexpected Surge in K‑Face Powder Exports. (KBE) 

• SouthGobi Announces Fourth Quarter and Full Year 2025 Financial and Operating Results. (SouthGobi)

• Erdene Ramps Up Bayan Khundii Gold Mine as Mongolian Growth Pipeline Expands. (TipRanks)

POLITICS

• Mongolia to Achieve Full Mobile Network Coverage by 2028. (ZMS) 

• 6% Concessional Loans Announced for Businesses. (UBPost)

• US and Mongolia Convene Fifth Child Protection Compact Bilateral Dialogue. (USEmbassy)

• Mongolia Anti-Corruption Authority Adopts AI System for Decision Monitoring. (DigWatch)

CULTURE & LIFESTYLE

• A Mongolian Author Presents a Comic Book About Putin. (Caliber)  

• Declining Birth Rate Pushes ‘5 Million’ Ambition Away. (UBPost)

• South Korea Adopts Ulaanbaatar as the Mongolian Capital's Korean Spelling. (MSN)

• Montreal World Film Festival: Nima’s Women. (MontrealGazzete)

☎️⛓️‍💥 Digital Vulnerability in Mongolia

Mongolia’s digital landscape is both highly connected and structurally vulnerable. Out of 2.9 million internet users, approximately 2.6 million are active on Facebook, making it the country’s dominant information channel. 

• 👉🏻 Critically, 90% of users rely on the platform for news, while 30% accept information at face value without verification, creating fertile ground for misinformation and fraud.

🤾🏻 Escalation of Organized Online Scams

Since early 2026, a coordinated scam exploiting the brand identities of KFC and Pizza Hut has exposed systemic weaknesses in consumer awareness and digital safeguards. A total of 310 individuals have been affected, with losses reaching ₮1.1 billion.

The scheme demonstrates a relatively sophisticated execution of cloned websites, urgency-driven marketing such as limited-time discounts, and compressed transaction windows designed to override user caution. The 30-second payment interface is particularly notable, functioning as a behavioral pressure tactic while enabling rapid extraction of sensitive financial data.

🚷 Misinformation as a Structural Risk

In parallel with financial fraud, the spread of false information continues to undermine public trust and institutional credibility. Recurring narratives ranging from fabricated cross-border tunnels to false public health alerts and geopolitical misinformation highlight a pattern that emotionally charged, easily shareable content travels faster than verified information. These cases reveal not isolated incidents, but a systemic information disorder, where low media literacy intersects with high platform dependency.

• 🤕 Even the General Police Department of Mongolia has intensified public warnings and awareness campaigns. However, the continued rise in victims suggests a gap between outreach and behavioral change.

More concerning is the rapid growth of fraud linked to real estate pre-orders, an area involving higher transaction values and long-term financial commitments. This signals a shift from opportunistic scams to targeted, high-impact fraud schemes.

Finally… Mongolia’s challenge is no longer just digital adoption, it is digital resilience. Without stronger verification habits, regulatory enforcement, and platform-level intervention, both misinformation and fraud will continue to scale alongside connectivity.

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ts.Tselmeg

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.

Hello People! Online scams in Mongolia are no longer just a tech issue. They are becoming part of everyday life. Leaning into that reality, Unitel’s new “Once Upon a Time” campaign turns familiar fairy tales into warnings about the risks hiding behind screens. Take a look. 👀🫡

What’s inside today’s edition…

• 🇲🇳🇰🇿 $62.6 Million Export Deals

• 👀 Mongolia Emerges as a Bright Spot for Korean Brands

• 🎈 Why Mongolia’s 4 Free Zones Matter for Investors? 

We’ve got a lot to cover, so let’s get moving. 🐐

MARKET

FRC: The Global Money Week 2026 campaign has officially launched under the theme “Manage Your Money Wisely” in Mongolia.

MNG: Kazakh companies signed $62.6 million in export deals with Mongolian companies during a business mission in Ulaanbaatar.

BOM: Bank of Mongolia keeps policy rate at 12%.

👀 Mongolia Emerges as a Bright Spot for Korean Brands

South Korean products and services entering the Mongolian market are increasingly turning into breakout successes, with a steady stream of reports showing local performance strong enough to boost confidence at headquarters.

👍 Soft at Home, But Strong in Mongolia

As beer demand weakens in South Korea, brewers have been placing greater emphasis on overseas markets. That strategy appears to be paying off in countries such as Mongolia and Taiwan. Last year, South Korea’s beer exports to Taiwan surged nearly 700% year on year to 7.7 million liters, while exports to Mongolia reached 31,000 tonnes in the first eight months of the year. That amounted to 31.5% of South Korea’s total beer exports, making Mongolia the country’s largest beer export market.

🪻 A Fast-Growing Imported Beer Market

Among the brands benefiting from this trend is Lotte Chilsung’s Crush, which entered Mongolia’s domestic market in 2024 and recorded a sharp 90% increase in exports last year. The beer is reportedly sold in around 2,000 stores across Mongolia, underlining the breadth of its distribution network.

• 🔎 Other Korean brewers are also moving aggressively. HiteJinro has been expanding its beer strategy in Mongolia and recently began selling its new Kelly brand in partnership with CU. Meanwhile, OB Beer is supplying Cass to Mongolia through the global distribution network of AB InBev, the world’s largest brewer.

More broadly, beer is far from the only category where Korean brands are gaining traction. Pharmacies, coffee chains, and quick-service restaurants have also recorded strong early growth in Mongolia. Mega Coffee, for instance, opened 3 branches in its first year, while Mom’s Touch launched its second branch just 3 months after opening its first.

• 🍰 Dessert39 Mongolia also posted record first-year momentum, generating ₩57.3 million in revenue over 9 days before expanding to 3 branches. Over a longer timeline, Mom’s Touch has grown to 17 branches in 3 years, while Mega Coffee has opened 8 branches in 3 years.

• 💊 The pattern extends beyond food and beverages. Coldwon, a Korean cold syrup brand, generated $390,000 in sales revenue from Mongolia in 2022. That figure rose 53.8% to $600,000 the following year.

With numbers like these, it is hard to imagine that South Korean companies are not crafting Mongolia-specific growth strategies.

⭐ Selected for you

ECONOMY & BUSINESS

• TMK Raises $6M in Oversubscribed Placement. (TMKEnergy) 

• Mongolian Investment Rating Agency, MIRA, assigned a credit rating to NBFIs. (MIRA)

• Erdene Provides Notice of Release of Fourth Quarter and Full Year 2025 Results and Conference Call. (InvestingNews)

• The Government has Decided to Liquidate LLC "Erchist Mongolia," a SOE. (MBD)

POLITICS

• Mongolia Eyes Tax Exemption on Esports Prize Money. (IM)

• Mongolia Asks U.S. to Remove it From Visa Bond List. (MFA)

• ‘We are Being Silenced’: Mongolian Politicians Face Jail After Vote Calling for PM to Resign. (TheGuardian)

• Mongolia Supports Civic Space Reforms but Key Restrictions Remain. (Civicus)

• Successful Edition of Training for Diplomats from Central Asia and Mongolia. (Clingendael) 

• Mongolia to Establish Kazakh National Cultural Center. (UBN)

• Korea and Mongolia Sign Agreements on Patient Transportation and Staff Training. (OpenKG)

CULTURE & LIFESTYLE

• Illegal Hunting of Argali in Mongolia Could Result in ₮44M Fine. (TheStar) 

• Tsenkher River Placed Under Local Protection. (UBPost)

• Race Across the World Will Send Five Teams 12,000 km to Mongolia’s Northern Shore. (IMDb)

• Rare Discovery: Tiny-1 Centimetre Fossil Found in Mongolia’s Gobi Dessert Shocks Scientists. (TimesofIndia) 

• Mongolia ranks 75th in the 2025 World Happiness Index. (WHR)

🎈 Why Mongolia’s 4 Free Zones Matter for Investors?

With tax and customs exemptions, Mongolia’s 4 free zones remain one of the country’s clearest tools for attracting export-oriented investment.

💰 Tax Free Zones

Mongolia has 4 free zones, Altanbulag, Tsagaannuur, Zamiin-Uud, and Khushig Valley,  each operating under a special tax and customs regime outside the country’s regular customs territory. For investors, that structure matters because it can significantly lower the cost of importing equipment, moving goods, and building export-focused operations.

• 💎 The main draw is tax treatment. Under Mongolia’s legal framework, goods brought from overseas into a free zone are exempt from customs duties, VAT, and excise tax, while goods and services produced or sold within the zone by registered entities are also eligible for favorable tax treatment. 

• 👛 Exports from the zones to overseas markets are similarly treated more favorably, making the regime particularly relevant for manufacturing, logistics, trade, and tourism projects.

Geography adds to the appeal. Altanbulag sits near the Russian border, Zamiin-Uud anchors Mongolia’s main gateway to China, and Tsagaannuur offers western access through Bayan-Ulgii. Khushig Valley, the newest and largest, is being developed near Chinggis Khaan International Airport as a longer-term hub for logistics, trade, and airport-linked commercial activity.

Overall, Mongolia’s 4 free zones remain one of the country’s most practical tools for attracting foreign investment, combining tax relief, customs advantages and strategic access to Russia, China and wider trade routes. While execution still varies by zone, the outlook is supported by the government’s push to update the legal framework for free zones and improve the broader investment environment. For exporters, manufacturers and logistics players, that makes the free-zone model a developing opportunity worth watching.

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ts.Tselmeg

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.

Wow… Hilton has announced the launch of Conrad Ulaanbaatar, set to open in 2028, marking the group’s entry into Mongolia’s hospitality market. Last year, Marriott International also announced its entry into Mongolia. Ulaanbaatar’s luxury hospitality era is loading. Habibi, come to UB. Spend some money. 😂🤑

What’s inside today’s edition…

• 🌶️ Parliament’s Spicy Spring Session

•  ⚖️ Power Struggle at the Top

•  🤖 AI Integration in Mongolia

We’ve got a lot to cover, so let’s get moving. 🐐

MARKET

GOV: Cabinet approves cashmere industry support plan with export incentives and financing. 

MNG: Parliament’s spring regular session, which the Justice Minister said would be “spicy,” will open today at 10:00 a.m., with the President scheduled to deliver a speech.

MOF: The government is proposing a sweeping tax reform package aimed at gradually reducing the tax burden on households and businesses by ₮ 2.7 trillion.

⚖️ When Power Clashes…

What is unfolding in Mongolian politics is the long-running reality of a 2-headed executive system, in which both the President and the Prime Minister (PM) carry competing political weight under the 1992 Constitution.

• 🎤 In his first public appearance since leaving office, ousted former PM L.Oyun-Erdene spoke about his fallout with the President, once his closest ally and key political backer, reflecting Mongolia’s long-running pattern of conflict between the presidency and the premiership.

🏛️ From President vs PM to President vs Parliament

The key highlight of the ex-PM’s interview was his argument that the main fault line is now shifting from President vs Prime Minister to President vs Parliament. As Mongolia moves closer to the 2027 presidential election, he argued, institutional pressure is intensifying. The ex-PM stressed that the President’s recent proposed draft law on the recall of Members of Parliament (MPs) is part of a broader effort to weaken Parliament’s independence and narrow the space for political competition ahead of the next electoral cycle. 

• 🤕 In that framing, the issue is no longer only about who will control the presidency next, but whether Parliament can continue to function as a meaningful counterweight.

Another major theme was what could be called the MPP’s internal orchestration for the next presidency. Under the 2019 constitutional amendment, the President is elected for a single 6-year term. But according to the ex-PM, this is where his main conflict with President U.Khurelsukh began. He claimed the President was interested either in seeking another term through a fresh constitutional amendment or in returning to lead the MPP after leaving office.

⚠️ The “Tunnel” Concern

More concerning is the claim that both past and current Presidents have held the keys to the so-called “tunnel”, a system through which law enforcement and judicial processes can allegedly be influenced for political ends. In this telling, the “tunnel” functions as a tool of political engineering, especially ahead of major cycles such as the 2027 presidential election.

• ⛓️‍💥 For instance, it can allegedly be used to sideline rivals by launching or reviving cases, while also pressuring Parliament through legal and “moral” investigations aimed at winning support for measures such as the recall initiative.

Perhaps that is also why the ousted PM suddenly found his voice after stepping down. He may fear that he himself could be dragged through the same tunnel system.

🌀 The “vacuum” of power

Despite the constitutional requirement for the President to remain non-partisan, the ex-PM claims that the President’s office is effectively acting as the de facto leadership of the MPP. That, in turn, is creating friction with the party’s formal leadership as different factions position themselves for control over the 2027 political cycle.

Finally… Yes, the ousted PM was once seen as a political monster in his own right. But the system now on display may be far more dangerous than any one individual. Even when he held enormous power, he failed to carry out the meaningful reforms he is now criticizing. Even so, the broader point remains hard to ignore. Mongolia’s institutional sovereignty appears to be in crisis. 

The core power-balancing institution, the judiciary, is claimed to be functioning like an authority’s magic wand. In a system skilled at mass manipulation, silencing those who challenge it becomes a direct threat to democracy’s survival. Unless that is exactly what people choose to tolerate.

⭐ Selected for you

ECONOMY & BUSINESS

• Erdenet Mining Corporation Sets a New All-Time Record. (MSightl)

• How the New Gulf War Is Impacting Mongolia. (TheDiplomat)

• Mongolia Imported 12.2 Million Fresh Flowers in 2025. (FloralDaily)

• Mongolia Urges Rio Tinto to Rewrite Terms of Oyu Tolgoi Copper Mine. (Reuters)   

• MIAT Intends to Add Ulaanbaatar, Erenhot Route in NS26. (AeroRoutes)

• Oriental Brewery Plants 47,000 Trees in 16-Year Mongolian Project. (MSN)

• Mom’s Touch Put Up for Sale Amid Profit Growth. (TheKoreanHerald)

POLITICS

• Mongolia Chooses Main Cross-Border Route For Eurasian Economic Union Trade. (RussiasPivottoAsia)

• The Government approved the draft loan agreement with the EBRD for the “Energy IV” project. (ESight)

• Mongolia Aims to Renegotiate Loan for Copper Project with Rio Tinto. (BinanceSquare)

• Draft laws on Housing and on the Housing Finance Bank Will be Submitted to Parliament. (BOM)

• The Government will Submit a Revised Narcotics Control Bill to Parliament. (GOV)

CULTURE & LIFESTYLE

• Mongolian Rock Trailblazers The Hu Unleash Thunderous New Anthem “The Real You”. (ThatEricAlper)

 🦾 AI Integration in Mongolia

Last Friday, Mongolian conglomerate TESO Group announced a strategic partnership with OpenAI, marking one of the country’s biggest AI-related developments to date. It is definitely the perfect time to see how AI integration is progressing in Mongolia.

🇲🇳 Above the Midpoint

Mongolia’s AI adoption rate rose from 12.6% in the first half of 2025 to 14.3% in the second half, up 1.7 percentage points. That placed the country 69th out of 147 economies globally. Meanwhile, Google Trends data show that average search interest related to ChatGPT over the past year reached 68 out of 100, suggesting that public interest has remained relatively stable and high.

• 🧑🏻‍💻 Youth Usage: In Ulaanbaatar, people aged 15 to 34 use AI 3 to 4 times a week on average, with students increasingly turning to it for their studies.

• 🌏 Global average 1 in 6 people: By the second half of 2025, 16.3% of the global population had adopted AI, according to the Microsoft AI Economy Institute, with the UAE leading at 64% among 147 countries surveyed.

👔 At the Business Level

AI adoption among Mongolian companies and institutions has accelerated over the past 2 years, particularly across conglomerates, fintech, healthcare, media, and HR. TESO Group recently said it will deploy OpenAI’s technology across manufacturing, supply chains, sales, marketing, R&D, customer service, finance, and internal systems to improve productivity, decision-making, and innovation.

• 😎 Before that, AND Global and its subsidiary, AND Solutions, emerged as early Microsoft AI partners in Mongolia, launching Mindox, an AI-powered document-processing platform built on and optimized for Azure, which was later introduced to financial institutions in the Philippines and other Asian markets.

• 🩺 In healthcare, AI Medi Mongolia is working with South Korea’s NTL Healthcare to roll out CerviCare AI for early cervical cancer detection, while Tavan Bogd’s Nura Mongolia has been expanding advanced AI-based health services, including AI-assisted CT imaging.

Overall… From SMEs adopting AI chatbots and AI agents to large conglomerates partnering with global technology leaders, AI integration is clearly gaining momentum in Mongolia. In the years ahead, the use of AI across the business landscape is likely to expand further, intensifying competition and reshaping how companies operate.

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Happy Monday, everyone! Yesterday was a huge day here in Mongolia as we celebrated International Women’s Day. Most of us just call it 'March 8th,' and the vibe was incredible, think endless flowers, cakes, and everyone trying their best to make the women in their lives feel truly appreciated. Even our President joined in, sharing a heartfelt message. He reminded us that men should focus on making women happy, beautifully quoting that they are 'born not to be merely understood, but to be loved’. 🌷

What’s inside today’s edition…

• 💰 “Century-5” sovereign bonds

• 🟢 Dividend Decisions of Listed Companies

• 🇲🇳 How Does Mongolia Really Measure Up? 

We’ve got a lot to cover, so let’s get moving. 🐐

MARKET

MNG: The Government of Mongolia has successfully priced $500 million of its new six-year “Century-5” sovereign bonds at a fixed coupon of 5.95%. 

IMP: Last year, Mongolia imported a total of 12.2 million fresh flowers, marking a significant 80% increase compared to 2024. With International Women’s Day being widely celebrated again this year, another record cannot be ruled out.

UB: The Ulaanbaatar city budget amendment has officially approved ₮325 billion for the capital's tram project. For the second line stretching from Sükhbaatar Square to the Buyant-Ukhaa Complex the land acquisition process will involve 278 affected parcels.

🟢 How Mongolian Listed Companies are Handling Dividends This Year

We’re officially in the final stretch of the dividend season. This is the time of year when Mongolian listed companies wrap up the big debate: how much of their 2025 net profits should go back to shareholders? Here’s the lowdown on how things are shaping up so far.

📌 The Numbers

According to the law, boards have a tight 50-day window after the financial year ends to make a call on dividends. This year, 54.66% (47 companies) got the green light to distribute a combined ₮946.54 billion. On the flip side, 39 companies (about 45%) have opted to hang onto their earnings, likely to reinvest in future growth.

📊 A Quick Look Back

The growth over the last few years has been pretty remarkable:

• 2021: 33 companies – ₮110.5 billion

• 2022: 38 companies – ₮150.8 billion

• 2023: 34 companies – ₮303.07 billion

• 2024: 47 companies – ₮535.09 billion

• 2025: 42 companies – ₮1,144.26 billion

• 2026: 47 companies – ₮946.54 billion

Who’s doing the heavy lifting? Unsurprisingly, it’s the banks. Just four major banks are responsible for ₮544.59 billion. That’s more than half of (57.54%) the entire market's payout. It’s also great to see the "new kids on the block" stepping up; five out of the eight recently listed companies have already started sharing profits, contributing over ₮52 billion to the total.

💹 Let’s Talk Yield

For those focused on the MSE’s Top-Tier (Category I), the consistency is impressive. Out of 25 top companies, 21 have paid out dividends steadily for the last three years, with an average annual yield of 6.8%. The standout performer this year? Mandal Insurance, boasting a massive 21.6% yield. Of course, it’s a mixed bag; a few other companies offered more modest yields below 1%.

The Big Picture… The takeaway here is that the Mongolian capital market is maturing right before our eyes. Much of this is thanks to the recent banking reforms, which have created a much healthier ecosystem for everyone. Even with the slight dip in total cash this year, the fact that more companies are choosing to reward their shareholders is a fantastic sign for the market’s long term health.

⭐ Selected for you

ECONOMY & BUSINESS

• “Investment and Trade Week” will Highlight Key Opportunities in Investment and Trade. (InvestMongolia)

• Intermed Hospital Raises ¥2.2 Billion in Investment from IUHWP Group. (CMM)

• Kincora Secures $4 million in Strongly Supported Placement. (TMKNewsfile)

• Mongolian and Japanese Firms Explore Cooperation Opportunities. (Montsame)

• Direct Flight Route Launched Between Ulaanbaatar and Shanghai. (AZERTAC)

• UK Emphasizes Expanding Critical Minerals Partnership. (UBPost)

POLITICS

• Government of Mongolia Prioritizes Transparency in State Service. (GOM)

• Mongolia and Norway Foreign Ministers Hold Talks on Cooperation. (AKIpress)

• MIAT JSC plans to operate a Ulaanbaatar–Dubai–Ulaanbaatar flight on March 10, 2026, for citizens residing in Middle Eastern countries. (MIAT)

• Top US East Asia Diplomat to Visit South Korea, Japan, and Mongolia Next Week: State Dept. (TheKoreaTimes)

• Ulaanbaatar’s Electricity Distribution Network Set for Expansion. (ANN)

CULTURE & LIFESTYLE

• Detroit Lakes Riders Cover 200 Miles by Camel in Mongolia’s Gobi Desert. (DetroitLakesTribune)

• German Game Set in 13th-Century Mongolia Lets Players Deliver Packages on Horseback. (InvenGlobal)

• Mongolian-Born Oyuna Uranchimeg Shines on U.S. Wheelchair Curling Team for 2026 Paralympics. (TEAMUSA)

• Mongolian Political Party Hosts CS2 Tournament Open Only to Members. (SheepEsports)

• Flyweight Nyamjargal Tumendemberel Wins by Unanimous Decision Over Cody Durden at UFC 326. (UFC)

🇲🇳 How Does Mongolia Really Measure Up? 

Now that the International Women’s Day celebrations have settled, it’s a good time to look past the flowers and speeches. We hear a lot about programs supporting women in the workforce here in Mongolia, but how do we actually stack up on the global stage? Let’s take a look at the 2026 Women, Business and the Law (WBL) Index to see the real story.

📌 So, what’s the WBL Index anyway?

Think of the World Bank’s WBL Index as a "stress test" for the legal and economic hurdles women face. It scores 190 countries out of 100 based on three things: the laws on the books, the systems meant to support them, and most importantly how those laws actually play out in real life.

🤥 The "Untouchable" Equality

Essentially, this is a report card for economic gender equality. It’s about more than just getting a job; it covers everything from starting a business and owning property to staying safe.

• 🤯 The global gap: On average, women around the world only have about two-thirds of the economic rights that men do. With global scores hitting a low 47 for "support systems," it’s clear that even when laws exist, the institutions meant to back them up are often missing in action.

🔻 Mongolia’s Score: A 7-Point Drop in 7 Years 

Here’s the tough part: While Mongolia’s legal foundation for women’s rights actually scores above the global average, we are moving in the wrong direction. Our current score of 76 is 7 points lower than it was seven years ago. We’ve slipped to 74th place globally dropping three spots just since 2020.

• ☔️ Why are we losing ground? The World Bank recently raised the bar by adding two critical new categories: Safety and Childcare. Unfortunately, this is where Mongolia hit a wall. Our systems for keeping women safe and providing reliable childcare scored poorly, showing a major gap between what our laws promise and what families actually experience.

• 🤔 Where’s the real bottleneck? One of the biggest issues holding us back is our pension system. As it stands, the current setup leaves women at a much higher risk of falling into poverty as they get older.

Furthermore, while our laws look okay on paper, the "support systems" to make them work scored a failing 47.9. It’s a stark reminder that many women still don’t feel fully protected at work or in public, and the lack of quality, regulated childcare is making it harder for moms to stay in the game. We’ve made progress, but we can't afford to be complacent. There’s still a mountain of work to do to turn those legal "promises" into daily reality.

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
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Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.

Hey fellas! Museum Week is on in Ulaanbaatar. Every year in the first week of March, the city’s museums open their doors for free, from 9:00 a.m. to 6:00 p.m., from the Chinggis Khaan Museum to the Bogd Khan Palace Museum. Need an idea? Head to the Chinggis Khaan Museum and check out the world’s largest Mongolian deel, a striking blend of scale, craft, and heritage that’s hard to forget. 🤩

What’s inside today’s edition…

• 🌍 Global Ratings on the Government’s Proposed Bond

• 🏀 The Rise of the National League

• 🏆 A Historic Expansion of NBFIs

No Time to Waste. Let’s Get Started! 🦘

MARKET

MNG: S&P Global Ratings assigned a BB- rating to Mongolia’s proposed U.S. dollar-denominated sovereign bonds, while Moody’s Ratings assigned a B1 rating.

TMK: TMK Energy hit a new production record at its Gurvantes XXXV project, with gas output exceeding 25,000 scfd, led by the LF-07 well at over 13,000 scfd, signalling progress toward commercial gas production in Mongolia.

GOV: After President U. Khurelsukh proposed a draft law on the recall of Members of Parliament (MPs), the Mongolian People’s Party announced it would expel party members involved in criminal cases.

🏀 The Rise of the National League

The 2025–2026 Men’s National Super League Playoffs started last week. Ahead of the postseason, here’s a look at how the National League has evolved.

⌚ In the Past

For much of its early history, the league relied on local talent, experienced periodic disruptions, and focused on domestic rivalries. While teams such as Xac Broncos emerged as dominant champions, meaningful professionalization, marked by the rise of import players and foreign MVPs, only began to take shape from the mid-2010s.

• 🌷 Building on this foundation, the league briefly expanded to 13 teams in 2023 before returning to 10 in 2024, reflecting efforts to broaden regional participation beyond Ulaanbaatar to cities such as Darkhan, Erdenet, and Khovd. Backed by basketball’s widespread popularity, growth remained steady before accelerating in recent years.

🚀 Now

The 2025–2026 season marks a clear turning point for the Men’s National Super League, reflecting faster development, stronger competition, and rising commercial appeal. SG Apes topped the regular season with an 18–9 record, narrowly ahead of defending champions Xac Broncos, while the top three teams, including BCH Knights, finished with identical records, underscoring the league’s growing intensity.

• 💥 Beyond the standings, the season was energized by emerging young domestic talent alongside high-impact imports, a surge in corporate sponsorships averaging 5 to 6 partners per team, and headline investments such as Selenge Bodons’ ₮2 billion recruitment of national 3×3 players and the return of the Former NBA superstar DeMarcus Cousins.

• 🤑 This momentum is also visible financially. SG Apes’ budget rose 81.8% to ₮4 billion, with roughly 70% funded by sponsors, while the launch of the Federation Cup, a 48-team, single-elimination tournament offering a ₮100 million prize, added further scale and high-stakes competition to the calendar.

At the same time, the league took a decisive step onto the international stage. From the 2025–2026 season onward, the national champion will qualify for the East Asia Super League (EASL) following a landmark partnership announced in early 2025, significantly expanding regional exposure for Mongolian clubs.

Taken together, the Mongolian National Super League has evolved from a largely domestic competition into a fast-growing professional ecosystem defined by rising budgets, star imports, corporate backing, new tournaments, and international pathways. The question now is not whether the league will grow but how fast, and how far it can go. 👀

⭐ Selected for you

ECONOMY & BUSINESS

• “Health Care: Investment Opportunities in Mongolia” Online Webinar. (InvestMongolia)

• Steppe Gold Announces Finance Leadership Transition. (SteppeGold) 

• Mongolia’s Hunnu Air Talks Up Bold Network Expansion Plans with Refreshed Fleet. (AirlineBusiness)

• Will Mongolia Join The Global High-Tech Value Chain Through Rare Earth Elements? (MongolianMiningJournal)

• Mongolia Growth Group Announces Return of Capital. (AccessNewswire)

• Erdene Resource Development Advances High-Grade Gold Project in Mongolia. (TheGlobalandMail)

• Mongolia Energy Shareholders Clear Four-Year Logistics Services Framework. (TipRanks)

POLITICS

• When Power Goes Too Far. (UBPost) 

• Mongolia-US Ties in an Era of Great Power Competition. (TheDiplomat)

• Mongolia Extends Visa-Free Entry for Australians Until End-2026. (VisaHQ)

• Education Minister Announces Plan to Draft Law to Restrict Children’s Use of Social Networks. (ANN) 

CULTURE & LIFESTYLE

• New Study Challenges Popular Genghis Khan Narrative. (TheIndependent) 

• The 2250 km, More Diverse Alternative to the Trans-Siberian Railway. (Traveller)

• Korean Singer-Songwriter Releases Folk Single Traveler Inspired by Mongolia. (ChosunBiz)

• Mongolia’s Eagle Festival 2026 to be held on March 7-8. (ANN) 

🏆 A Historic Expansion of NBFIs

For Mongolia’s non-bank financial institutions (NBFIs), 2025 was a landmark year. Rapid expansion pushed the sector to record highs while simultaneously amplifying underlying risks. 

🚀 Assets Reach ₮9.1 Trillion

In 2025, total assets managed by Mongolia’s 575 non-bank financial institutions rose by 27.4% year-on-year to ₮9.1 trillion, equivalent to 10.1% of nominal GDP.

• 🙋‍♂️ For context, in 2016 the sector’s total assets stood at just ₮787.2 billion, equivalent 3.3% of GDP. In other words, over the past 11 years, NBFI assets have expanded 11.6-fold, underscoring the sector’s rapid ascent within Mongolia’s financial system.

🔻 Fewer Clients, More Borrowers

While the total number of registered clients declined by 23.9% to 4.1 million, the number of active borrowers surged by 36.6%, reaching 3.2 million. Over the same period, total outstanding loans grew by 25.5% to ₮7.2 trillion, driving a 50% increase in sector revenue to ₮2.7 trillion. Net profit climbed 35.6% to ₮946.1 billion, translating into a notably strong profit margin of approximately 35%.

• 😵 Non-Performing Loans Jump Sharply: After remaining below 8% consistently since 2020, the non-performing loan (NPL) ratio rose to 8.4% in 2025, marking a sharp 2.3 percentage-point increase year-on-year, a clear signal that risk is rising alongside growth.

💴💵 A More Diversified Revenue Mix

Interest income fell below 90% for the first time, dropping to 88%, while non-interest income rose to 10%, signaling modest revenue diversification. Despite strong loan growth, the average loan per borrower declined 8% to ₮2.3 million, suggesting growth was driven by smaller loans rather than larger borrowers.

🪢 Policy Tightening Takes Effect

Regulatory changes also played a role. In March 2025, the FRC lowered the maximum debt-to-income (DTI) ratio for NBFIs from 70% to 60%, and further tightened it to 55% in 2026. As a result, borrowers with lower incomes or existing debt burdens are increasingly excluded from additional credit, reshaping demand patterns across the sector.

Overall, Mongolia’s non-bank financial sector continues to expand at a remarkable pace, repeatedly setting new records. At the current trajectory, net profit could exceed ₮1 trillion as early as next year. However, regulators appear poised to redirect the sector away from consumer lending toward business and productive credit, tightening oversight as risks rise.

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Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.

Hello Readers! The Lunar New Year celebrations are over. Interestingly, after the holiday, Koreans are already counting down to their next break. Hmmm, for us, we still have 3 more public holidays until the longest one, Naadam, though 2 fall on the weekend. A good sign for those who always say Mongolians have too many public holidays, right? 🙂‍↔️

What’s inside today’s edition…

• 💰 Erdenes Tavan Tolgoi JSC Dividend: $17.7 per Citizen

• 🌱 Mongolia’s Gateway to Green Investment

• 💄 K-Beauty Ad: “Cheeks Like a Mongolian Baby?”

No Time to Waste. Let’s Get Started! 🦘

MARKET

MNG: Erdenes Tavan Tolgoi JSC to distribute ₮65.5 per share, totaling ₮786.6 billion, from its ₮1.1 trillion net profit in 2025. Of this, ₮208.5 billion will go to 3.5 million individual shareholders, with each citizen holding 1,072 shares set to receive a ₮63,242 or $17.7 dividend after tax.

MSE: From the TOP-5 systemically important banks, Khan Bank (KHAN) to pay a dividend of ₮214 per share, State Bank (SBM) ₮51.8, and XacBank (XAC) ₮48 per share.

NSO: In January, Mongolia’s budget revenue increased 4.5% year-on-year to ₮1.8 trillion. Meanwhile, total expenditure and net repayable loans declined 1.4% to ₮2.1 trillion, resulting in a balanced deficit of ₮425.1 billion.

☘️ Mongolia’s Gateway to Green Investment 

Mongolia has officially launched the National Green Lab (NGL). Long story short, Mongolia is leveraging COP17 to attract international green investment.

• Who’s Involved? The initiative is led by the Office of the President, in partnership with the Business Council of Mongolia (BCM) and the Mongolian Nature’s Legacy Foundation, supported by key ministries and international and local partners, including The Nature Conservancy (TNC), Khan Bank, Capital Markets Mongolia, DBM Asset Management, DBM Leasing, NovaTerra, and more.

💪🏻 More than COP17

Mongolia is positioning itself as a hub for nature-based investment, leveraging its vast steppes and unique ecosystems, which make up just 1.5% of the world’s dryland yet hold outsized potential for climate-resilient development. The platform bridges the gap between project developers and investors, supporting the country’s long-term green transition.

🤔 How It Works

The NGL acts as an incubator for bankable projects, focusing on sustainable land management, biodiversity, water solutions, and climate-resilient agriculture. It aligns initiatives with Mongolia’s ESG and economic priorities and connects them to domestic and international investors, creating a ready-to-invest portfolio for COP17 and beyond. 

• 💗 While COP17 is the main focus, NGL also supports broader initiatives such as “1 Billion Trees” and “White Gold”, and in its first year, it emphasizes projects combating land degradation, desertification, and pasture management.

💼 Bringing Investors Onboard

For investors, NGL provides a structured entry into Mongolia’s natural capital, particularly in pasture management, nomadic livestock, and rural agriculture. Capital Markets Mongolia CEO Zolbayar said the platform bridges the information gap between developers and investors, with support from local and international consultancy firms.

Finally… Scheduled for August 2026, COP17 gives Mongolia a global stage to showcase investable, nature-based solutions. Mongolia’s unique natural assets and growing policy support, including local banks’ 10% green loan target, make investing in these projects both fruitful and impactful. Many initiatives still need technical and financial support to become bankable, so the market is best suited for impact-focused, patient investors seeking a promising frontier for green investment.

⭐ Selected for you

ECONOMY & BUSINESS

• South Korean Cosmetics Brand Faces Racism Accusations Over “Cheeks Like A Mongolian Baby” Promo. (ANN) 

• Record Year for EBRD’s Risk-Sharing Programme in Central Asia and Mongolia. (EBRD)

• Azerbaijani Lamb to Mongolian Lamb LOSES. (Modern.Az)

POLITICS

• Mongolian Mining Family Snaps Up US$31.5 Million Hong Kong Home with Retirement in View. (SCMP) 

• With Speaker Uchral’s Trip, Mongolia and Russia Look to Expand Economic Links. (TheDiplomat)

• Rights Groups Urge Better Treatment for Mongolian Child Jockeys. (AOL) 

CULTURE & LIFESTYLE

• Palliative Care in Mongolila. (ehospice) 

• Dinosaur Wars in the Gobi Desert. (FinancialTimes)

• First Wing-Tagged Black Kite Recorded in Raj, Confirms Migratory Link from Mongolia. (TimesofIndia)  

😳 K-Beauty Ad: “Cheeks Like a Mongolian Baby?”

A seemingly innocuous product description for a blush shade has ignited a cross-cultural debate, highlighting the pitfalls of global marketing in the age of social media.

🤔 What Happened?

In December 2025, South Korean K-beauty brand Tooq launched its Water Cream Color Blusher line, featuring 9 shades. For the warm-toned "Mocha Pop" (W06), the marketing copy read "A deep mocha rose like a lovely Mongolian baby." The phrase referenced a stereotype from Korean media documentaries portraying Mongolian infants with rosy cheeks due to harsh weather conditions.

• 💥The backlash erupted in mid-January when Mongolian digital creator Haliun posted an Instagram Reels video titled "Did a Korean brand just stereotype Mongolian kids?" The video, which amassed over 270,000 views, critiqued the wording as outdated and reductive.

• 🧎‍♀️ Tooq swiftly revised the description to "A lovely deep mocha rose that looks gently warmed by the sun." However, the incident spread across Korean online forums like Theqoo and DC Inside, and media outlets including The Korea Herald and Asian Business Daily covered the story.

Tooq has not issued a formal apology, but the quick edit signals awareness. As debates simmer, the incident serves as a cautionary tale for global brands navigating cultural nuances.

🗣️ What Mongolians and Koreans Are Saying

In Mongolia, reactions are mixed. Some consider the ad racist, while others don’t see any offense. Many highlighted that the picture the brand used featured a Tibetan child rather than a Mongolian one, noting that brands shouldn’t appropriate children from other cultures.

• 😶‍🌫️ Meanwhile, in Korea, opinions were also divided. Some defended the phrasing as harmless flattery, rooted in affectionate media depictions, while others argued that the brand should have been more careful with its wording, given the growing global influence of Korean cosmetics.

What do you think? Did the brand cross the line, or is it just an innocent misstep?

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ts.Tselmeg

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.

Good morning! This Wednesday, Mongolia celebrates its most cherished traditional holiday, the Lunar New Year. As we welcome the Year of the Fire Horse, may the new year bring you happiness, health, and success. 🐎❤️‍🔥

What’s inside today’s edition…

• 🚀 Coal Exports Soar

• ⚖️ Ex-PM Fuels Borderland Debate

• 🌞 Mongolia’s Coal-to-Solar Transition

No Time to Waste. Let’s Get Started! 🦘

MARKET

MNG: Coal exports rose 86.4% year-on-year to 9.7 million tonnes in January.

GOV: The Government of Mongolia and Oyu Tolgoi LLC agreed to enhance Mongolia’s share of returns from the Oyu Tolgoi deposit.

MNG: Mongolia exported 85,400 tonnes of meat and meat products worth $343.9 million in 2025. 

 🥴 Ex-PM Sparks Borderland Controversy

Ouste former Prime Minister L.Oyun-Erdene, during his final days as head of the government, issued a highly controversial and illegal decree granting land to a private company near the border zone.

• 🚫 His decision was annulled by last Wednesday’s cabinet meeting. Meanwhile, the Minister of Justice and Home Affairs, who appeared to make a statement, also highlighted that coal thefts will be addressed in this spring’s parliamentary session, adding to the heated political atmosphere.

🤔 What happened?

The former Prime Minister approved the use of 34,227.8 hectares of land located 900 meters to 2.5 km from the national border, around 10 border checkpoints, during his last cabinet session, without any discussion. This decision was made 4 days before his resignation, on May 28.

• 😥 Under the pretext of “developing the border checkpoint,” the state-owned company “Border Revival Development Corporation” was granted the right to exploit minerals and occupy the land. In addition, 54 special permits for mineral resources were issued overlapping the border zone: 16 for exploration and 38 for extraction. Each of these permits is now being individually reviewed.

His decision directly violated the Law on Borders, which prohibits land ownership, use, or exploitation within 15 km of the border. Alarmingly, some of the granted land was located just 30 meters to 1.3 km from the national red line, meaning it directly entered the border protection zone.

🤷‍♂️ Who is involved?

The case also involves MP B.Tulga, former chair of the National Committee for Border Revival under the previous government. The timeline suggests, 

• 1️⃣ In January last year, he established the Border Revival Development Corporation.

• 2️⃣ A month later, he defined the land area.

• 3️⃣ On May 28, 4 days before L.Oyun-Erdene’s resignation, the land was granted to the company he had established.

Additionally, the cabinet announced the annulment of the 2022 decree related to “Smart Eco Trans” LLC, a company linked to former Speaker of Parliament D.Amarbayasgalan and the “Admineral” company, which was incorporated on the same day. In conclusion, Prime Minister G.Zandanshatar described the matter as a serious offense threatening national interests, security, and involving corruption and abuse of office.

The key question… Will those responsible be held accountable? 10 months ago, former President Kh.Battulga was involved in the Tugrug Lake deposit case, yet no real legal consequences followed. When will the cycle of naming names without real accountability finally end?

⭐ Selected for you

ECONOMY & BUSINESS

• CIS Group, a Leader in Remote Site Management, Has Announced New Strategic Contracts in Mongolia. (WebDisclosure) 

• TMK Energy Teams up with Mongolia’s Energy Ministry to Study Use of Natural Gas. (PetroleumAustralia)

• Mongolian Mining Clarifies Prime Minister Of Mongolia Signed MOU With Certain Private Entities. (MMC)

POLITICS

• USTDA Grant Signed to Support Technical Prep for Mongolia–US Direct Flights. (USEmbassy) 

• Vice Foreign Minister Sun Weidong Visits Mongolia to Chair the Strategic Dialogue between the Ministries of Foreign Affairs of China and Mongolia. (FMPRC)

• TİKA-Backed Project Establishes Pediatric Bone Marrow Transplant Capacity in Mongolia. (AzerNews)

CULTURE & LIFESTYLE

• Barça Academy to Open in Mongolia. (FCBarcelona) 

• Mongolian Pilot Student Arrested in Zambales Over Alleged 'Spy' Activities. (DailyTribune)

• Event Held in Mongolia to Promote China's Culture and Spring Festival. (China.org)

• How a Country That’s Never Won a Medal Conquered the Winter Olympics, in Cashmere. (Tovima)

• Mongolia to Host Grand Slam Tournaments for Next 4 years. (Kazinform)

• In ‘Altai,’ Photographer Claire Thomas Chronicles a Time-Honored Way of Life in Mongolia. (ThisisColossal)

🌝 Mongolia’s Coal to Solar Hope

In Ulaanbaatar’s harsh winters, families in traditional gers wake multiple times each night to feed coal into stoves just to stay warm. This long-standing nomadic practice comes at a high cost: coal burning makes the capital one of the world’s most polluted cities. 

• 🛖 Each ger household emits 12–15 tonnes of CO₂ annually, while toxic smog and carbon monoxide create severe health risks every winter.

A Homegrown Solution: The Coal-to-Solar Initiative

URECA’s “Coal-to-Solar” initiative offers tangible hope for Mongolia’s ger districts. Founded in 2021, the Singapore-based Mongolian climate-tech company launched its first pilot in March 2022, installing solar energy systems for five households in partnership with The Asia Foundation and GerHub NGO. Each system, 1.8–5kW solar panels, battery storage, electric heaters, and improved insulation, replaced coal and wood with renewable energy.

From 2023, the initiative expanded with UNDP and other partners, including programs focused on women’s climate resilience. In 2024–2025, URECA partnered with the EBRD under its Star Venture Programme to scale operations further.

• 👩‍💻 What is the Solution? The initiative provides affordable solar systems combined with carbon finance to help ger households switch to clean energy. AI verifies emission reductions, generating carbon credits that families can sell to fund their transition.

👆 Real Impact

After 2 years, nearly 200 households adopted the system, enduring multiple winters without coal. Families report cleaner air, fewer illnesses, better sleep, and improved well-being. Each household avoids up to 15 tonnes of CO₂ annually. Scaling to 100,000+ homes by 2030 could reduce 1.3 million tonnes of CO₂ and cut Ulaanbaatar’s air pollution by over 70%.

• The Result: Beyond household adoption, URECA achieved Gold Standard certification for its carbon credits in early 2026, supported by the EBRD Star Venture Programme and the European Union.

A Just Transition for Mongolia

URECA’s approach prioritizes the most affected, low-income communities. Families become active participants in carbon markets, earning from their own reductions. As Founder E.Orchlon notes, long-term success relies on market fundamentals, not just aid.

With Mongolia’s vast solar and wind potential, this grassroots model demonstrates that clean energy works even in the coldest capital, proving that our nomadic spirit can adapt clean, sustainable, and self-reliant living for future generations.

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ts.Tselmeg

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.

Hey fellas! Did you catch the Winter Olympics opening? It had its share of surprises, but Mongolia’s outfit truly stood out. So much so that the Wall Street Journal highlighted it. A proud moment showing how our culture can shine on the world stage. 🤩👏

What’s inside today’s edition…

• 🏛️ New Mongolia Caucus in U.S. Congress

• ❓ If It Wasn’t in Mongolia…

• ❄️ ₮150M Ice Village Coming to Lake Khuvsgul

No Time to Waste. Let’s Get Started! 🦘

MARKET

U.S.: The Mongolia Caucus has been re-established in the 119th U.S. Congress. Representative Dina Titus, a Democrat from Nevada, and Representative John Moolenaar, a Republican from Michigan, will co-chair it.

BOM: In January, foreign exchange reserves dropped 3.8% since the beginning of this year to $6.7 billion. 

SWF: Chinggis Khaan National Wealth Fund collected ₮6.7 trillion last year, with total inflows projected to reach ₮9.6 trillion by the end of this year.

BANKING: Hungary’s OTP Bank Nyrt (OTP.BD) has formally expressed interest in operating in Mongolia, subject to amendments to Mongolia’s banking law.

🤐 If It Wasn’t in Mongolia…

Have you ever watched Marvel’s “What If?” series? Just like its name, it makes you wonder, what if the things that happen in Mongolia happened in another country? How would they change? How would they be decided?

💰🛍️ Luxury Bags That Shake Up Politics

South Korea’s ex-first lady was jailed for 20 months for bribery, her love for luxury handbags at the center of a political firestorm. She was accused of accepting a $2,200 Christian Dior bag as a gift. Ironically, a similar scandal unfolded in Mongolia last year: the ex-outside PM’s daughter-in-law carried a $5,000 Chanel handbag. Both cases started with luxury, but the endings diverged. In Mongolia, the Anti-Corruption Agency declared that the funds used by the PM’s son, O. Temuulen, were legally obtained, although the financial reports of Hero Entertainment Group, the source of the wealth, remained unclear.

😷🧑‍⚕️ Doctors’ Salaries: Worlds Apart

While luxury scandals make headlines, the everyday realities of Mongolians often go unnoticed. Doctors, among the world’s highest-earning professions, earn far less in Mongolia. Annual salaries range from $4,500–$7,800, compared to $264,000 in Switzerland and $261,000 in the USA. Even mid-range salaries in Taiwan ($123,700) or China ($92,600) dwarf Mongolia’s. Low pay remains a persistent challenge, highlighting that in Mongolia, public servants often earn the least among state-funded professions.

🤔 How Do Mining Dependent Economies Benefit Their Citizens? 

Ahead of the Lunar New Year, the government usually distributes money to ease citizens’ burdens. This time is no different, as MP S. Byambatsogt announced that the Prime Minister will soon deliver “good news” on long-discussed natural resource benefits. Remember, last year the government handed out $96 per person in 2 installments ahead of the Lunar New Year to temporarily ease household pressures. 

• Meanwhile, Kazakhstan, which is similar to us in many ways, is working to reduce its dependence on oil by ramping up exploration of rare earth elements and investing heavily. At the same time, it is addressing its energy challenges, investing $24 billion in energy modernization.

Finally… From luxury handbags to low doctor salaries and mining wealth management, Mongolia often presents scenarios that would seem extraordinary elsewhere. Yet, these realities shape daily life, politics, and public expectations, reminding us that in Mongolia, the unexpected is often the norm.

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ECONOMY & BUSINESS

• Oyu Tolgoi’s Copper Production has Surpassed 300,000 Metric Tons for the First Time in 2025. (LemonPress) 

• Mongolian PM Invites Korean Companies to Join Infrastructure Projects. (Pulse)

• Mongolia, South Korea Trade More Than Doubles in 5 Years. (MAEILBusiness)

POLITICS

• ABC signs MoUs in Malaysia, Mongolia, and Timor-Leste. (ABC)

• Jigjidsuren Chinburen: Building Cancer Care With Patience and Honesty. (OncoDaily)

• Mongolia Builds Bridges with Kazakhstan and Australia. (Kazinform)

• Mongolia’s Ministry of Education, in Partnership with Colleges and Institutes Canada, has Officially Launched a 5-year “Skills Transition” project. (Montsame)

CULTURE & LIFESTYLE

• First Mongolian Idols in K-pop. (MAEILBusiness) 

• Mongolian: The Language Beijing Wants to Bury Alive. (BitterWinter)

• Who Designed Mongolia’s Winter Olympics Uniforms for the Opening Ceremony? (AS)

🏰 Mongolia to Build a ₮150 Million Ice Village at Lake Khuvsgul

To expand the annual Blue Pearl Ice Festival and boost tourism, organizers are creating the “Marvelous Khuvsgul” ice village, with a budget of ₮150 million. Applications for the project’s design competition will close tomorrow.

🤩 Discover the Blue Pearl of Mongolia at the Ice Festival!

First launched in 2000 to protect Lake Khuvsgul and promote winter tourism, the Blue Pearl Ice Festival has grown into Mongolia’s largest and most vibrant ice celebration since 2001. This year, the festival will be held on March 2–3, offering visitors an unforgettable winter experience.

• 🌊 Held at Mongolia’s largest freshwater lake, one of the world’s oldest at roughly 2 million years, the festival offers visitors a captivating mix of ice sculpting, horse sledding, and even ice sumo wrestling.  

• 🧊⛸️ The frozen lake transforms into a lively playground, allowing tourists to experience the ice festival alongside some of Mongolia’s rare reindeer and the traditional lifestyle of reindeer herders.

The festival’s popularity has soared in recent years. In 2024, it attracted approximately 50,000 domestic and international visitors, a fivefold increase compared to previous years.

💎 Khuvsgul: Mongolia’s Winter Tourism Gem

Lake Khuvsgul, located in Khuvsgul province, is Mongolia’s deepest lake and a top year-round destination. Recognizing its growing appeal, the government designated the region as a tourism development zone in 2024. Beyond its stunning natural landscapes, Khuvsgul is home to the Dhuka people, also known as the Tsaatan, famously referred to in Mongolia as the “people with reindeer.”

• 🦌 Reindeer are classified as vulnerable on the IUCN Red List, with approximately 2,400 animals living in Mongolia. 

Overall… Their presence, together with the lake’s natural beauty and the festival’s lively events, makes Khuvsgul a unique cultural and ecological destination, and with its untapped potential, the region could further boost Mongolia’s winter tourism.

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ts.Tselmeg

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.

Good Morning! Mongolia is trying to boost winter tourism with festivals celebrating camels, horses, and ice. But even without trying, the country’s winter landscapes are breathtaking, a once-in-a-lifetime experience. Here are some snapshots of its stunning nature. ❄️🗻

What’s inside today’s edition…

• 🏦 Foreign Banks in Mongolia?

• 🛡️ Mongolia Among Asia’s Safest

• 💸 EBRD’s 2nd-Highest Investment in Mongolia

No Time to Waste. Let’s Get Started! 🦘

MARKET

BANKING: In 2025, Mongolian companies raised a total of $2.6 billion across 40 completed deals. Of this amount, 7 banks accounted for approximately $2 billion, or about 79% of total financing. 

GOV: The government has ordered the removal and reappointment of the CEO of Erdenes Oyu Tolgoi LLC through a selection process, while also directing a review, release, and reappointment of government-designated members on the Oyu Tolgoi board of directors.

MNG: Parliament Speaker N.Uchral announced plans to bring in foreign banks to increase competition and lower lending rates.

🪬 Mongolia Ranks Among Asia’s Safest Countries

Mongolia ranks 5th among Asia’s safest countries, marking its strongest-ever performance in the Global Peace Index.

• 📃 The Global Peace Index (GPI) scores countries on a scale of 1 to 5, with lower scores indicating higher levels of peace. The index ranks 163 countries based on 3 core domains such as societal safety and security, ongoing conflict, and militarisation.

📈 Over the past decade

Mongolia’s Global Peace Index performance has generally improved over the past ten years, consistently placing the country within the global top 50. For example, Mongolia ranked 42nd globally in 2015 with a score of 2.22. By 2025, its score improved to 1.719, lifting the country to fifth place in Asia and 37th globally out of 163 countries.

• 🤩 While the Global Peace Index has deteriorated globally for the 13th consecutive year, Mongolia stands out as an exception, showing continued improvement.

Key drivers of this positive trend include a low level of ongoing conflict, relatively modest military expenditure, stable crime rates, and the absence of armed conflict. As a result, Mongolia has emerged as one of Asia’s more peaceful and stable countries.  

🚨 Common Crimes in Mongolia

Despite Mongolia’s strong standing as a relatively peaceful country, certain internal security challenges intensified over the past year. Traffic-related violations, corruption cases, and cybercrime recorded the sharpest increases. On the human side, 24,600 individuals were directly affected by crime, including 1,409 children under 18 (5.7%) and 11,341 women (46.1%). The number of people injured rose by 8.2% to 5,680, while fatalities increased by 18.6% year-on-year, with 567 lives lost compared to the same period in 2024.

Finally… Is Mongolia safe? Yes. However, travellers should take basic precautions, particularly on the roads, in crowded areas, and online. With sensible awareness and responsibility, travelling in Mongolia can be both safe and fascinating.

⭐ Selected for you

ECONOMY & BUSINESS

• Asian Battery Metals Discoveries in Mongolia Expand Copper-Nickel Mineralisation. (DiscoveryAlert) 

• Golomt Bank Joins IFC’s Global Alliance for Green Commercial Banks. (GolomtBank)

• Mongolia Construction Industry Report 2025. (BusinessWire)

POLITICS

• In January, 11 Russians and 2 Kyrgyz were Deported from Mongolia. (AsiaNewsNetwork) 

• Foreign Workforce Triples Over 3 Years as Mining Leads Demand. (Unuudur)

• Mongolia Signs 10-Year MOU with BCRC China to Advance Zero‑Waste and Hazardous Waste Management. (Montsame)

• Why Did Mongolia Join Trump’s Board of Peace? (TheDiplomat)

• Mongolia Receives National Productivity Master Plan. (APO)

CULTURE & LIFESTYLE

• Updates on SDG 1 in Mongolia. (BorgenProject)

• New Mongolian Grill Opening Soon in Trussville. (BhamNow)

• Camel Festival Held in Southern Mongolia. (XinhuaNews)

• Mongolia to Host 3rd Asian Permafrost Conference. (Kazinform)

🏦💸 EBRD Ramps Up Investment in Central Asia & Mongolia

In 2025, the European Bank for Reconstruction and Development (EBRD) invested nearly $2 billion across 120 projects in Central Asia and Mongolia, marking one of the Bank’s strongest operational results in the region in more than a decade.

3️⃣ Mongolia Ranks 3rd in the Region

Mongolia emerged as the third-largest recipient of EBRD investments in the region, receiving €188 million in 2025, its second-highest annual total on record. The country’s peak year remains 2024, when EBRD investment reached €264 million, coinciding with the bank’s highest-ever investment level in Central Asia.

• ⚖️ Regional comparison: Within the region, Uzbekistan remained the leading recipient for the 6th consecutive year, securing €880 million in EBRD funding in 2025. Kazakhstan followed with €378 million, while Kyrgyzstan and Tajikistan received €183 million and €88 million, respectively.

💸 Where the Money Went in Mongolia?

In Mongolia, nearly 74% of the year’s EBRD investment reached the real economy through local partner banks. Key projects included,

• An A/B loan of up to €135 million to XacBank (XAC) under the Youth in Business programme, the largest EBRD transaction with a Mongolian bank to date.

• A €16.8 million loan to Khan Bank (KHAN), marking the EBRD’s first agribusiness-dedicated facility in Mongolia and Central Asia

• A €17.2 million financing package to Golomt Bank (GLMT) supporting women and youth-led enterprises and facilitating trade.

Beyond financial sector support, the EBRD also committed a sovereign loan of up to €33.5 million to develop a specialised cardiovascular hospital in Ulaanbaatar.

Overall… The increase in EBRD investment is a positive sign for Mongolian companies. Compared with other Central Asian countries, Mongolia is making rapid progress in the green transition, ranking above the regional average in 5 out of 6 EBRD financing criteria, according to the Bank’s report. By the way, we are collaborating with the EBRD on a podcast supporting SMEs. Click HERE to learn more about Mongolian businesses’ green transition, experiences, and financing opportunities. 😀

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ts.Tselmeg

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.

POWERED BY

Good Morning! Have you ever wondered how wealthy the man who conquered the world, from the Pacific Ocean to the Danube River and the Persian Gulf, might have been? Adjusted for today’s value, Chinggis Khan’s fortune is estimated at around $100 trillion, making him roughly 140 times richer than Elon Musk, the world’s richest person today. Crazy, isn’t it!

What’s inside today’s edition…

• 💰 Bank of Mongolia Raises Key Limits

• 🕯️ Mongolia’s Darkest Chapter

• 🏠 Apartment Prices Skyrocket, Youth Struggle

No Time to Waste. Let’s Get Started! 🦘

MARKET

JPN: Japan to provide Mongolia with grant assistance of up to ¥500 million to supply equipment that supports the reliability of the country’s power grid.

BOM: The Bank of Mongolia has decided to raise the maximum debt-to-income ratio for new and modified consumer loans to 45%, and to increase banks’ required reserve ratios by one percentage point to 14% for MNT deposits and 19% for foreign currency deposits.

MNG: Former Energy Minister N.Tavinbekh is under investigation by the Anti-Corruption Authority for allegedly abusing his position in a $9 million consulting contract for a $148.7 million thermal power plant project in 10 provinces, including extending the contract and unjustifiably increasing the budget by $2.6 million.

😓 A History That Must Never Be Forgotten Nor Repeated!

Mongolian artist ThunderZ’s newly dropped “Tengri: Gegeen” MV is making waves in Mongolia. This MV showcases one of the darkest times in Mongolian history, “The Great Repression.”

• 🎥 The MV illustrates a tragic love story between a Buddhist monk and a woman at a time when monks were forbidden from loving or forming families. Their attempt to escape ends in horror. The monk is captured and burned alive. Tragically, this was the harsh reality in Mongolia from 1920-1990, when the state became a killing machine against its own people.

🙅‍♂️ Mongolia: A Death Penalty-Free Country

For context, Mongolia abolished the death penalty in 2012, becoming a capital punishment-free country, a hard-learned lesson from The Great Repression. Under decades of Soviet influence, the government carried out mass arrests, executions, and imprisonments of perceived “enemies of the state,” killing over 37,000 people, including monks, politicians, military officers, and ordinary citizens, a devastating loss for a population of just 800,000. The repression was especially brutal toward the Buddhist clergy.

• Over 700 monasteries were destroyed

• More than 17,000 monks were persecuted

• Around 14,000 monks were executed

In total, 10.9% of Mongolia’s adult male population and nearly 5% of the entire population were affected.

👇 Day of Remembrance: Victims of Political Repression

Since the creation of the memorial in front of the National Museum of Mongolia in 1997, September 10 has been observed as the Day of Remembrance for the victims of political repression. The day serves as a national moment of reflection, honoring those who lost their lives during one of Mongolia’s darkest chapters and acknowledging the families who continue to carry forward their legacy.

✍️ Words Carved in Memory

Inscribed at the base of the monument:

• In those years, burning faith was crushed,

• And brave hearts were torn apart.

• May the years of terror and despair

• Never fade from the memory of the Mongolian people.

On the inner wall of the monument, “No to the death penalty” is carved. Even today, Mongolians debate restoring the death penalty for serious crimes. But the memorial stands as a commitment that the government will never again turn into a killing machine against its own people, affirming Mongolia’s pledge to uphold human rights and human dignity.    

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ECONOMY & BUSINESS

• The Ministry of Economy and Development Officially Inaugurated the Investor Rights Protection Center. (LemonPress)

• Mongolia will Begin Domestic Production of Cathode Copper in 2028. (LemonPress)

• Male Cattle Prices Reach Highest at Average of ₮2.6 Million. (UBPost)

POLITICS

• Mongolia and Kazakhstan to Cooperate on Livestock Vaccine Factory. (ANN) 

• Mongolia’s Disaster-Management Plan Revised and Approved. (TheStar)

• Ex-Prime Minister Batbold: From Politics to Private Business. (news.mn)

• Lack of Control Over Personal Data in State E-Systems. (UBPost)

• Mongolia and China Held a Round Table to Discuss Trade and Investment Cooperation. (GOV)

CULTURE & LIFESTYLE

• This New Hotel in Mongolia Is a Luxurious Take on a Spiritual Retreat. (RR) 

• Extreme Wintry Weather Hits Mongolia, Affecting Over 9 Provinces. (XinhuaNews)

• Mongolia has Welcomed Over 21,000 Foreign Tourists So Far in 2026. (Montsame)

💔 Apartment Costs Soar, Young Mongolians Struggle to Buy

The dream of owning a home is becoming increasingly distant for young people, with affordability slipping further month by month. Over the past 47 months, the average price per square meter for existing apartments has risen by 72.1%, while new apartments have increased by 63.3%, pushing both above ₮5 million per square meter.

🎩 The Most Expensive Locations

Looking closer at the price differences across six districts of Ulaanbaatar, Sukhbaatar district commands the highest average for new apartments at ₮5.97 million per sqm, while Songinokhairkhan is the lowest at ₮3.4 million per sqm.

💨 Rapid Growth in Chingeltei District

Over the past 47 months, since February 2022, the Chingeltei district has seen the fastest growth in new apartment prices, with a 111.8% increase, 36.5 percentage points above the city average. This reflects the limited new project supply close to the city center.

• 🧗 Relatively Low Growth: On the other hand, Khan-Uul district saw the slowest rise in new apartment prices at 50.8%, influenced by the high supply of new apartments in Yarmag. Meanwhile, the Bayanzurkh district experienced the smallest increase in existing apartment prices. These figures are useful for those scouting locations to buy their first home.

😭 The Harsh Reality

Consider a young, single individual saving for a first apartment. Choosing an average-priced 50 sqm unit at ₮5 million per sqm would cost ₮250 million. With a maximum mortgage of ₮150 million, the individual would need to save ₮100 million. Saving ₮2 million per month would take 50 months or 4.2 years. By then, however, the same apartment could have increased by ₮180 million, totaling ₮430 million.

🌌 Faster Than Light

Apartment prices are rising several times faster than inflation and income growth. This acceleration is driven by factors beyond the usual supply-demand cycle, including the construction sector, urban planning, and mortgage accessibility. A 3-pronged policy addressing job decentralization + infrastructure + housing, alongside targeted financing options for first-time buyers and genuine demand segments, is urgently needed.

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Good Morning!  Ready to reset your focus? Try this productivity booster: “Midnight City” by M83 🎧. Research shows that steady, instrumental‑leaning tracks help reduce cognitive overload, making it perfect for reading, analyzing, or planning your day. Hit play and watch your focus soar!

What’s inside today’s edition…

• 🌍 Foreign Trade Turnover

• 👥 Foreign Population in Mongolia

• ⚒️ Gov Plan For Borteeg Coal Deposit

No Time to Waste. Let’s Get Started! 🦘

MARKET

MSE: Khan Bank (KHAN) announces a selection process for an independent member of the board of directors. 

MNG: In 2025, Mongolia’s total foreign trade turnover reached $27 billion, representing a 1.4% decline compared to the same period of the previous year. As a result, the foreign trade balance stood at a surplus of $4.4 million.

BANKING: M Bank officially entered the international capital markets through the successful issuance of a $100 million bond on the Singapore Exchange (SGX).

🌍  Foreign Population in Mongolia

More than 34,000 foreigners from 136 countries lived in Mongolia as of late 2025. The number of officially registered foreign nationals increased by 7.4% from the previous year, indicating steady growth rather than a temporary spike.

• 🍰 Chinese citizens form the largest resident group by a wide margin. At the same time, Russia, India, South Korea, and the United States round out the top 5.

⚖️ Regulatory Limits

Under Mongolia’s Law on the Legal Status of Foreign Nationals, foreigners residing for personal reasons may not exceed 3% of the national population, with any single nationality capped at 1%. As of now, foreign residents represent just 0.9% of Mongolia’s population, indicating substantial legal headroom for further inflows. Among nationalities, Chinese citizens represent 0.6% of the total population, followed by Russians 0.09%, Indians 0.06%, South Koreans 0.04%, and Americans 0.03%.

🏗️ Work, Capital, and Classrooms

The data show Mongolia’s foreign community is driven primarily by labor demand and investment activity. Most foreign residents are employed across sectors ranging from mining and construction to services and logistics. Investors and students represent the next largest cohorts, reinforcing Mongolia’s role as both a project destination and a regional learning hub.

📈 Why Does It Matter?

The rise in foreign residents mirrors structural shifts in Mongolia’s economy. Constrained domestic labor supply, capital-intensive projects, and deeper integration with regional markets. While the absolute numbers remain modest, the trend suggests foreign participation will play a growing role in Mongolia’s workforce, investment landscape, and urban economy in the years ahead.

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ECONOMY & BUSINESS

• Ard Financial Group JSC Has Undergone a Rebranding, Introducing a Renewed Corporate Identity. (LemonPress) 

• Erdene Resource Development CEO Talks Bayan Khundii Mine. (TMXGroup)

• Master Time LLC Has Officially Introduced World-Class Luxury Jewelry Brands Cartier and Messika to the Mongolian Market. (LemonPress)

• MICC Issues a Hold Recommendation on Premium Nexus JSC with a 12-Month Target. (MICC)

• Mongolia Energy Faces ₮412.3 Billion Tax Liability After Losing Mongolian Court Case. (TipRanks)

• Techno9 Targets Mining Expansion With Mongolia Asset Injection. (JakartaGLobe)

POLITICS

• Government to Press Rio Tinto for Stronger Oyu Tolgoi Terms and Clear Dividend Timeline. (GOV)

• COP17 to be Held Under 'Restore Our Motherland, Renew Our Hope' Theme. (MECC) 

• NGO Initiative for Household Awareness on Solar Heating Systems in Mongolia. (FundsforNGOs)

• This Year, Mongolia Celebrates the 820th Anniversary of the Founding of the Great Mongol Empire. (Open.kg)

CULTURE & LIFESTYLE

• This Sacred Site is One of the World’s Oldest Nature Reserves. (NationalGeography) 

⚒️ Borteeg Coal Deposit to Enter Production

Mongolia’s Cabinet has set up a working group to prepare the Borteeg block of the Tavan Tolgoi coal deposit for investor-led development, launching an international Expression of Interest (EOI) on January 9 to invite proposals.

🔭 How large is the deposit?

Borteeg is part of the sixth group of deposits at Tavan Tolgoi. According to the 2020 feasibility study, the deposit contains 424 million tons of coal reserves, of which 95% is low grade coking coal and 5% is thermal coal. A new feasibility study is scheduled to be completed in the first quarter of this year. The deposit lies within the special license area owned by Erdenes Tavan Tolgoi JSC, which also controls other major Tavan Tolgoi deposits, including Tsankhi, Bortolgoi, and Onchharaat.

🕵🏻‍♂️ Recent Case

Last year, MTAS Partnership, which includes Admineral, allegedly affiliated with former Speaker of Parliament D. Amarbayasgalan, was awarded a tender in 2021 to provide soil stripping, coal mining, drilling, blasting, and coal enrichment services at Borteeg within the Tavan Tolgoi deposit group. However, the contract was terminated in 2025.

🧮 Let’s Do Math

In 2024, Mongolia’s coal exports rose 14.4% year-on-year to 95.8 million tons, bringing total coal exports over the past 8 years to 412.3 million tons. This volume is roughly equivalent to the entire coal reserves of the Borteeg deposit, meaning that, once brought into economic circulation, Borteeg alone could match 8 years of Mongolia’s coal exports.

Finally… The fact that low grade coking coal dominates the Borteeg deposit is a strong positive signal. Low grade coking coal commands higher prices and enjoys stronger demand than thermal coal. The government believes that developing Borteeg could significantly increase state revenues, enhance the national wealth fund, and ultimately expand the benefits of natural resources to the public, helping address key social challenges.

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ts.Tselmeg

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.

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Welcome to 2026! 🎉 Did you know? Around 95% of people set New Year’s goals, but only about 10% feel they achieve them fully by year‑end. As we enter 2026, we’re committed to helping you stay informed, inspired, and ahead of the curve with trusted news and insights. 🫡

What’s inside today’s edition…

• 💰 Government Grants for Citizens

• 🚕 UB City vs. UBCab: EV Taxi Clash

• ✈️ Mongolia’s Aviation Outlook 2026

No Time to Waste. Let’s Get Started! 🦘

MARKET

BOM: Bank of Mongolia purchases 16.3 tons of gold in 2025. 

GOV: The government approved a 300-day action plan to accelerate economic recovery and announced a grant of ₮1 million to each of 1.8 million citizens, including children under 18, the elderly, and persons with disabilities.

UB: One of Ulaanbaatar’s largest construction projects for the 2026 warm season, the Tuul Expressway, is set to begin construction on March 15.

UB City 🆚 UBCab: A Clash Over an EV Taxi Project

On December 26, the Ulaanbaatar City Council approved a plan to introduce 2,000 electric (PHEV) taxis through a public-private partnership, sparking strong backlash from existing market players. The decision has since escalated into a public dispute between the city government and UBCab, one of Mongolia’s largest ride-hailing platforms.

• 🚗 Project Goals and Budget: The initiative aims to tackle traffic congestion, illegal taxis, and growing tourism demand by deploying 2,000 EVs over five years, integrated into a centralized, tech-driven system. With a total budget of ₮77 billion, city officials say the project will enhance service quality, improve safety, and reduce pollution.

⚠️ The Pushback

Immediately after approval, UBCab’s CEO criticized the project on social media, warning it could distort market competition. Tensions intensified when the Governor of Ulaanbaatar accused UBCab of monopolistic behavior, suggesting the company was behind the public outcry.

🤔 Taxi Market Context

Mongolia’s ride-hailing market has been competitive since 2013, with multiple platforms including ABA, Tapa, EZCab, EasyRide, Maxim, Zip Taxi, iTaxi, and Mongol Taxi. New entrants such as Tino are also expected soon. Observers argue that the real issue is uneven regulation and the creation of a state-supported competitor with access to zero-interest financing, permits, and institutional backing, advantages that private operators cannot match.

🚕 UBCab’s Business Explained

UBCab operates in 16 provinces, serving 100,000 drivers and 1.6 million users. Its app (v4.0) offers taxi services, food delivery, and plans for additional on-demand offerings, centralizing services much like Uber. The company also partnered with BYD to deploy EV taxis in Ulaanbaatar city.

In short… The city frames the EV taxi project as a move to standardize the industry and ease traffic congestion. UBCab, meanwhile, views it as only the first step toward a larger state-backed “super app” called Hotula, raising concerns about competition and the future of private operators. What’s your opinion on this case?

⭐ Selected for you

ECONOMY & BUSINESS

• Mongolia Imports 95% of Petroleum Products from Russia as of the End of 2025. (TASS)

• Forex Reserves Reach a Record High in 2025. (BOM)

• The Government Will Allocate ₮516 Billion in 2026 for Increases to the Elderly Pension. (GOV)

POLITICS

• Mongolia Extends Visa Exemption for 34 Countries Until 2026. (MFA)

• Russia Proposes Nuclear Power Plant & Uranium Mining Projects For Mongolia. (Russia’sPivottoAsia)

• From Policy to Practice: Mongolia’s Efforts to Build Inclusive Education for All Children. (Deviscource)

• What Will Drive Mongolian Politics and Economy in 2026? (TheDiplomat)

CULTURE & LIFESTYLE

• First Robotic-Assisted Surgery Performed at National Cancer Center of Mongolia. (AKIPress)

• Over 400 Foreign Tourists Join First Sunrise Train Journey of the New Year. (Montsame)

• Over 850,000 Tourists Visit Mongolia This Year. (Kazinform)

✈️ Mongolia’s Skies Set to Soar: Aviation Growth & New Routes in 2026

Following a strong recovery in tourism, Mongolia’s aviation sector is set for a year of expansion, modernization, and increased connectivity in 2026. Airlines are preparing to launch new domestic and international routes while boosting flight frequencies to meet rising passenger demand.

✈ Regional Expansion 

National carriers are focusing on strengthening connections within Asia. Hunnu Air has expanded its charter flight services to Ulaanbaatar from Phu Quoc and Nha Trang in Vietnam, and plans to continue these routes in 2026 to meet growing winter travel demand. The airline will also resume regular flights to Hohhot, China, supporting cross-border trade and regional tourism. 

• 🫡 MIAT Mongolian Airlines plans to increase flights to key Chinese cities such as Beijing and Shanghai and extend regional access to Hanoi, reflecting growing business and cultural travel flows.

🌏 New International Routes

One of the highlights of 2026 will be Canada’s Air Transat launching direct flights between Toronto and Ulaanbaatar starting in June, operating twice weekly. The route aims to provide easier access for the Mongolian diaspora in Canada, attract Canadian tourists and business visitors, and strengthen bilateral ties. Direct flights will reduce travel time significantly compared to existing routes through Europe or the Middle East, making Mongolia more accessible to international travelers.

• 🏗 Infrastructure and Modernization: Chinggis Khaan International Airport is undergoing key upgrades, including terminal expansion, enhanced passenger flow management, and improved service facilities. These measures will accommodate growing international traffic and support the launch of new long-haul routes to Europe and North America.

Overall… Ulaanbaatar remains Mongolia’s primary international gateway, and the combination of new routes, increased flight frequency, and modernized airport infrastructure positions the country for long-term aviation growth. These developments will not only facilitate inbound tourism but also strengthen Mongolia’s global business connections and regional trade.

As Mongolia continues to recover from the pandemic and expand its aviation network, 2026 is shaping up to be a pivotal year for the country’s air transport sector.

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ts.Tselmeg

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.