Hello from the other side! Government spending is hitting new highs, and the budget is already shaking up Mongolia’s political scene. From 2027, everything from the minimum wage to pensions and government spending is expected to rise. And, in the iconic Mariah Carey voice: IT’S TIME. 🙂‍↕️

The election marathon has officially started. Let’s catch up. 🧐

What’s inside today’s edition…

• 🏛️ A Special Session on the Budget Revision

• 🏃🏻‍♂️ Mongolia’s Election Money Race

• 💍 Marriage in Mongolia: Marrying Later, Divorcing Younger

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

MARKET

SK: South Korea to expand pre-departure safety training for Mongolian workers, launch AI counseling for 6 countries including Mongolia. 

VNM: Vietnam National Assembly President to visit Mongolia from 9-11 September to strengthen ties. 

MNG: Parliament to hold a special session today to discuss only the budget revision.

🏃🏻‍♂️⏰ It’s TIME: Building the Fiscal War Chest for the Elections

The next two years will be decisive for Mongolian politics, with a presidential election in 2027 and a parliamentary election in 2028. Against this backdrop, the 2027 budget is set to surge past ₮40 trillion, raising questions over how much money the government is building up for the election cycle.

👀 The Election-Year Pattern

Since 2008, budget expenditure has grown by an average of 28.5% in election years, 13.4 percentage points higher than in non-election years. Spending has repeatedly jumped ahead of elections, rising 47.1% in 2008 and 20.4% in 2012. The pattern continued in 2024, when spending also recorded strong growth on an outturn basis.

💭 Where Will the Money Come From?

The government has proposed raising expenditure by roughly ₮10 trillion from the approved 2026 level to a record ₮43.6 trillion, with a ₮2.3 trillion deficit and ₮41.3 trillion in revenue. The expansion is not primarily driven by a broader tax base. Instead, the government expects ₮3.5 trillion in dividends from state-owned companies, including Oyu Tolgoi’s “first” dividend.

• ⏰ The timing is notable. On June 30, 2026, the government and Rio Tinto agreed to cut the shareholder loan interest rate from 10.5% to 7.9% and roughly halve management fees. The government then announced it would receive its first Oyu Tolgoi dividend this year.

• 🧩 But Oyu Tolgoi’s finances are complex. The project carries project finance, sponsor and shareholder loans. Under the traditional structure, Mongolia would not receive meaningful dividends until loans and accumulated interest are repaid.

This leaves a key question. Does the “first dividend” in 2026-2027 represent a political arrangement that departs from Oyu Tolgoi’s long-term financial structure? Meanwhile, current expenditure is projected at ₮33.6 trillion in 2027, indicating that the expansion is flowing more toward consumption and transfers than investment.

Overall… The pattern is familiar. Build up the fiscal pool ahead of elections, then cut spending after them. Sadly, fiscal discipline has rarely survived Mongolia’s election cycle.

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ECONOMY & BUSINESS

• What is the Average US Tariff Rate for Mongolia? (USAFacts) 

• Putin Says Russia-Mongolia Trade Turnover Rose by 18.1% in 1st Half of 2026. (EuroAsia)

• TMK Energy Gas Rates Surge as Mongolian Drilling Push Looms. (TheSydneyMorningHerald)

POLITICS

• Mongolia’s President at the SCO Summit. (TheDiplomat) 

• Mongolia Bears Brunt of Russia's Fuel Crunch. (Reuters)

• Japan and Mongolia Join Forces to Expand Chinggis Khaan International Airport. (Kazinform)

• Cuba and Mongolia Strengthen Educational Ties in Diplomatic Meeting. (CubaMinrex)

• Mongolia to Keep Importing Fuel from Russia After Launch of Refinery. (Interfax)

• China, Russia, Mongolia Hold Border Defense Cooperation 2026 Joint Exercise. (MOD)

• Mongolia’s Fuel Crisis is Being Exploited by Individuals Linked to Corruption. (EUReporter)

CULTURE & LIFESTYLE

• Singing in the Dzud. (FAO) 

• Mongolia Revives Great Tea Road for Cross-Border Tourism. (TTW)

• Mongolia has Planted 140 Million Trees Under Its Billion Trees National Movement. (gogo)

🧑‍🧑‍🧒💍 Marriage in Mongolia

Mongolians are marrying later and divorcing younger. As the age of first marriage rises, the number of new marriages is falling, while divorce remains stubbornly high.

🙂‍↕️ First Marriage Is Happening 4 Years Later

The average age at first marriage has increased by roughly four years over the past 25 years. Women now marry at around 26-27, while men marry at 28-29, up from an average of 24.7 in 2000. Education, employment, housing and income are among the factors behind the delay, which also pushes back childbearing. Registered marriages fell from 20,000 in 2019 to 14,200 in 2024 and 12,600 in 2025.

🏠 Women Head 1/3 of Households

This shift is also reflected in household structures. Mongolia had around 1 million households in 2025, with 68.5% headed by men and 31.5% by women. Of the 317,000 female-headed households, 78.7% are in urban areas. Between the 2 censuses, the number of married people increased by 9.5%, or 123,800, while those who had never married rose by 2.9% and widowed people by 5.4%.

• 💔 At the same time, the number of divorced people rose by 32.8%, or 16,900. In 2024, 4,500 divorces were recorded against 14,200 marriages, equivalent to around 30% of new marriages, with 89% of divorces registered in urban areas.

📉 Divorce Is Shifting Toward Ages 35-44

The age profile is changing as well. Divorce was previously most common among those aged 44-54, but the peak has shifted to 35-44. In 2025, 34.3% of divorced men and 31.3% of divorced women were in this age group.

👨‍👩‍👧 Households Are Getting Smaller

Meanwhile, household size is shrinking. 1 and 2 member households now make up the largest share, overtaking 3-4 member households. Compared with the previous census, they increased by 31.2% in urban areas and 25.3% in rural areas. They account for 40.6% of rural households, while 3-4 member households make up 35.5% of urban households. Households with 5-6 and 7+ members declined by 0.1-0.4 percentage points.

Overall… Mongolians are marrying later, living in smaller households and divorcing at younger ages. If this trend continues, it could reshape Mongolia’s demographic outlook in the years ahead.

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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’s new academic year begins tomorrow, with more than 800,000 children returning to schools across the country. Goodbye summer, hello early mornings, homework and the familiar joy of going back to school. 🚌🎒

What’s inside today’s edition…

• 🥤 Sugar Tax Is Coming

• 💔 77,700 Youth Are Left Out

• 🇲🇳 Mongolia at 28.8: Time Is Running

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

MARKET

MNG: Mongolia to tax all sugary drinks starting 2027.  

MSE: Last Thursday,  August 27, Khan Bank (KHAN) shares hit a record ₮1,624, pushing the bank’s market capitalization above ₮3 trillion for the first time and setting a new record on Mongolia’s stock market.

FRC: Mongolia’s Financial Regulatory Commission and Toronto Centre agreed to strengthen financial supervision through training, capacity building and international best practices.

💔 NEET: 77,700 Young Mongolians Are Neither Working Nor Studying 

Mongolia's labor market headline numbers all moved in the right direction, according to the latest census. Employment rose to 59%, unemployment fell from 9.9% in 2020 to 5.5%, and the number of jobless dropped from 129,000 to 79,000 over the same period. On the surface, it reads like a success story, but not underneath.

⚠️ An Open Window, an Idle Resource

In 2025, 77,700 young people aged 15-24 were not in employment, education or training, the NEET group,  making up 16.4% of that age bracket, or 1 in 6. The most troubling part is that the share rose 4.2 percentage points from 2020.

• 🤔 Why is This Strange? Because Mongolia is right now in its demographic window. People aged 15–24 make up 20.8% of the working-age population, a historic high in labor-force potential. In theory, this is the golden era for economic growth. Yet at that very moment, the country is failing to use 1 in 6 of its young people.

Unemployment and NEET moving in opposite directions reveals an important distinction. NEET youth aren't counted as "unemployed and job-seeking", they've dropped entirely out of the labor market, a hidden group. Their rising number is a warning that the fall in unemployment may not be fully real.

👩 The Gender Twist: Educated but Sidelined

The deepest fracture hides inside the NEET structure, and the male and female versions are entirely different problems.

• 👩🏻‍🦰 12% of female NEET youth hold higher education, versus just 5.9% of males, twice as many university-educated women are sitting idle.

• 🤵‍♂️ Men skew toward basic education (25.4% vs 17.5%), they left school early and drifted out of the market.

👀 Women's NEET is Wasted Talent 

University graduates unable to convert their education into work, often tied to childcare, marriage, or a shortage of jobs matching their qualifications. The labor-force participation of women aged 20-24 sits 12.6 points below men's, partly because more women are still enrolled in higher education, but the high share of educated female NEET shows the gap is more than just study.

Finally… Mongolia's 5.5% unemployment rate looks like a win. But it only counts those still job hunting. A rising 16.4% of youth have dropped out of work and school altogether, a hidden slack the headline number misses. The demographic window is open now, with aging underway, it won't stay open long.

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ECONOMY & BUSINESS

• Russia’s Pokrovsky Carbon Polygon Ready to Transfer Technologies to Mongolia. (ANN)

• China Baoli to Raise $7.7M Via Share Issue for Mongolia Mining Projects. (DealRoom)

• Jade Gas Submits TTCBM Development Plan in Mongolia. (YahooFinance)

• Mongolia Will Fully Meet Its Domestic Demand For Wheat And Potatoes From This Year’s Harvest, While Around 70% Of Its Vegetable Needs Will Be Supplied Domestically. (LemonPress)

• Loro Piana Eyes Expansion Of Mongolia’s “Resilient Threads” Cashmere Program. (LemonPress)

• Visa Appoints 20-Year Veteran as Korea, Mongolia Chief. (TheKoreaHerald)

• Signed! BYD Battery and Ulaanbaatar, Mongolia Reach Strategic Cooperation. (Gasgoo)

POLITICS

• Mongolia’s Khurelsukh Heads To SCO Summit In Bishkek. (PresidentOffice)

• United Nations Talks in Mongolia Expose Growing Drought Crisis as Climate Impacts Worsen. (WtopNews) 

• Mongolia Targets 53% Clean Energy by 2050, Up from Just 7.2% Today. (MinistryofEnergy)

• Students Face Out-of-Pocket Costs Amid ELF Funding Shortfall. (UBPost)

• China-Mongolia Mineral Ties Pose Risk to South Korea Diversification. (UPI)

• Mongolia’s Human Rights in 2025: Procedural Gains, Independence & Civil Liberties at Risk. (WorldJusticeProject)

• Construction of Second China-Mongolia Cross-Border Railway Passes 50% Mark, on Track for 2027 Completion. (GlobalTimes)

CULTURE & LIFESTYLE

• Is Ulaanbaatar Worth Visiting? What to Do in Mongolia’s Capital – and Beyond. (SCMP)

• “Heritage is Something Alive”: Ganzorig Miimaa Reimagines Mongolia Through Photography. (Novastan)

🇲🇳 Mongolia at 28.8: Still Young, But the Clock Has Started

The median age of Mongolia's population reached 28.8 years in 2025, according to the National Statistics Office's interim census, meaning half the country is younger, half older.

🚨 One Number Jumped When No One Was Looking

By global standards, Mongolia remains young. Japan sits near 50, the EU around 44, the US about 38. Mongolia even lands just below the world median of roughly 31, though still far above the world's youngest, like Niger and DR Congo, which sit near 15-17. But that reassuring picture only holds on the surface. While the median age crept up slowly, from 27.9 in 2020, a second indicator moved sharply.

• 🧓 The aging index, people aged over 65 per 100 children under 15, leapt to 18.6 from 13.1 in just 5 years, a 42% rise. For the previous 3 decades it had barely budged, even dipping slightly between 2010 and 2020.

🔍 Why the 2 Numbers Disagree?

The median age moves slowly because it's anchored by Mongolia's large working-age population. The aging index compares only the 2 ends, the youngest and the oldest, so it reacts fast to change at the base of the pyramid. 2 forces are pushing it up at once:

• 👵 The Top is Expanding: Large cohorts born in the high-fertility socialist era of the 1960s-1970s are now entering the 65+ bracket.

• 👶 The Base is Shrinking: Fertility has fallen to 2.4 children per woman, down from 3.0 in 2020. With more elderly and fewer children, the ratio climbs quickly.

⏳ The Demographic Window is Closing!

The signs are lining up. The under-14 share has fallen to 30.6%, down from 41.9% in 1989, the working-age share slipped to 63.7% from 64.4%, and pension recipients jumped to 378,000 from 236,000 in 5 years. Mongolia's demographic dividend, the era when workers dominate,  has begun to narrow.

• ⏰ The Point Isn't the Level. It's the Speed: Mongolia isn't in the aging club yet, it's decades younger than Japan or Europe. But its median age has climbed nearly ten years since 1989, and it's clearly on the same path those economies walked earlier.

The real message… 28.8 is less a snapshot of youth than a preview of what's coming. The pressure on pensions, healthcare and elderly care could build faster than the headline number suggests, leaving a limited, but still open, window for policymakers to prepare.

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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 is the second week of COP17, and Mongolia is welcoming a mix of global business and political figures, including LVMH heir Frédéric Arnault and former South Korean President Moon Jae-in. In this edition, we’re wrapping up COP17’s key outcomes, major deals and big numbers. Let’s dive in. 🏊‍♂️ 

What’s inside today’s edition…

• 💳 Fitch on Mongolia’s Banks

• 🏥 ADB’s $225M Health Boost

• 🌍 COP17’s Green-Finance Wins

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

MARKET

MNG: Fitch Ratings affirms Golomt Bank (GLMT) and the Development Bank of Mongolia at “B+”, while TransBank is affirmed at “B-”, all with a stable outlook.

MSE: XacBank (XAC) will distribute a ₮18 per-share dividend based on its first-half 2026 financial results.

HK: Mongolia Energy Corporation’s (0276.HK) subsidiary MoEnCo signed ₮2.7 billion contracts to build 1.5 km of heating, clean water and sewage pipelines at the Khushuut coal mine.

🏥 ADB Approves Record $225 Million Health Investment in Mongolia

The Asian Development Bank (ADB) has approved a $225 million loan, its largest ever in Mongolia’s health sector, to upgrade provincial hospitals, expand emergency care, and bring specialized services closer to rural communities. By 2031, the project aims to improve access to quality care for more than half of Mongolia’s provincial population.

🏗️ What the Project Will Deliver

It will modernize 19 provincial hospitals and build a new 300-bed hospital in Uvurkhangai Province. 11 new soum health centers will open along major highways and border points. Facilities will gain stronger emergency departments, trauma and intensive care units, modern operating theaters, ambulances, and advanced diagnostic equipment for cardiovascular disease, cancer, and other complex conditions. Telemedicine and digital referral systems will link provincial hospitals with tertiary centers in Ulaanbaatar, while health workers receive capacity-building support.

🌍 Why This Matters for Rural Families

Ulaanbaatar currently holds 66% of the country’s hospital beds. Many rural patients must travel hundreds of kilometers for specialized care, facing delays, high costs, and worse outcomes. Noncommunicable diseases already account for 73% of deaths nationwide. The project also strengthens emergency readiness for dzuds, floods, and heatwaves through climate-resilient infrastructure.

🤝 Broader International Support for Mongolia’s Health Sector

ADB has been Mongolia’s leading health partner since 1994, providing about $419 million in loans, grants, and technical assistance. The World Bank financed the COVID-19 Emergency Response and Health System Preparedness Project over $70 million and an earlier $19.5 million E-Health Project. 

• 💰 The European Bank for Reconstruction and Development (EBRD) has supported a $43.2 million loan for a new 250-bed hospital in Darkhan and a $34.9 million loan for a specialized cardiovascular facility in Ulaanbaatar. 

Finally… As you can see, Mongolia has secured substantial loans and funding that could transform its healthcare sector. Yet major gaps in healthcare access and infrastructure persist. The question is increasingly not how much money Mongolia receives, but how effectively it is spent, with governance, procurement and corruption remaining key concerns. 

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• Tourism Driven by Inflated Figures, Left Behind in Development. (UBPost) 

• Mongolian Mining Corp.’s H1 Revenue Jumped 69% to $586.2 Million. (MMC)

• Mongolian Mining Corp Signs ₮33.6 Billion Deal with Top Motors for Vehicles, Rentals and Maintenance Services Through 2029. (MMC)

• CEVA Logistics Transported 2 Airbus Helicopters from Europe to Ulaanbaatar Within 30 days. (CEVALogistics)

• Mongolia Raises Minimum Wage 26% to ₮1 Million. (UBPost)

POLITICS

• Ex-President Moon Heads to Mongolia for the U.N. Desertification Conference. (YonhapNewsAgency) 

• Korea, Mongolia Partner to Bring Back Endangered Bird After 5-Decade Absence. (TheKoreaTimes)

• How Mongolia Is Diversifying Its Defense Sector. (TheDiplomat)

• African Development Bank Backs Calls for Land Restoration as COP17 Gets Underway in Mongolia. (AFDB)

CULTURE & LIFESTYLE

• The Rise of Modern Mongolia. (NewsWeek) 

• The Hotel at the Edge of the World Where Dinosaurs Once Roamed. (FodorsTravel)

• Where to Eat, Sleep and Play in Ulaanbaatar, Mongolia. (TravelAgeWest)

🌍 COP17: Tracking the Money for Land Restoration

The UNCCD COP17 underway in Ulaanbaatar has produced several concrete developments, including new financing mechanisms and investment commitments focused on land restoration.

💰 $50 Million Green Finance Corporation

On August 20, the Mongolian Green Finance Corporation was officially launched with a $50 million foundational package. Backed by the Green Climate Fund, XacBank, the Development Bank of Mongolia, GGGI and private partners, the institution will operate as a wholesale lender, channeling long-term capital through commercial banks and non-bank financial institutions into areas including ger-district insulation, clean heating, energy-efficient housing and low-carbon technologies.

🌍 $1.29 Billion for Land Restoration Projects

UNCCD Executive Secretary Yasmine Fouad informed Prime Minister N. Uchral that COP17 processes have secured agreement to mobilize $1.29 billion for more than 60 projects across 23 countries focused on soil, pasture and drought. Mongolia is also using the conference to promote its “Steppe Plan” and “Sunny Mongolia Herder” programs, with the latter set to be developed as a model initiative in cooperation with the UNCCD secretariat.

🕊️ Land Restoration and Peace

Beyond financing, more than 300 organizations from 45 countries have backed a civil society declaration calling for land restoration to be used as a tool for conflict prevention and peacebuilding. The initiative links land degradation, competition over natural resources, displacement and instability, and calls for stronger land governance, financing and community participation.

Finally, these are the key outcomes from COP17 so far. While the investment and funding commitments look promising on paper, the real test will be implementation, how effectively the pledged capital is deployed and translated into measurable results on the ground.

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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! COP17 has officially kicked off, and with it comes a few temporary traffic and lifestyle restrictions for Ulaanbaatar residents, including the odd-even license plate rule. The government’s message is simple, be patient and bear with it for the next 2 weeks. So, UB, this one’s for you. “Patience” by Guns N’ Roses. 😌

What’s inside today’s edition…

• 🏦 ADB appoints a new Country Director

• 🌏 Week recap: Bill Gates, deep-mining experts & COP17

• 🛢️ Petro Matad begins oil sales in Mongolia

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

MARKET

WHO: Mongolia received approximately S$630,000 from WHO, funded by the Government of Japan, to expand HPV-based cervical cancer screening and early treatment. The support includes 20,000 HPV DNA tests and $531,720 worth of diagnostic and treatment equipment.

ADB: ADB appoints John Juhyun Jeong as new country Director for Mongolia. 

GOV: Minister of Industry and Mineral Resources G. Damdinnyam will pay a working visit to China starting this week, following his visit to Russia. 

🗞️ WEEK RECAP: Bill Gates Visits, Mining Giants Gather & COP17 Nears

Last week brought a series of high-profile events to Mongolia. Here is the breakdown.

🌍 Caving 2026 Puts Mongolia on the Global Mining Map

From 11–13 August, more than 300 deep-mining experts from over 20 countries gathered in Ulaanbaatar for Caving 2026, the 6th International Conference on Block and Sublevel Caving. It was the first time the conference was held in Asia.

• 🧩 Hosted with Oyu Tolgoi and Rio Tinto as host sponsors, the event put Mongolia’s underground mining expertise in the spotlight. More than 100 technical presentations were delivered, including 17 focused on Oyu Tolgoi’s operations, technology and research. The conference underscored Mongolia’s growing role in advanced underground mining and its place on the global caving map.

✈️ Bill Gates’ Quiet Visit Goes Viral

Meanwhile, Bill Gates quietly arrived in Mongolia on 9 August aboard his private Gulfstream G650ER. He spent 2 days in Bayan-Ulgii near Tsambagarav Mountain, taking in the local landscape and lifestyle. His itinerary reportedly also included Dundgovi and Dornod provinces.

• 🛫 While the visit itself remained low-key, photos and videos of his aircraft and movements quickly spread across Mongolian social media, sparking widespread speculation about the purpose of his trip. No official explanation has been released so far.

🌱 COP17 Puts Mongolia at the Centre of the Global Land Agenda

And now, Ulaanbaatar is hosting COP17 of the United Nations Convention to Combat Desertification, which opened today and runs through 28 August under the theme “Restoring Land. Restoring Hope.”

• 🫱🏻‍🫲🏼 The summit brings together world leaders and experts to address land degradation, drought resilience and climate finance at a time when drought risks are intensifying globally. Saudi Arabia is formally handing over the UNCCD presidency to Mongolia, giving the country a prominent role in shaping the global response to a drying planet.

So, only within a week, Mongolia had enough international headlines to keep everyone busy, a global mining conference, a high-profile private visit, and a major UN summit. But if you think that was the whole story, think again. The local news had plenty of plot twists of its own, as is tradition.

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ECONOMY & BUSINESS

• IMF Wraps Up 2026 Art­icle IV Talks with Mon­go­lia. (PressReader) 

• Rio Tinto Accused of Withholding Oyu Tolgoi Revenue Figures from Mongolians. (ZMS) 

• Korean Hospitals Expand Medical Outreach in Mongolia, Shift Focus to Local Capacity. (KoreanBiomedicalReview) 

POLITICS

• The Helicopter that Helped Topple Mongolia’s Prime Minister Linked to Lex Oil Scheme. (Eureporter)

• Production of Main Equipment for CHPP-5 in Mongolia Completed by 30%. (gogo)

• Mongolia PM, Top Brass Visit India-Constructed Oil Refinery Project Construction Site. (TheIndiaEYE)

• Mongolia Says Russia Agreed to Send Emergency Fuel Supplies Amid Shortages. (TheMoscowTimes) 

CULTURE & LIFESTYLE

• Mongolia: Eurovision Asia 2026 Participation Confirmed. (Eurovoix) 

• Top 10 Best Universities in Mongolia. (Sekolapedia)

• What the World Can Learn from Mongolia’s Drylands. (Nature)

• The Hu: “Hunnu Rock Is West And East, Tradition And New”. (MGM)

• Developing Pediatric Palliative Care in Mongolia. (eHospice) 

 🛢️ Petro Matad Begins Oil Sales in Mongolia 

London AIM-listed Petro Matad has moved from pure exploration into commercial oil sales in Mongolia, marking a major shift for the company and a small but meaningful addition to the country’s limited domestic production.

🕵️ Company Operations in Mongolia

Petro Matad holds 100% working interest and operatorship of 2 Production Sharing Contracts. The core producing asset is Block XX in the Tamtsag Basin in eastern Mongolia. Production began at the Heron-1 well in October 2024, making Petro Matad only the third oil producer in the country. The Gazelle-1 well came online in late October/early November 2025 after a successful test that flowed over 400 barrels of oil per day.

• 💭 Crude is trucked to nearby PetroChina facilities for processing and export to China. In 2025, Block XX’s 2 wells averaged 168 barrels per day, generating about 61,000 barrels in sales at an average $61.8/barrel and roughly $2 million in net revenue. Cumulative production surpassed 100,000 barrels by April 2026.

• 🧐 In January 2025, Petro Matad signed a PSC for the 41,000+ km² Borzon Block VII in southern Mongolia, an early-stage exploration area near producing basins in China. The company also owns 50% of SunSteppe Renewable Energy, developing utility-scale solar, wind, battery and hybrid projects.

🎯 What Petro Matad Aims For?

The company aims to maximise shareholder value through a balanced portfolio of Mongolian energy projects. In oil, it plans to optimise production, add wells, acquire 3D seismic and farm out stakes in Block XX and potentially Block VII to accelerate development and reduce capital needs. In renewables, it is advancing large-scale projects toward construction, targeting Mongolia’s growing demand for energy independence and clean power exports.

Finally... Mongolia offers frontier oil potential, supportive energy policies, and easy export access to China. Petro Matad has built expertise there since the mid-2000s and secured the country’s third exploitation licence, enabling commercial production.

But regular oil sales now mark its shift to a cash-generating producer. The 2026 Oil Sales Agreement unlocks 48,000 barrels for export and payment, improving liquidity. Longer-term success depends on stable operations, better PetroChina contracts, higher oil prices, and progress on farm-outs or renewables.

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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! How do you start your Monday? For most of us, it’s probably coffee first, questions later. To make your Monday a little more interesting, we’re sharing a cool, adventurous video that takes you through Mongolia’s wild landscapes and travel experiences. Click HERE to watch. 🎥 

What’s inside today’s edition…

• 💰 Foreign Exchange Reserves Hit Another Record

• ⛽ Two Weeks of Fuel Crisis: A Timeline

• 🛡️ Mongolia Begins Domestic Ammunition Production

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

MARKET

MNG: Foreign exchange reserves hit a record $7.9 billion in July, rising 13.67% since the start of the year.

UNDP: Lionel Laurens has been appointed as UNDP’s new Resident Representative in Mongolia.

UB: Ulaanbaatar city to implement air pollution reduction and public health project in partnership with Chinggis Khaan Wealth Fund Consortium LLC.

💔 Mongolia’s Two-Week Fuel Crisis: A Timeline

2 weeks into Mongolia’s fuel shortage, the government has been making decisions at full speed. From rationing to new imports, here’s a timeline of what happened, and how fast things moved. 

⏰ Timeline

• 31 July: Mongolia agreed with South Korea on monthly supplies of 20,000 tons each of AI-92 gasoline and diesel, plus 10,000 tons of aviation fuel, with deliveries targeted for August. A separate deal secured 6,000 tons of gasoline from China.

• 3 August: The Emergency Headquarters introduced temporary rationing in Ulaanbaatar, fuel sold by even and odd license plate numbers, limited to ₮50,000 or $13.9 per fill-up, and portable containers banned. 

• The same day, the first 1,000 ton shipment of aviation fuel from China arrived at the Zamyn-Uud border checkpoint. China’s Chargé d’Affaires confirmed more volumes would follow.

• 4 August: The U.S. Embassy in Mongolia advised American citizens to postpone or cancel non-essential travel to Mongolia due to the shortage. 

5 August

• At a Cabinet meeting the government abolished special excise and customs duties on gasoline and diesel until 1 February 2027, simplified import permits, and allowed limited private imports. Austerity measures were also introduced across government, cancelling non-essential events and travel.

• The government announced that it has secured contracts to import 86,460 tons of AI-92 gasoline, 1,280 tons of AI-95, 178,650 tons of diesel, and 7,000 tons of jet fuel from Russia, China, and South Korea in August.

• A local developer launched benzin.mn, a real-time platform tracking fuel availability at gas stations across Mongolia.

7 August 

• Plans to raise the ₮50,000 limit to ₮100,000 were postponed. Tourism companies were allowed to purchase fuel without restrictions.

8 August

• PM N.Uchral met the head of PetroChina Daqing Tamsag and requested a stable monthly supply of 12,000–15,000 tons of AI-92 from China. 

• Authorities intensified checks on black-market reselling, warning 7 stations of possible fines or license revocation.

• The PM and ministers inspected new fuel storage construction sites. Of the 22 tanks being built with government soft loans, San Petroleum’s 8,000 m³ facility is due to open on 20 August and is expected to cover about 13 days of Ulaanbaatar’s AI-92 demand.

9 August

Industry and Mineral Resources Minister G. Damdinnyam made his 9th official trip to Russia since taking office a year ago, as efforts continue to secure stable fuel supplies.

In the end, the fuel shortage became something of an adventurous drama across Mongolia, citizens hunting for open stations, sharing real-time tips, and adapting to new rules day by day. As this new week begins, many are hoping the situation will finally start returning to normal. Whether that hope materializes quickly remains to be seen.

⭐ Selected for you

ECONOMY & BUSINESS

• Jade Gas Completes $11 Million Placement. (Mining.com)

• Mongolian PM: All Conferences, Forums and Meetings to be Cancelled. (TheStar)

• Is Mongolian Mining Cheap After Its Profit Turnaround Guidance? (SimplyWallst)

• MIAT and Boeing to Expand Cooperation. (MIATMongolianAirlines)

• Oyu Tolgoi Commissions 220 kV Zes-Oyu Substation. (OyuTolgoi)

POLITICS

• Mongolia and Singapore Expanded Cooperation Against Cyber Fraud. (InDiplomacy)

• Indian Envoy Visits UNCCD COP17 Venue in Mongolia. (TheTribune)

• Mongolia and Finland Expand Cooperation in the Field of Education. (Montsame)

• Silk Road Caravan Arrives in Mongolia. (Kazinform)

• World Bank Country Manager Presents Credentials. (UBPost)

• Each District In Ulaanbaatar Will Have A Specialized Upper Secondary School Starting This Academic Year. (MOE)

• Mongolia’s Next President? Race to Succeed Khurelsukh Reshapes Political Landscape. (IntellNews)

CULTURE & LIFESTYLE

• 13th Century Mongolian Courier Sim The Legend of Khiimori Becomes a Battle Against Supernatural "poison of the earth spirit". (RockPaperShotgun)

• Mongolian Proverb of the Day: 'While Your Horse is Strong, Travel to See Places' — Meaning and Life Lesson Explained. (TheEconimicTime)

• Mongolian Athlete Wins Four Medals at Jiu-Jitsu World Championship. (TheStar)

🇲🇳 Mongolia Starts Domestic Ammunition Production

Mongolia has commissioned the “Zev” ammunition plant, which has started producing and supplying 3  types of ammunition for domestic use.

• 👉🏻 The move marks Mongolia’s first major step toward building a domestic defense manufacturing base and reducing its reliance on imported ammunition. The government has not disclosed the plant’s production capacity or what share of domestic demand it can currently cover.

🏭 Building the Supply Chain

The “Zev” ammunition plant was established through a military-technical cooperation agreement between Mongolia’s Ministry of Defense and Turkey’s state-owned defense company MKE. The government is now preparing to launch an ammunition components plant, a move that could further reduce dependence on imported inputs and strengthen the local supply chain.

•  👀 The strategy goes beyond ammunition. Mongolia is also working to establish a drone manufacturing facility as part of plans to create a dedicated drone force. Domestic research institutes have meanwhile developed prototypes of military vehicles, shortwave radios and electronic equipment.

🛡️ Why It Matters

Recent conflicts have highlighted how quickly military supplies can be depleted and how critical resilient supply chains have become. For Mongolia, domestic production could reduce exposure to import disruptions, geopolitical risks and foreign suppliers, while strengthening military readiness. It could also create demand for local manufacturing, engineering and defense-related R&D.

But the bigger test is scale. Starting production is one thing, producing ammunition reliably and at sufficient volume to cover a meaningful share of domestic demand will determine whether Zev becomes a strategic defense asset or remains a limited domestic supplier.

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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! We’re delighted to share that our Inside Mongolia article, “Can AI Strengthen Mongolia’s Disaster Prevention?”, has been recognized by the Asian Development Bank Institute’s (ADBI) Developing Asia Journalism Awards 2026. We’re grateful to have our work recognized and will continue to share insightful news and stories with our readers. 🤗

What’s inside today’s edition…

• 💰 ADB Backs Mongolia’s COP17 Preparations With $500K

• ⛽ Fuel Frenzy: Mongolia’s Shift Beyond Russian Dependence

• ❄️ Before the Freeze: Mongolia’s Winter Readiness Plan

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

MARKET

CMM: The Mongolia Investment Forum returns to London for its second consecutive year on September 15.

MNG: Starting January 1, 2027, individuals earning up to ₮792,000 per month will be exempt from personal income tax. From 2028, those earning up to ₮2 million per month will pay a 1% personal income tax.

ADB: The Asian Development Bank is implementing a $500,000 technical assistance project to support preparations for upcoming COP17.

🏃‍♂️ Fuel Frenzy: From Russian Dependence to New Suppliers 

9 months ago, Minister of Industry and Mineral Resources D.Damdinnyam assured the public that “Gasoline will not run out.” Yet, starting last Thursday, long queues stretching several meters formed outside gas stations, while motorists across the country scrambled to find fuel.

🤔 What Went Wrong?

Mongolia imports its gasoline, diesel, and aviation fuel primarily from the Angarsk refinery, one of Russia's largest oil refineries owned by Rosneft. But as the war continues to disrupt Russia's energy sector, fuel supply interruptions have once again spilled over into Mongolia.

• 🔫 War Related Pressure: Authorities said petrol prices have risen by more than 30% over the past three consecutive months, making it impossible to maintain the previously agreed fixed-price arrangement with Russia. Fuel imports are now being purchased at Russian exchange prices.

• 🫨 As a result, the domestic price of AI-92 gasoline increased by ₮250–₮300 per liter, while diesel prices fell by ₮100–₮150 per liter.

👀 Looking Beyond Russia

The recent shortages have also accelerated Mongolia's push to diversify its fuel supply after decades of heavy reliance on Russia, which currently accounts for more than 90% of the country's refined petroleum imports.

A major breakthrough came on July 30, when Mongolia reached an agreement with South Korea to import 50,000 tons of petroleum products every month. The deal includes 20,000 tons of AI-92 gasoline, enough to cover more than 1/3 of Mongolia's monthly demand, 20,000 tons of diesel fuel, and 10,000 tons of jet fuel. The agreement builds on the momentum of South Korean President Lee Jae-myung's state visit in July and represents one of the most tangible outcomes of the 2 countries' expanding economic partnership.

• ➕ China has also emerged as an important alternative supplier. Mongolia has already secured an emergency shipment of 6,000 tons of gasoline, while imports of aviation fuel have begun and additional diesel and gasoline supplies are expected to follow.

Together, these moves signal a strategic shift in Mongolia's energy policy. Rather than relying on a single supplier, the government is seeking to build a more resilient fuel supply network capable of withstanding geopolitical shocks and future supply disruptions.

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ECONOMY & BUSINESS

• Sumber Soum to Commission a Wind Power Plant by 2028. (EnergyInsightMagazine)

• How to Hire a C-Suite Leader in Mongolia: The 2026 Playbook. (LambdaGlobal)

• Development Bank of Mongolia in $750 Million Note Offering and Concurrent Tender Offer. (ClearyGottlieb)

• China’s CIPS will Become Settlement Norm in Mongolia Within 2 years, Golomt Bank Says. (SCMP)

POLITICS

• Mongolia Unveils the Steppe Action Agenda as a Long-Term Legacy Initiative of UNCCD COP17. (MOFA)

• Seoul’s Interest in Mongolia’s Rare Earths. (AsiaNews)

• Azerbaijan President Expresses Commitment to Elevating Cooperation with Mongolia to a New Stage. (EDNews)

• Breakthrough Through Geopolitical Storms: The Heart of Mongolia's First Oil Refinery Delivered from India. (Open.KG) 

• Mongolia and South Korea Cooperate to Improve Cancer Care Accessibility. (OncoDaily)

• Renewable Energy Share to Gradually Rise Until 2050. (UBPost)

• Mongolia, Japan Expand Energy Education Partnership. (mitv)

CULTURE & LIFESTYLE

• UNESCO Session in South Korea Inscribes 25 New World Heritage Sites. (TheChosunDaily)

• Mongolia Welcomes Scouts from Around the World for its Third International Jamboree. (WorldScouting)

• Archaeologists Discover 1,300-Year-Old Turkic Runic Inscription in Mongolia. (AKIPress)

• Seoul Street Becomes Car-Free Zone on Weekends. (UBTCC)

• In Mongolia, Looking Beyond the Snow Leopard. (PBS)

❄️ Before the Freeze: Inside Mongolia’s Winter Game Plan

Winter is coming. As Mongolia prepares for another harsh season, the government has introduced its 2026–2027 winter readiness plan, focusing on the country’s biggest vulnerabilities: heating and power supply, aging infrastructure, fuel security, and rural livelihoods.

🏙️ Ulaanbaatar: Managing an Aging Urban System

For Ulaanbaatar, winter preparation remains largely a battle against aging infrastructure. The capital is implementing 573 winter preparation projects, with progress reaching 57%, covering heating pipeline upgrades, power system maintenance, utility repairs, and drainage improvements.

• 👉 However, many of these measures are not new. Every year, the city enters winter with similar repair programs as it tries to keep aging systems running. Around 60% of underground utility networks have already exceeded their intended lifespan, meaning much of the current effort is focused on preventing failures rather than creating a fundamentally stronger system.

The biggest test will come when temperatures drop and heating demand reaches its peak. While these projects may reduce immediate risks, Ulaanbaatar still faces deeper challenges: outdated energy infrastructure, rising demand, and persistent winter air pollution.

⚡ Energy and Fuel: The Bigger Winter Challenge

The pressure on the capital reflects a broader national issue: Mongolia’s energy system is struggling to keep pace with demand. Electricity demand in the Central Region Integrated Power Grid is expected to reach 1,956 MW this winter, around 150 MW higher than last year. The government has allocated ₮350 billion for winter preparedness projects, including upgrades at major thermal power plants.

• ➕ There are, however, signs of improvement. After years of delays, new generation capacity is finally coming online. The 300 MW Buuruljuut Power Plant has begun supplying electricity, while the upcoming 70 MW Selenge plant and 660 MW Bayangiin Power Plant are expected to further expand domestic capacity in the coming years.

🐑 Rural Resilience: Protecting Against Another Dzud Risk

Winter challenges are not limited to cities. Across Mongolia, provinces are preparing for another season where extreme weather can threaten both livestock and rural livelihoods. Authorities are strengthening hay and fodder reserves, food supplies, and essential rural services to reduce the impact of potential dzud events. For a country where millions of livestock depend on seasonal conditions, early preparation is critical, because a difficult winter can quickly become an economic and social crisis for herding communities.

Finally… Mongolia’s winter challenge is not simply about surviving freezing temperatures. It is a test of whether the country can maintain reliable energy, protect vulnerable communities, and strengthen systems that have faced pressure for decades. The coming months will show whether this year’s preparations are enough, not only to prevent disruption, but also to build resilience for future winters.

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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.

Happy Monday! ☀️ What a scorcher last week was. The good news? This week is expected to be a little cooler, with plenty of rain to keep things bearable. Summer is still summering, but we all know how this goes in Mongolia, autumn has a habit of arriving before anyone's ready. So make the most of these long days while they last. 😎

What’s inside today’s edition…

• 🚫 Mongolian Bank Hit by EU Sanctions

• 🫱🏻‍🫲🏼 How Naadam Became Diplomacy

• 📱 Crackdown on Kids’ Social Media

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

MARKET

EU: The EU’s 21st sanctions package, adopted last Thursday, introduces transaction bans on 4 third-country banks, including 1 Mongolian bank.

BOM: The Bank of Mongolia partners with the International Finance Corporation to strengthen climate risk management

TMK: TMK Energy (TMK.AX) has brought in veteran petroleum engineer Steve Skinner as Chief Operating Officer to lead the next phase of development for its Gurvantes XXXV coal seam gas project in Mongolia.

🤔 The New Face of Naadam: How an 800-Year-Old Festival Became a Diplomatic Platform

For the past 4 consecutive years, Mongolia has hosted a foreign head of state or monarch as the official Guest of Honor at its National Naadam Festival. 

🛫 A Deliberate 4-Year Streak

Naadam has increasingly become a stage for diplomacy. In 2023, Kyrgyz President Sadyr Japarov attended the festival, followed by Bhutan’s King Jigme Khesar Namgyel Wangchuck in 2024. In 2025, Japan’s Emperor Naruhito and Empress Masako made a rare imperial visit centered around Naadam, and in 2026, South Korean President Lee Jae-myung became the first Korean head of state to attend as Guest of Honor. 

• This unbroken sequence is no coincidence. Mongolian officials have systematically elevated Naadam from a domestic holiday into a high-level diplomatic stage.

🧩 Why Naadam Works as Diplomacy

Unlike formal state banquets or conference halls, Naadam offers visiting leaders an immersive experience of Mongolian identity. Guests sit alongside the President at the National Stadium, watch traditional performances, and often visit the horse-racing grounds at Khui Doloon Khudag. The setting creates informal yet highly symbolic moments that formal diplomacy rarely achieves.

• 🤗 By hosting foreign leaders at Naadam, Mongolia has turned the festival into a powerful soft diplomacy platform. The 2025 visit by Japan's Emperor and Empress and the 2026 visit by South Korean President Lee Jae-myung generated widespread media coverage, bringing Naadam to millions of new viewers.

💭 Results Beyond Symbolism

Each visit has been paired with concrete outcomes such as bilateral agreements, business forums, and renewed strategic partnerships. The 2026 visit by President Lee, for instance, produced 21 cooperation documents and marked the first South Korean presidential state visit in 15 years.

Overall… By linking its most sacred national festival to carefully chosen state visits, Mongolia has turned tradition into leverage. Naadam is no longer only about celebrating the past. It has become a platform for shaping the country’s future relationships on the world stage.

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ECONOMY & BUSINESS

• Mongolia Sees 25.7% Rise in Foreign Arrivals in First Half of 2026. (TheNation)

• Jade Gas Secures A$1bn Funding for Coal Bed Methane Gas, LNG Development in Mongolia. (MiningWeekly)

• ‘Fuel Price Volatility Poses Risks to Economic Stability’. (TheUBPost)

• Copper is Central to Mongolia’s Growth But Requires Policy Shifts. (MongolianMiningJournal)

POLITICS

• British Media Highlights Mongolia in Criticism of Plans to Increase the UK’s Foreign Aid Budget. (CityAM)

• Scaling AI in Education Systems: Lessons from Mongolia (A Three-Layer Architecture for Scaling AI from Tools to Systems). (WorldBankBlogs)

• UNCCD Executive Secretary Yasmine Fouad on Mongolia, Desertification, and COP17. (TheDiplomat)

• Korea's Mongolian Mineral Bet May Become a Geopolitical Tightrope Walk Between China, Russia and the U.S. (KoreaJoongAngDaily)

• Armenian Government Approves Ratification of Amendments to Visa Agreement with Mongolia. (ArmenPress)

CULTURE & LIFESTYLE

• Mongolia Breaks Ground on First Independent Institute of International Studies. (ANN)

• Geoeconomic Constraint and Strategic Autonomy in Mongolia: The Taming of the Steppe’s Wild Horse. (AU)

🛑 Mongolia Moves to Regulate Children’s Social Media Use

Mongolia has taken a significant step toward protecting children online. A group of Members of Parliament recently submitted the draft Law on Regulating Children’s Participation in Social Media to the Parliament. The bill aims to create the country’s first comprehensive legal framework for children’s digital safety.

👉🏻 What the Draft Law Proposes?

The core provision bans children under the age of 13 from creating or maintaining accounts on social media platforms. For those aged 13 to 16, the law introduces stricter rules such as platforms would be required to offer age-appropriate versions of their services, limit addictive design features, and obtain verified parental consent. Companies that fail to comply could face penalties.

🧐 Why the Age of 13?

The age threshold of 13 is not arbitrary. It aligns with international standards, including the U.S. Children’s Online Privacy Protection Act (COPPA) and the default minimum age set by major platforms such as Instagram, TikTok, and Facebook. Lawmakers argue that children under 13 lack the cognitive maturity to handle online risks, while those between 13 and 16 still need structured safeguards during a critical developmental stage.

☠️ The Scale of the Problem

Mongolian children are already heavy users of social media. According to available data, a large share of teenagers are active on Facebook, TikTok, and Instagram. More concerning are the safety findings, a Save the Children survey found that 1 in 2 children has experienced cyberbullying at least once. A 2025 UNDP study further revealed that roughly 1/3 of children aged 9–12 and more than half of those aged 13–17 reported being bullied or insulted online.

• 🔢 These numbers help explain the urgency behind the bill. Lawmakers and child-rights advocates point to rising cases of online harassment, exposure to harmful content, and mental-health impacts as evidence that voluntary platform policies are no longer sufficient.

What happens next

The draft is currently in the early stages of parliamentary review. If passed, it would place new obligations on both social media companies and parents, marking a major shift in how Mongolia approaches children's digital lives. However, enforcement could prove difficult, and overly strict restrictions may simply push children toward less regulated corners of the internet.

For now, the submission of the bill signals that Mongolia is ready to treat children’s online safety as a matter of law rather than private responsibility.

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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 from the other side of Mongolia’s longest holiday! 🇲🇳 How was your Naadam break? Did you manage to recharge, or are you still mentally somewhere on the steppe? There’s a Mongolian saying that “Autumn arrives right after Naadam,” a playful reminder that once the celebrations end, it’s time to return to business. 

The tents come down, the horses go home, and the spreadsheets quietly start calling again. So, welcome back to the business world. Here’s what moved while Mongolia was celebrating Naadam. 😎🪭

What’s inside today’s edition…

• 🇹🇯 Tajik President Lands in Mongolia

• 💰 DBM’s Road Back to Lending

• ✈️ Thales Brings New Era to Mongolia’s Air Traffic

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

MARKET

EBRD: EBRD to provide $40 million to Tavanbogd Construction Machinery to finance the construction of a modern integrated facility, including a state-of-the-art rebuild and maintenance workshop, a warehouse for Hitachi equipment, office space, and associated working capital.

MNG: Coal exports for all uses totaled 59.2 million tonnes in the first half of 2026, up 56% from a year earlier.

GOV: President of Tajikistan Emomali Rahmon will pay a state visit to Mongolia from July 20 to 22.

🏃🏻 DBM’s Comeback: From Debt Cleanup to Lending Revival

The Development Bank of Mongolia is poised for a major comeback, resuming policy lending after 4 years of restructuring and heavy reliance on debt repayment. In a strong signal of renewed market access, the bank marked its return to the public markets in June with its first US dollar deal since 2018.

📉 DBM’s Dark Years: From Policy Powerhouse to Paralysis

The Development Bank of Mongolia (DBM), the country’s sole policy bank, was once a key financier of strategic infrastructure and export projects. But a 2021 special audit by the Bank of Mongolia exposed severe asset quality problems, with non-performing loans (NPLs) surging to around 60%.

• 💔 Since early 2022, DBM halted new lending entirely, shifting focus to debt recovery and refinancing. Over 8 years, it relied on private placements while working through a mountain of bad loans, severely limiting its ability to fulfill its development mandate.

🔄 The Turnaround: Capital, Bonds, and Reform

DBM has staged a strong comeback in 2026. The government injected ₮1.5 trillion in capital, while the bank successfully issued a $500 million 5-year senior bond in June, its first public US dollar bond since 2018, at a 7.2% yield, restoring its access to international capital markets. 

• 🧣 Beyond its financial turnaround, Deputy CEO A.Enkhjin said the bank is also undergoing broader institutional reforms. A new law expected by year-end will strengthen governance, expand central bank oversight, and formalize government support through mandatory recapitalization when needed.

💰 Back to Business: Lending Resumes

DBM has already approved several new loans this year, often in partnership with institutions like the IFC. Key deals include a $100 million contribution to a railway bypass project around Ulaanbaatar and financing for solar and battery storage initiatives. Furthermore, the bank plans to focus on energy, infrastructure, transportation, and export-oriented sectors to boost Mongolia’s competitiveness and energy independence.

🔮 The Road Ahead: Frequent Issuer Ambitions

DBM aims to become a regular issuer in the US dollar bond market, targeting at least another $500 million in 2027. It will also debut in the local MNT bond market later this year, reducing forex risk and appealing to frontier-market investors.

Overall… With commodity prices remaining strong and debt-to-GDP at around 40%, DBM sees favorable conditions for reviving policy lending. The bank also expects the medium-term economic outlook to remain positive, with stronger lending demand paving the way for more frequent bond issuances. 

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ECONOMY & BUSINESS

• Korean Convenience Stores Draw Lines in Mongolia as Retailers Expand. (SeoulEconomicDaily)

• Explorer.Company Launches Fall Self-Drive Tours Timed to Mongolia’s Eagle Hunter and Horse Festivals. (DemocratandChronicle)

• More than 80 Tourists Arrive on First Charter Flight Connecting Umnugovi Province and Japan. (gogo)

• Azzuro Accelerates Mongolian Copper Search. (StockHead)

POLITICS

• Korea Eximbank Partners with Mongolia to Boost Korean Consumer Goods Exports. (TheKoreaTimes)

• KIGAM and Mongolia Expand Supply Chain Cooperation on Rare Earths and Lithium. (DongAScience)

• Lee Meets Mongolia's No. 2 and No. 3 to Advance 'Golden Age' Vision. (TheKoreaHerald)

CULTURE & LIFESTYLE

• Horsing Around? How One Company Moved 121 Mongolian Horses Between Ulaanbaatar and Hanoi. (EconomyClass&Beyond)

• From Nail Salons to the Met Gala, Mongolian Americans are on the Rise. (AsAmNews)

• Suspected Antisemitic Assault of Israeli Tourists in Mongolia. (IsraelNationalNews)

✈️ France’s Thales to Modernise Mongolia’s Air Traffic System

Thales has been selected by Mongolia’s National Civil Aviation Center (NCAC) to deliver a major upgrade of the country’s air navigation infrastructure, marking a significant step in strengthening aviation safety, capacity, and resilience.

• 🤑 Financing is backed by a flexible arrangement between BpiFrance and the Trade and Development Bank of Mongolia (TDBM).

🛠️ Next-Generation Dual Control Centers

The project includes the deployment of a next-generation dual Area Control Center (ACC) architecture. This involves modernising the existing ACC in Ulaanbaatar and building a new one in Sainshand to provide system redundancy and enhanced operational performance. The upgrade will also significantly bolster cybersecurity, a critical need for aviation infrastructure worldwide.

• 🙄 Why Sainshand? Sainshand was strategically chosen for the new Area Control Center to create system redundancy and boost resilience for Mongolia’s air traffic network. Located in Dornogovi province along the Trans-Mongolian Railway, it is a key transit and industrial hub in the Gobi region. 

• 🧩 The project also supports France-Mongolia cooperation, including Orano’s major uranium mine at Zuuvch-Ovoo, which will drive future logistics and economic growth in the area.

🇫🇷🇲🇳 France-Mongolia Cooperation in Action

The initiative reflects deepening France-Mongolia cooperation, timed with the 60th anniversary of diplomatic relations. It combines advanced French technology with structured skills transfer through the École Nationale de l’Aviation Civile (ENAC). Mongolian professionals will receive training in Toulouse, while ENAC instructors will support capacity building in Ulaanbaatar.

🌍 Impact on Mongolia’s Aviation Future

The modernisation is expected to improve airspace capacity, reduce delays, and support the growth of both domestic and international flights, key for tourism, business connectivity, and Mongolia’s long-term economic ambitions.

Finally… For a country with vast territory and growing air traffic, reliable and future-proof air navigation systems are essential. This partnership positions Mongolia to meet rising demand while maintaining high safety and security standards.

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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 fellas! in July, Mongolia will have a 10-day public holiday for Naadam, from July 10 to 20, marking the country’s biggest annual celebration. During Naadam, the capital empties out as people head to the countryside, turning it into one of the quietest moments of the year. 😁

What’s inside today’s edition…

• 🚦 ₩2.7B Boost for UB Traffic

• 🥶 Summer... with Snow?

• ⛏️ Building Mongolia's Mining Minds

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

MARKET

KHAN: Khan Bank secures $170 million from EBRD. 

MNG: For the first time, a Kyrgyz refinery processed gold-bearing doré supplied by Mongolia's central bank, yielding a product valued at over $12 million. 

KR: South Korea will provide a ₩2.7 billion grant to develop a transportation master plan aimed at reducing traffic congestion in Ulaanbaatar.

 🥶 Summer... with Snow?

In an era of accelerating global warming, not all regions are heating at the same rate or intensity. Even multiple European countries issued red heat alerts , the highest level , in June 2026. Summer in Mongolia isn't quite summering. Ah, climate change is going different around the world.

🧐 Snowy Summer…

The world has already warmed 1.5°C above pre-industrial levels, with the rate of warming accelerating. Scientists, including James Hansen, have warned that 2026 is likely to be one of the hottest years on record globally. In mid-June, northern and central parts of Mongolia, including areas near the capital, experienced rare summer snowfall, prompting extreme cold weather alerts.

• 🙄 After all, it’s not an abnormal thing. Snow in summer is rare, but it happens occasionally in Mongolia, especially in the north and at higher elevations.

💭 Why Does Mongolia Remain Relatively Cool?

Mongolia’s summer coolness is largely explained by its geography. The country sits at an average elevation of around 1,580 meters. Temperature drops roughly 6.5°C for every 1,000 meters of altitude gain. This alone makes Mongolia significantly cooler than lowland regions at similar latitudes.

• ☔️ In addition, Mongolia has a strong continental climate. Located far from oceans, it experiences large day-night temperature swings. Even when daytime temperatures reach 24–26°C, nights often drop to 8–12°C. Low humidity further reduces the feeling of heat.

While global temperatures are rising, Mongolia’s summer warming has been more moderate compared to many mid-latitude regions. Europe, by contrast, has seen more frequent and intense heat waves due to stronger influence from heat domes and lower average elevation.

Looking ahead, this climatic advantage could become increasingly valuable. As heatwaves grow more frequent and severe across much of the Northern Hemisphere, Mongolia’s cooler summers may attract more tourists seeking relief from extreme heat. In the near future, the country could position itself as a destination for those looking to escape rising global temperatures.

⭐ Selected for you

ECONOMY & BUSINESS

• MIAT Mongolia Eyes US, Privatisation, Local Consolidation. (CHAviation)

• Development Bank of Mongolia LLC's Proposed Senior Unsecured Notes Assigned 'BB-' Rating. (S&PGlobal)

• Mongolia’s Central TV, NBCU Formats are On Brand with Business Competition. (C21Media)

• Petro Matad Announces Final Results for Year Ended 31 December 2025. (PetroMatad)

POLITICS

• From Mining to Clean Energy, Jaishankar Charts New Course for India-Mongolia Ties. (TheTribune)

• UK Government Pledges Funding for Mongolian Civic Space and Youth Voter Education. (Streamline)

• Chinese Premier Calls for Consolidating Political Mutual Trust, Deepening Cooperation with Mongolia. (CGTN)

• Mongolia and South Korea to Conclude Comprehensive Defence Cooperation Agreement. (ANN)

• Mongolia and Turkey Sign Agreement to Elevate Defense Cooperation to a New Level. (InternationalDefenseAnalysis)

• Kyrgyzstan and Mongolia Discuss Military Cooperation Development. (AKIPress)

• Indian Army Joins Exercise Khaan Quest 2026 in Mongolia. (AWAZVoice)

CULTURE & LIFESTYLE

• From Mongolia to Madagascar, Dogs Form Remarkably Similar Bonds With Humans. (StoryThatMatter)

• An Approach to Assess the Impact of Measures Mitigating Burden Associated with COVID-19 in Kazakhstan, Kyrgyzstan, Mongolia. (Nature)

• Mongolia Launches Vaccination Campaign Against Foot-and-Mouth Disease. (XinhuaNews)

⛏️ Mongolia Builds Homegrown Geotechnical Engineers for Its Mining Future

Mongolia is now training its own world-class mining geotechnical engineers, a field it previously had to import at high cost.

🎓 Third Cohort Graduates

Launched in 2021, the Mining Geotechnics program at the Mongolian University of Science and Technology (MUST) was developed in partnership with Rio Tinto and Oyu Tolgoi to address a long-standing shortage of specialized engineers in the country’s mining sector.

• 🎉🎈 Yesterday, the program celebrated another milestone when 14 new graduates received their bachelor’s degrees, bringing the total number of alumni to 54 since the first cohort completed their studies in 2024.

🔍 Closing a Long-Standing Gap

Before 2021, Mongolia had no dedicated undergraduate program in mining geotechnics. Major projects, including Oyu Tolgoi’s complex underground operations, relied heavily on expatriate specialists, driving up costs and limiting local knowledge of Mongolia-specific geological conditions. Currently, around 90 students are enrolled in the mining geotechnics program at MUST, a modest but steadily growing number.

• 💰 Partnership and Labs: Rio Tinto invested $2.4 million to establish a computer modeling laboratory at MUST, while Oyu Tolgoi added $366,000 for a rock mechanics lab. These facilities enable students to train with industry software on local rock formations rather than generic models.

• 📈 Early Results and Growth: More than 80% of the first graduates are now working at Oyu Tolgoi. Current enrollment stands at about 90 students, with a new master’s program already attracting 18 students. The initiative supports Mongolia’s push for safer operations and reduced dependence on foreign technical staff in its key economic sector.

Finally… The program positions graduates for roles at Oyu Tolgoi and potentially across Rio Tinto’s global operations, strengthening long-term human capital in Mongolia’s mining industry.

🎉 Happy Playtime Week!!!

24th Playtime Festival is just 🤏 this close.

💎 Leveling up year after year

Scheduled for July 2–4, this year’s Playtime Festival continues its ambition to position itself among Asia’s top festivals, steadily elevating its scale, artist lineup, and overall production quality each year. In particular, this year’s lineup is being described as one of the most expensive in the festival’s history.

• 👉 For those planning to stay on-site during the festival, accommodation options now include glamping tents, traditional Mongolian ger camping, and camper van spaces. In addition, ticketing has become more flexible for the first time, offering both 2-day and 3-day pass options.

If you haven’t secured your tickets yet, now is the time to get ready, both your plans and your outfit won’t have much time left.

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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! Summer isn't quite summering. Even during what is typically the warmest season of the year, some parts of Mongolia have seen snowfall, a stark reminder of increasingly erratic weather patterns. With rain expected across much of the country this week, the latest conditions underscore the growing impact of climate change on a landscape long defined by its extremes. So stay warm, and welcome to today's briefing. 🧣🤗

What’s inside today’s edition…

• 🧶 5 colors of cashmere head to Europe

• 🌿 TESO Group deepens ESG execution in 2025

• 🏢 How big are Mongolia’s Top 100 enterprises?

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

MARKET

GOV: Government to establish Cambridge curriculum schools in all 21 provinces. 

MNG: Bortee deposit launches operations, set to create 1,500 jobs in the Gobi region.

EU: Mongolia to export 5 natural colors of cashmere to Europe.

🍀 TESO Group Deepens ESG Execution in 2025

2025 marks TESO Group’s shift from ESG commitments to operational impact.

• 🗞️ Business Brief: Before we dive into ESG report, in 2025 the group became the first Mongolian partner of OpenAI and launched a taxi service via the Tino Super App across local and South Asian markets.

🏭 Industrial Transformation at Scale

At the center of this transformation is the TESO Foods Park, a 13-hectare integrated industrial complex strengthening domestic production and reducing import dependence. The facility integrates production, logistics, warehousing, and quality control into a unified, automated system. Since launch, production capacity has tripled, while energy use per product has fallen by 50%.

💧 Environmental Infrastructure Expansion

Environmental infrastructure expanded with a new 1,000 m³/day wastewater treatment plant commissioned. In parallel 1 MW rooftop solar project has also been initiated at the Foods Park, scheduled for operation between 2026–2027. Going green…

• 🧾 Standards & System Integration: Icemark LLC achieved 5 ISO certifications in 2025, covering environmental, quality, energy, food safety, and occupational health and safety standards. This reflects a structured management system with ESG embedded into daily operations.

• ♻️ Resource Efficiency Gains: Furthermore, the group strengthened its 5R waste management system supported by ERP digitalization, reducing office paper use by around 80%. A total of 25 tons of waste was recycled and 699 tons properly processed.

👥 People 

Furthermore, TESO Group’s 2025 Sustainability Report shows notable progress in gender equality, with women making up 49.3% of the total workforce and holding 51.8% of executive-level management positions. The company strengthened its commitment by partnering with the Center for Gender Studies at the National University of Mongolia to assess workplace inclusivity and by actively participating in national discussions on gender-sensitive policies. 

Overall… Together, these developments reflect TESO Group’s transition from ESG commitments to fully embedded operational systems across production, infrastructure, and people. If you want to dig deeper, click HERE to read more about the group’s 2025 ESG results.

⭐ Selected for you

ECONOMY & BUSINESS

• Akhangaran District to Import 20,000 Bayad Sheep From Mongolia. (UZDaily)

• Digital Crop Insurance in Mongolia. (UNEP)

• Mongolia Invites Bids for 110 MW Solar, 188 MWh Storage Systems. (Mercom)

• Mongolia Coal Output Surges 54pc on Year in Jan-May. (ArgusMedia)

• Hard Liquor in Mongolia Trade. (OEC)

POLITICS

• Ulaanbaatar 2026: Security, Artificial Intelligence, And The Search For Common Ground. (EuroAsiaReview)

• Indian Army contingent to participate in joint military exercise Khaan Quest in Mongolia. (UNI)

• Mongolia and Kazakhstan Deepen Petroleum Cooperation. (KazInform)

• Mongolia and Africa: Time to Reignite a Forgotten Partnership. (TheDiplomat)

CULTURE & LIFESTYLE

• ‘Colors of White Rock’ Review: Vivid Documentary Portrait of a Trucker Traveling Mongolia’s Desert of Broken Dreams. (Variety)

• Where Splendid Horses Run: Mongolian Literature Reading Program. (LaBiennalaDiVenezia)

• Climate-Driven Dust Intensification Over the Mongolian Gobi in Early Spring. (Nature)

🦈 How Big are Mongolia’s TOP-100 Enterprises?

The Government of Mongolia and the Mongolian National Chamber of Commerce and Industry (MNCCI) unveiled the country's Top 100 Enterprises of 2025. Here's a closer look at the contribution these corporate heavyweights make to Mongolia's economy.

🔄 In Brief

Last year, the combined sales revenue of the TOP-100 enterprises rose 19.7% year-on-year to ₮65.7 trillion. As a result, their revenue reached the equivalent of 73% of Mongolia's GDP, up 4 percentage points from the previous year. Meanwhile, the amount of taxes paid by these companies increased 5.2% to ₮8 trillion, accounting for 30% of total tax revenue collected by the state.

• 📉 Workforce: Despite growth across most indicators, the total number of employees at the Top 100 enterprises declined by 2,800 to 84,700. This may be partly explained by the fact that the 19 companies newly added to the ranking employed fewer people than the 19 companies that dropped out.

• 🏬 Trade Takes the Lead: Historically, mining companies have dominated Mongolia's TOP-100 list. This year, however, trading companies outnumbered mining firms by 2, reaching a total of 27 companies in the ranking.

⭐️ Inside the TOP-10

Among the top 10 companies, 4 moved up in the rankings, 2 slipped, and four maintained their positions. Oyu Tolgoi retained the No. 1 spot for a fourth consecutive year, leading all companies in revenue, taxes paid, workforce size, and profitability. Mongol Alt (MAK) ranked second, while Khan Bank (KHAN) secured third place.

⚡️ Biggest Movers

The companies posting the largest gains in this year's ranking included Altangadas Trade LLC, which climbed 21 places, Tavan Bogd Foods Pizza LLC, up 18 places, and both Khan Altai Resource LLC and Netcapital Finance Corporation NBFI LLC, which advanced 17 positions each.

Looking Ahead… That wraps up this year's overview of Mongolia's TOP-100 enterprises, the country's corporate heavyweights. It will be interesting to see how the rankings evolve next year. Which company do you think has the greatest potential to climb the list? 🤔

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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’s small but growing game industry is adding a new entry to the global stage. Carnival Hunt, an asymmetric horror title from Beer Night Studio, the team behind Fragile and founded by rapper Rokit Bay, is set to launch in Early Access on July 23. The game’s trailer has already drawn attention, with early buzz building ahead of its debut.

What’s inside today’s edition…

• 📊 2-digit inflation

• 🏔️ Norman Reedus Came for the Ride.

• 🇺🇸🇲🇳 U.S. & Mongolia extend Child Protection Compact through 2028

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

MARKET

NSO: Inflation rose to 11.2% in May, up 2.9 percentage points from a year earlier.

CN: Chinese Foreign Minister Wang Yi's 3-day visit to Mongolia concludes today.

EU: The European Parliament has formally submitted a request to the European Commission and the Council of the European Union to begin negotiations on a visa facilitation agreement with Mongolia.

🏍️ Can Adventure Tourism Become Mongolia’s Next Growth Engine?

Last week, The Walking Dead star Norman Reedus arrived in Mongolia for a dedicated motorcycle adventure.

🏍️ Chasing the Wind Across the Steppe

Norman Reedus and his friends completed a 6-day motor adventure organized by Nomadic Off-Road, combining UAZ vehicles and motorcycles across the vast steppe. Reedus is well known for his passion for motorbikes. He even hosts the popular adventure travel show “Ride with Norman Reedus”. For riders, it's easy to see the appeal, endless steppe, rugged trails, and some of the most remote landscapes on Earth.

🌟 Mongolia Needs a Real Tourism Hook

Most people come for our pristine nature and nomadic culture, and that remains our greatest strength. In the past 2 years, Mongolia’s tourism sector has recorded some of its best years. The total number of visitors in the first quarter alone exceeded 143,000. Since the beginning of this year, an average of 48,000 tourists have arrived per month, roughly 1,600 per day.

• ⚠️ The Hidden Challenge: However, the reality is more nuanced. Of every 10 visitors, 4 come from Russia and 3 from China. Only the remaining 3 are from other countries.

The figures suggest Mongolia remains heavily reliant on regional travel flows rather than long-haul international visitors. As a result, the country has yet to fully tap into the higher-spending adventure and experiential tourism segments. Against this backdrop, niche categories such as off-road expeditions, motorcycle touring, and endurance rallies are emerging as potential growth areas. 

Mongolia's geography, spanning steppe, desert, and mountain ecosystems, provides ideal conditions for large-scale motorsport and expedition-style tourism. The country's landscape also gives it the potential to position itself as a global adventure destination and, eventually, host a Dakar Rally-style international race.

• 🔥 Little Bird Told Me… Btw, a new rally is set to be hosted in Mongolia this September. More details will be revealed soon.

Finally… Despite record headline arrival figures in recent years, the underlying composition of Mongolia’s tourism sector suggests continued dependence on a narrow set of source markets. The key constraint remains not overall volume, but diversification and the development of higher value, non-regional demand segments.

⭐ Selected for you

ECONOMY & BUSINESS

• Azzuro Resources Extends Red Hill Copper-Gold Strike 124 Metres in Mongolia. (D/A)

• Austria Gazettes Entry Into Force Date of SSA, Administrative Agreement With Mongolia. (BloombergTax)

• Orano Starts Construction at Mongolia Uranium Project. (WNN)

POLITICS

• Temporary Facilities Completed in Mongolia Ahead of UN COP17 Conference. (TheStar)

• India-Mongolia Ties Deepen Through Buddhist Heritage and Development Partnership. (DDIndia)

• Japan, Mongolia Agree to Advance Strategic Partnership. (JapanToday)

• Can Northeast Asia’s New Geopolitical Reality Create Opportunities for Mongolia? (TheDiplomat)

• Korea and Mongolia Launch Strategic Minerals Dialogue. (TheKoreaTimes)

• HUN Party Raises Con­cerns Over State Hous­ing Bank Pro­posal. (PressReader)

• Russia Overtakes Japan, China, Germany, SK, and More as Mongolia’s Tourism Surges to 292,063 Visitors Early 2026. (TTW)

 CULTURE & LIFESTYLE

• Smuggled Dinosaur Fossils Return to Mongolia After Two Decades. (TheStraitTimes)

• Nalanda University Signs Two MoUs with Mongolia to Strengthen Academic Partnerships. (APACNews)

 🇺🇸🇲🇳 U.S., Mongolia Extend Child Protection Compact Through 2028

The United States and Mongolia are set to extend the Child Protection Compact (CPC) partnership through 2028, alongside an additional $2.2 million in funding aimed at strengthening efforts to combat child trafficking.

🤝 Strengthening 6 Years of Cooperation

Since its launch in 2020, the CPC has supported cooperation between the 2 countries to improve victim protection services, enhance investigations and prosecutions, and strengthen Mongolia’s broader child protection system. The United States has provided $6.5 million to date, working with partners including World Vision and The Asia Foundation.

💰 Expanding Funding and Priority Areas

The planned extension brings total U.S. support to $8.7 million and focuses on sustaining and institutionalizing progress made under the program. Priority areas include strengthening coordination mechanisms, expanding child-friendly services, improving data systems, and supporting continued training for law enforcement and child protection professionals.

• 🏗️ Building Institutional Capacity: Over the past 6 years, the initiative has contributed to the development of multi-agency coordination systems, improved victim identification and case management, and expanded training in trauma-informed care, forensic interviewing, and cybercrime investigations.

• 🌍 Shared Commitment to Long-Term Protection: Officials from both countries said the extended partnership reflects a shared commitment to preventing child trafficking, strengthening justice systems, and ensuring long-term protection for vulnerable children in Mongolia.

Overall… The goal now is to make the gains of the past 6 years sustainable long after the funding ends.

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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! Have you seen the MongolZ × Gobi Cashmere limited-edition collaboration yet? To mark Gobi Cashmere’s 45th anniversary, the house has appointed MongolZ as its newest brand ambassador, unveiling an exclusive capsule collection that merges Mongolia’s rising esports culture with one of its most iconic heritage labels. Take a look at the new collection. 😎 

What’s inside today’s edition…

• 💰 EBRD Extends New Lending to XacBank

• ⚖️ Landmark Law on Business Freedom

• 📊 Mongolia Faces Demand for 82,600 New Workers in 2026

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

MARKET

EBRD: Central Asia and Mongolia are set to record the strongest economic growth across EBRD regions, with GDP expected to expand by 5.6% in 2026.

DOJ: Former Prime Minister S.Batbold has moved to intervene in a DOJ forfeiture case involving 2 luxury Manhattan apartments allegedly purchased for his benefit using proceeds from a corrupt mining deal.

XAC: EBRD to lend up to $80 million to XacBank JSC.

⚖️ Business Freedom Law Headed for Fast-Track Approval

The Mongolian government has submitted a landmark draft law on Business Freedom, along with amendments to 99 related laws, to Parliament under an urgent procedure. The proposed legislation aims to simplify the licensing system, reduce government bureaucracy, improve the investment climate, and ensure greater tax stability for businesses.

🏋🏻‍♀️ Simplifying the Permit System

Under the new draft law, special permits for companies would be extended to 10 years, while standard permits would last 5 years. If authorities fail to respond to a standard permit application within 22 days, the permit would be considered automatically approved, allowing businesses to begin operations without delay.

• 🏃🏻‍♂️ The draft also removes the current restriction that prevents businesses with tax or social insurance debts from obtaining permits. This change is expected to ease pressure on small and medium-sized enterprises.

✂️ Cutting Red Tape Across the Board

The legislation includes significant measures to reduce bureaucratic hurdles. Over 120 types of permits would be transferred to professional associations, while more than 30 permits would be fully eliminated. Additionally, 146 existing licensing requirements currently operating under the names of “registration” or “certificates” would be streamlined and clarified.

🤑 Supporting Investment and Long-Term Stability

To attract larger investments, the draft law introduces tax stabilization agreements for projects worth ₮50 billion or more, with stabilization periods of up to 20 years. It also establishes mechanisms for resolving investor disputes through arbitration and mediation, offering greater legal certainty for both domestic and foreign investors.

🧩 Boosting Green Economy and Technology

The proposed law includes strong incentives for Mongolia’s green and digital transition. Imports of equipment related to renewable energy, battery storage, green hydrogen, data centers, and artificial intelligence would be fully exempt from customs duties.

In addition, the draft introduces a legal framework for conducting government procurement through AI-based, fully automated systems with minimal human intervention, a significant step toward modernizing public services.

• 📃 Expected Impact: According to the government, these reforms will reduce administrative barriers, improve the quality of public services, and create a more favorable environment for investment, job creation, and sustainable economic growth.

Overall… the Business Freedom draft law is one of the most ambitious efforts in recent years to modernize Mongolia’s business environment and improve its investor appeal, though its real impact remains uncertain given past gaps in implementation and limited progress in reducing regulatory burdens.

⭐ Selected for you

ECONOMY & BUSINESS

• Mongolia Energy Flags Sharp Profit Slump Amid Weaker Coking Coal Demand. (TheGlobeandMaeil)

• TMK Lifts Mongolian Gas Output Ahead of July Drilling. (TheWestAustralian)

• Digital Fraud and Online Shopping Scams Surge in Ulaanbaatar. (ANN)

POLITICS

• Chinese Troops Showcase Unmanned Systems in Joint Drills with Mongolia. (CGTN)

• Preparing the Next Generation to Think: Chess in Education Conference in Mongolia. (FIDE)

• Kazakhstan-Mongolia Flights Open Fresh Travel and Business Opportunities. (TheCaspianPost)

• 20%–30% of 13,000 Children with Disabilities Attend School in Mongolia. (ANN)

• During the Ulaanbaatar Dialogue South Korea Calls for 4-Way Talks on North Korea. (UPI)

• Mongolia: Indian Embassy Hosts Visiting Buddhist Monks, Senior Delegates. (OmmcomNews)

 CULTURE & LIFESTYLE

• Tost Toson Bumbiin Nuruu Has Been Named One of UNESCO’s 14 New Biosphere Reserves on World Environment Day. (UNESCO)

• Tracking Snow Leopard Movements Across Mongolian Gobi’s Low-Elevation Corridors. (WCS)

• Mobile Screening Drives Expanded Breast Cancer Care in Mongolia. (ACS)

• Outbreak of Foot-and-Mouth Disease Reported in Southern Mongolia. (XinhuaNews)

🛑 Mongolia Faces Demand for 82,600 New Workers in 2026

Giphy

Mongolia is projected to require 82,600 new hires in 2026, underscoring sustained labor demand across the economy as businesses continue to expand and replace workforce gaps.

🏢 Job Structure 

Labor demand is expected to be dominated by permanent positions, which account for 90.7%, or 74,900 jobs, while temporary roles make up the remaining 9.3%. More than half of total demand, 53.2%, is driven by new job creation, while the remaining 46.8% reflects replacement needs, highlighting that churn is nearly as significant as expansion.

• 📅 Timing: Hiring activity is heavily front-loaded, with 66,500 jobs, or 80.5% of total demand, expected in the first half of the year, and the remainder distributed in the second half.

• 📍 Geographic Concentration: Demand is highly concentrated in Ulaanbaatar, which is set to account for 80.7% of total labor demand, or 66,600 jobs, of which 52% are new positions.

In contrast, regional demand is expected to weaken, with declines of 13.1 percentage points in the Khangai region, 7.8 points in the central region, and 0.5 points in the eastern region.

📊 Comparison with Unemployment 

As of Q1 2026, the national unemployment rate stands at 5.7%, or approximately 80,500 people. While total labor demand slightly exceeds the number of unemployed individuals, structural constraints remain significant, particularly skill mismatches and regional imbalances that limit efficient labor absorption.

Because demand is heavily concentrated in the capital, migration pressure toward Ulaanbaatar is likely to increase, while some regions may simultaneously face labor shortages.

Overall… 2026 is shaping up as a year of strong labor demand and active hiring conditions. However, without stronger vocational training systems and more balanced regional development, much of this demand may remain structurally unfulfilled.

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Publisher: Ts.Ankhbayar
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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! Ulaanbaatar traded traffic for running shoes last weekend as the 11th UB Marathon drew its largest crowd yet. The city center was filled shoulder-to-shoulder with runners, families and supporters from early morning until the finish line. If you missed this year’s energy, maybe it’s time to start training for the next one. 👟

What’s inside today’s edition…

• ⛴️ Mongolia Becomes China’s Top Monthly Coal Supplier for First Time

• 🤔❓ Who will be the Next Mayor?

• ⁇ Mongolia’s Productivity Recovers, But…

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

MARKET

EAEU: The EAEU–Mongolia free trade agreement is set to take effect on July 22, 2026, eliminating or reducing tariffs on 367 product categories and bringing nearly 90% of Russia, Mongolia trade under a preferential regime.

MNG: China’s coal imports from Mongolia jumped 61% in April to 11.3 million tons, overtaking Indonesia as China’s top monthly coal supplier for the first time in years. 

RUSS: Russia’s Inter RAO electricity exports to Mongolia fell 16.6% year-on-year to 250 million kWh in the first quarter of 2026.

🤔❓ Who will be the Next Mayor?

Vecteezy

Ulaanbaatar is set to get a new mayor this week following the official dismissal of former city governor Kh.Nyambaatar, capping off one of the capital’s most politically charged weeks in recent years.

👀 A Political Turning Point

Last week, Prime Minister N.Uchral announced Kh.Nyambaatar’s removal amid mounting public frustration over soaring meat prices and shortages in reserve meat supply. The move came after inspections at food markets and contracted reserve meat distribution points revealed growing public anger over living costs.

Shortly after, Kh.Nyambaatar pushed back publicly through a livestream, accusing the Prime Minister of politically targeting rivals and obstructing city projects. The broadcast quickly gained traction online, becoming one of his most viewed live sessions in recent weeks.

🗯️ More than just Meat Prices

Still, few believe the dismissal was only about reserve meat. Over the past two years, the city administration faced increasing criticism over ballooning municipal spending, controversial mega-project proposals, mounting deficits, and aggressive political messaging. From trillion-tugrik infrastructure ambitions to accusations of wasteful spending, pressure had been building long before the latest dispute erupted.

👹 Why Now?

That remains the biggest political question. The grounds for removing Kh.Nyambaatar had existed for some time, yet the trigger ultimately became meat prices — an issue directly felt by households amid persistent inflation. For many observers, the timing reflects not just economic frustration, but broader political recalibration inside the ruling party ahead of the next phase of city leadership.

Overall… Under Mongolian law, the Prime Minister holds the authority to nominate a replacement within 15 days. Attention has now shifted from whether Kh.Nyambaatar would survive politically to who will inherit one of the country’s most difficult jobs: running a capital struggling with congestion, debt, pollution, and increasingly impatient voters.

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ECONOMY & BUSINESS

• Kincora Copper Pockets US$1.5M Option Payment in Mongolia Asset Sale. (DiscoveryAlert)

• Mongolia Growth Group Finalizes Arrangement, Changes Board and Leadership. (StockTitan)

• 1st Beechcraft King Air 360 to Enter Mongolian Market With Order Placed by Hunnu Air. (ASDNews)

• China–Mongolia’s Busiest Land Gateway Tops One-Million Passenger mark Four Days Earlier Than in 2025. (VisaHQ)

POLITICS

• Mongolia Secures $3.7 Billion in Savings and Benefits in Rio Tinto Talks. (Morningstar)

• Seoul Concludes Urban Development Training Program for Mongolian Officials. (TheKoreaTimes)

• Beyond Aid and Trade: Japan, Mongolia, and the Critical Minerals Opening. (CSIS)

• China, Mongolia to Hold Steppe Partner 2026 Joint Army Training. (MOD)

 CULTURE & LIFESTYLE

• Asia Activates Its Political and Sporting Axis in Mongolia with Ulaanbaatar 2026. (Mastkd)

• The United States and Mongolia Collaborate on Conservation of Golden Stupa and Temple Complex at Erdene Zuu Monastery. (USEmbassy)

🏋🏻‍♀️ Mongolia’s Productivity Recovers, But…

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As of the first quarter of this year, the average Mongolian worker generated labor productivity of ₮4.8 million, or around $1,350. 

• ☔️ Weather Matters: Mongolia’s economy remains highly seasonal and heavily dependent on weather conditions. During the first quarter, sectors such as construction and agriculture tend to slow sharply during winter, making Q1 traditionally the weakest period for labor productivity each year.

📌 Higher, but… 

The $1,350, figure marks an 11.4% increase, or around ₮500,000 and $140, from the same period a year earlier. Since labor productivity is calculated using real GDP, the gain reflects real growth beyond inflation. More notably, it marks the highest winter-season productivity level in Mongolia’s history.

• ⛳️ Breaking out of stagnation: The last time Mongolia reached a similar level was in 2021. Since 2022, first-quarter productivity had remained stuck around ₮4.2–₮4.3 million, equivalent to roughly $1,180–$1,210. Four years later, the economy has finally moved past that plateau and returned to its previous peak.

🐫 An Elephant Sized Gap

Back in the 1990s, sectors such as trade, industrial supply, manufacturing, transport and communications recorded the country’s highest productivity levels. Productivity in the trade sector alone was 2.9 times above the national average, while agriculture lagged 2.4 times below average. 36 years later, the gap remains largely unresolved.

🙁 Still Below ₮1 Million

Mining remains Mongolia’s most productive sector today, with GDP per worker rising 13.2% year-on-year to ₮12.9 million, or about $3,630. In contrast, labor productivity in agriculture still remains below ₮1 million, or under $280, making it roughly 16 times lower than the mining sector.

Ultimately, while Mongolia’s winter productivity has finally broken out of a 4 year stagnation, the gap between sectors remains enormous. The data once again highlights that without technological modernization and productivity gains in agriculture, raising living standards broadly across the economy will remain difficult.

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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.

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.

⭐ Selected for you

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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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
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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.

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
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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! 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
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! 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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Partnership Inquiries:

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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.