Q&A session of the plenary session on Economic Outlook starts.
N.Zoljargal, the President of the Bank of Mongolia:
"95 percent of the foreign investment went to mining sector. Mongolian inflation reached its lowest rate in last two years from Asian countries. Low inflation can have various advantages to the economy.
Further we should develop economy based on knowledge rather than economy based on mining. In 2011 and 2013, we had issued social welfare to the public from the taxation of foreign investment. During that time, inflation rate was high. Unless we have not stopped it, we would have fallen from the sky. At that time we learned that providing welfare from the taxation of foreign investment is wrong. We understood that the average savings is important.
Four years ago, we were aiming at inflation rate of 6%. Today inflation rate is Mongolia is 2%.
New balance or the policy is challenging us. It is important to let it continue."
B.Bolor, the Minister of Finance answered on opportunity of approving budget has not budget deficit.
"There is urgent need to approve budget has not budget deficit. As a result of budget deficit, we are facing economic crisis now. We see opportunity to erase budget deficit. We should move forward together to male healthy economy."
MP Ts.Bayarsaihan:
"Mortgage loan supports the savings and real estate market. In scope of policy on expanding economy, we should create different types of loans in addition to mortgage loan. Next year, we need to approve healthy budget."
Q&A session of the plenary session on Economic Outlook starts.
N.Zoljargal, the President of the Bank of Mongolia:
"95 percent of the foreign investment went to mining sector. Mongolian inflation reached its lowest rate in last two years from Asian countries. Low inflation can have various advantages to the economy.
Further we should develop economy based on knowledge rather than economy based on mining. In 2011 and 2013, we had issued social welfare to the public from the taxation of foreign investment. During that time, inflation rate was high. Unless we have not stopped it, we would have fallen from the sky. At that time we learned that providing welfare from the taxation of foreign investment is wrong. We understood that the average savings is important.
Four years ago, we were aiming at inflation rate of 6%. Today inflation rate is Mongolia is 2%.
New balance or the policy is challenging us. It is important to let it continue."
B.Bolor, the Minister of Finance answered on opportunity of approving budget has not budget deficit.
"There is urgent need to approve budget has not budget deficit. As a result of budget deficit, we are facing economic crisis now. We see opportunity to erase budget deficit. We should move forward together to male healthy economy."
MP Ts.Bayarsaihan:
"Mortgage loan supports the savings and real estate market. In scope of policy on expanding economy, we should create different types of loans in addition to mortgage loan. Next year, we need to approve healthy budget."
Mr. Neil Saker, resident IMF representative for Mongolia:
Future of Mongolia seems bright. It is right to support savings which will later help to solve the facing issues of economy before. If Mongolia follow the right policy, it can overcome the crises.
WHAT ISSUE SHOULD SOLVE AT FIRST IN 2016?
N.Zoljargal, the President of the Bank of Mongolia: "We had bad news for the first two months of 2016. We started to hear good news after Lunar New Year.
We are granting loans which is able to be issued. Businesses must plan their vision for 2016 within this March. Currency rate is expected to be stable this year. Money-supply is able to be grown due to stable inflation.
I hope that loans will be increased in order to support economy based on knowledge."
Q&A session of the plenary session on Economic Outlook starts.
N.Zoljargal, the President of the Bank of Mongolia:
"95 percent of the foreign investment went to mining sector. Mongolian inflation reached its lowest rate in last two years from Asian countries. Low inflation can have various advantages to the economy.
Further we should develop economy based on knowledge rather than economy based on mining. In 2011 and 2013, we had issued social welfare to the public from the taxation of foreign investment. During that time, inflation rate was high. Unless we have not stopped it, we would have fallen from the sky. At that time we learned that providing welfare from the taxation of foreign investment is wrong. We understood that the average savings is important.
Four years ago, we were aiming at inflation rate of 6%. Today inflation rate is Mongolia is 2%.
New balance or the policy is challenging us. It is important to let it continue."
B.Bolor, the Minister of Finance answered on opportunity of approving budget has not budget deficit.
"There is urgent need to approve budget has not budget deficit. As a result of budget deficit, we are facing economic crisis now. We see opportunity to erase budget deficit. We should move forward together to male healthy economy."
MP Ts.Bayarsaihan:
"Mortgage loan supports the savings and real estate market. In scope of policy on expanding economy, we should create different types of loans in addition to mortgage loan. Next year, we need to approve healthy budget."
Q&A session of the plenary session on Economic Outlook starts.
N.Zoljargal, the President of the Bank of Mongolia:
"95 percent of the foreign investment went to mining sector. Mongolian inflation reached its lowest rate in last two years from Asian countries. Low inflation can have various advantages to the economy.
Further we should develop economy based on knowledge rather than economy based on mining. In 2011 and 2013, we had issued social welfare to the public from the taxation of foreign investment. During that time, inflation rate was high. Unless we have not stopped it, we would have fallen from the sky. At that time we learned that providing welfare from the taxation of foreign investment is wrong. We understood that the average savings is important.
Four years ago, we were aiming at inflation rate of 6%. Today inflation rate is Mongolia is 2%.
New balance or the policy is challenging us. It is important to let it continue."
B.Bolor, the Minister of Finance answered on opportunity of approving budget has not budget deficit.
"There is urgent need to approve budget has not budget deficit. As a result of budget deficit, we are facing economic crisis now. We see opportunity to erase budget deficit. We should move forward together to male healthy economy."
MP Ts.Bayarsaihan:
"Mortgage loan supports the savings and real estate market. In scope of policy on expanding economy, we should create different types of loans in addition to mortgage loan. Next year, we need to approve healthy budget."
Mr. Neil Saker, resident IMF representative for Mongolia:
Future of Mongolia seems bright. It is right to support savings which will later help to solve the facing issues of economy before. If Mongolia follow the right policy, it can overcome the crises.
WHAT ISSUE SHOULD SOLVE AT FIRST IN 2016?
N.Zoljargal, the President of the Bank of Mongolia: "We had bad news for the first two months of 2016. We started to hear good news after Lunar New Year.
We are granting loans which is able to be issued. Businesses must plan their vision for 2016 within this March. Currency rate is expected to be stable this year. Money-supply is able to be grown due to stable inflation.
I hope that loans will be increased in order to support economy based on knowledge."
