Mongolia will attract foreign investment of USD 1.6 billon this year

Translator E.Oyun-Erdene

2019-03-22 10:29 GMT+8

D.Gan-Ochir, Director of Research and Statistics Department of Bank of Mongolia, stated during Press conference that balance of payment will have profit of USD 500 million this year due to coal export will increase by 10% reaching 39 million tons.

Other factors include foreign direct investment and import decrease.

Central Bank estimated that investment will reach to USD 1.6 billion. Mongolian Ipotek Corporation and Development Bank raised USD 300 million bond which influenced on balance of payment positively. As seen from this, investors have positive expectations. Import will continue increasing this year, but growth rate will decrease. As a result, trade balance pressure will decrease and foreign trade balance will be profitable. Balance of payment resulted with profit due to finance from donor organizations.

Ts.Nyamdorj, Minister of Justice, reported yesterday that Bank of Mongolia disbursed illegal loan to Ulaanbaatar city bank. B.Lkhagvasuren, Deputy Governor of Bank of Mongolia, responded “Bank of Mongolia disbursed loan of MNT 160 billion to Ulaanbaatar city bank during period of budget actions taken in 2012-2016. This is not a new loan and we are working on repayments to be made”.

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