Mongolia has total of 153 thousand herder families. 0.1% of which were named by the Government as the “Best herders”. “Best herder” title has 20 indicators including grazing management, best practices, development of new breeding, improvement on production and contribution to local area.
The Government approved "Best herder" program due to considered that all herders must be the best.
In regards, the Government decided to lower the annual interest rate of herders loan to 10% from 18% in order to support herders in production. Today press session on lowering the annual interest rate of herders loan was held at the State Bank.
ALL HERDERS ARE NOT ELIGIBLE FOR ANNUAL INTEREST RATE OF 10%
Herders to buy import equipment including tractors and forage production machines will be exempted from custom taxes. Moreover entities promoting irrigated agriculture will be exempted from water taxes.
Herders have not regular income. However, they used to take out loans at 2.5% monthly interest rate and 30% annual interest rate. A month ago, all interest rate of herders loan were transferred into 18% at the decision of the Government. Following the Khan bank lowered its interest rate and all herders was enabled to take out loan at 18% annual interest rate.
From today, State bank to provide 10% annual interest rate of herders loan to manufacturer-herders. Only manufacturer-herders aiming at starting new production or expanding its production are eligible for annual interest rate of 10%. However annual interest rate 18% will be granted to herders to pay tuition fee or to buy electrical devices.
Mongolia has total of 153 thousand herder families. 0.1% of which were named by the Government as the “Best herders”. “Best herder” title has 20 indicators including grazing management, best practices, development of new breeding, improvement on production and contribution to local area.
The Government approved "Best herder" program due to considered that all herders must be the best.
In regards, the Government decided to lower the annual interest rate of herders loan to 10% from 18% in order to support herders in production. Today press session on lowering the annual interest rate of herders loan was held at the State Bank.
ALL HERDERS ARE NOT ELIGIBLE FOR ANNUAL INTEREST RATE OF 10%
Herders to buy import equipment including tractors and forage production machines will be exempted from custom taxes. Moreover entities promoting irrigated agriculture will be exempted from water taxes.
Herders have not regular income. However, they used to take out loans at 2.5% monthly interest rate and 30% annual interest rate. A month ago, all interest rate of herders loan were transferred into 18% at the decision of the Government. Following the Khan bank lowered its interest rate and all herders was enabled to take out loan at 18% annual interest rate.
From today, State bank to provide 10% annual interest rate of herders loan to manufacturer-herders. Only manufacturer-herders aiming at starting new production or expanding its production are eligible for annual interest rate of 10%. However annual interest rate 18% will be granted to herders to pay tuition fee or to buy electrical devices.