www.unuudur.com: The latest news of Mongolia in the World

The story of Mongolia’s relationship with the International Monetary Fund is a tale of geopolitics, local greed, mismanagement and uneasy ties with Chinese and Western investors. The return of the IMF to Ulaanbaatar is a harsh wake-up call for Mongolians and investors alike.

Five years ago Mongolia’s 17 percent growth rate, vast coal and copper resources and strategic location next to China made it an emerging-market darling. Today its financial leaders are headed for Washington to meet with the International Monetary Fund to seek assistance to deal with an economic crisis.

The recent economic crisis hit Mongolia, the Northeast Asia country has to giant tower temperature Tolgoi to restart the stalled (Tavan Tolgoi) coal mine, in addition, Mongolia also want to start some railway projects, the investment bank and intends to set up to help China initiative, in order to attract investment and promote trade, deal [...]

Holders of Mongolia’s high-yielding dollar bonds are looking beyond a sharp rise in sovereign default risks on a bet that China or the International Monetary Fund (IMF) will help the once-booming commodity producer to stay solvent.

During the commodities boom, Mongolia’s stock market more than doubled in a single year.

Priority No. 1 for the newly elected government in Mongolia is consolidating all off-budget expenses into one budget to enhance transparency, said Munkh-Orgil Tsend, the country’s foreign minister.

Moody’s Investors Service has downgraded the foreign currency long-term deposit ratings of seven Mongolian banks to Caa1 from B3, and initiated a review for further downgrade. The seven banks are: Bogd Bank LLC; Capital Bank LLC; Golomt Bank LLC; Khan Bank LLC; State Bank LLC; Trade and Development Bank of Mongolia LLC; and XacBank LLC.

Mongolia’s new government has revealed a budget deficit equivalent to nearly one-fifth of economic output, underlining the dire financial conditions that have sent the currency tumbling.

The commodity super-cycle that peaked in 2011 powered Mongolia to world-beating growth. Then came the bust and China’s recent economic slowdown that’s pushed the land of Genghis Khan into an unprecedented economic crisis this summer.

The rapid depreciation of the Mongolian tugrik – which has plunged more than 20% since end-June – underscores the country’s strained external liquidity and escalating refinancing risks, says Fitch Ratings. Fitch believes the currency volatility reflects deep short-term external liquidity constraints and economic challenges, while immediate solvency risk is mitigated by the fact that the [...]

Страна в отчаянном положении: денег нет, госдолг растет, зарплаты сокращают, и маячит призрак дефолта. Еще в 2008 году Монголия почтила честь своего национального героя Чингисхана огромной статуей из стали на берегу реки Туул примерно в получасе езды от Улан-Батора, столицы страны.

They’re the titans that set powerful governments trembling. Yet bondholders are evoking little fear among officials in Mongolia. In fact, it’s quite the reverse.

A significant weakening in the country’s growth prospects led analysts at Fitch Ratings to sour in their view on the creditworthiness of Mongolia’s long-term debt.

S&P lowers Mongolia sovereign credit rating to B- From B

As mostly sports-mad Mongolians cheer on the country’s two medallists at the Rio Olympic Games, deepening economic troubles at home mean the new government cannot afford to pay its athletes.

Mongolia’s central bank has hiked its benchmark interest rate to a record 15% as it battles a crashing currency and investors dump its government bonds.

Mongolia raised its benchmark interest rates by 4.5 percentage points to 15 percent on Thursday, the central bank said, as it struggles to stabilise a currency that has been in free-fall.

The central bank of Mongolia raised its key interest rate to 15 percent to protect the currency, reversing a cut in borrowing costs to 10.5 percent in May.

Mongolia’s tugrik, the world’s worst-performing currency in August, is in its longest losing streak on record as the nation’s government seeks ways to stabilize an economy it says is in the grip of a crisis.

All is not well with Mongolia’s finances.

Mongolia is planning to set up a task force to deal with an “economic crisis” that’s led to slowing growth, a declining currency and a soaring budget deficit, the nation’s finance minister said. Government bonds due in 2022 tumbled the most on record and the currency weakened.

Investors who piled into some of the world’s riskiest bonds to escape near-zero interest rates got a reality check on Wednesday when Mongolia sent its debt plunging by sounding the alarm on its economic crisis.

Mongolia is planning to set up a task force to deal with an “economic crisis’’ that’s led to slowing growth, a declining currency and a soaring budget deficit, the nation’s finance minister said. Government bonds due in 2022 tumbled the most on record and the currency weakened.

Mongolia says it is creating a task force to deal with what it describes as an economic crisis. The country has been struggling with slowing growth, a declining currency and a soaring budget deficit. Bloomberg’s Nick Edwards reports on “Asia Edge.”

Growth is slowing across much of developing Asia as a result of the continued weak recovery in major industrial economies and softer growth for the People’s Republic of China (PRC). This will combine to push growth in developing Asia for 2015 and 2016 below previous projections, says a new Asian Development Bank (ADB) report.

Mongolia’s gross domestic product slowed in 2015 to the weakest pace since 2009, as foreign investment dried up amid protracted disputes with investors, dragging down an economy already battered by weak commodities prices.

HONG KONG When the sturdy body of S. Erdene was enveloped in flames, Mongolia was brought face to face with the perils faced by its commodity-dependent economy in the most graphic way possible.

Mongolia plans to scrap a controversial law designed to curb foreign ownership in what it considers to be strategic sectors, such as mining, a government official said, as the country seeks to kickstart its stalled economy.

Rio Tinto will initiate major cost-cutting measures under its new chief executive as the Anglo-Australian miner combats a sharp downturn in demand for industrial commodities.

Europe braced for renewed turmoil as outrage in Cyprus over an unprecedented levy on bank deposits threatened to derail the nation’s bailout. The euro tumbled.