DAILY NEWS WIRE

Tenkhleg Zuuch LLC reports that as of Q1 of 2022, the average price for a new apartment in Ulaanbaatar is 3,390,000 MNT per square meter, up by four percent from the previous quarter and 21 percent year-on-year. The price increase is largely due to rising costs for supplies and materials. Prices are expected to continue to rise; however, the increase is likely to slow down once transport and logistics issues are resolved. During the reporting period, the average price for new housing in remote areas of the city rose by 7.1 percent, while new apartments in Khan-Uul and Sukhbaatar districts rose by three to five percent. In contrast, the cost of new apartments in Chingeltei District decreased by 2.7 percent to 2.84 million MNT per square meter from the previous quarter. 

Minister of Finance B. Javkhlan reported that 200 billion MNT has been repaid for Development Bank of Mongolia’s non-performing loans and deposited in a special Bank of Mongolia account. An additional 60 billion MNT will be repaid in the near future. Negotiations have been held with Japanese investors to repay one-third of the government’s Samurai bonds in advance. Development Bank of Mongolia (DBM) says it will focus on bringing its non-performing loans down to at least 800 billion MNT before the end of the fiscal year. A discussion will be held on the repayment of DBM’s non-performing loans in the coming days. 

During today's Cabinet meeting, the new organizational structure of Erdenes Mongol LLC was approved. The new structure is expected to create an integrated system for diversifying the state’s cooperatives based on their operations. The government's press office reports that the company's cash flow will be managed under a new policy, reducing wasteful expenditures, improving the cooperative's financial performance, and increasing investment opportunities. The current structure includes ten directors, while the new structure will have six managing members. The changes will also reduce staffing constraints and save on costs through a smaller, more efficient organizational structure. From 2007 through 2020, Erdenes Mongol paid 770.1 billion MNT in taxes, fees, and other state payments.