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The Ministry of Finance reports on its transparency and efficiency initiatives
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Within the framework of the Ertech Mongol program, the Civil Service Council is organizing a series of meetings and discussions with government ministries to implement civil service reform in all sectors, define partnerships and planning between government ministries and agencies, and to avoid gaps in the reform framework. On Tuesday, the council met with the Ministry of Finance, and the ministry reported on the recent efforts to improve efficiency and transparency, such as staff efficiency and electronic data system reform.
“Integrating the civil service payroll system with human resource management and databases has been a significant step in streamlining appointments and payroll. We will further strengthen cooperation for successful work on big data projects, such as updating data and increasing database circulation, the use of technological advances, development of merit principles and a promotion system, and the sustainable employment of qualified professionals," said B. Baatarzorig, chairman of the Civil Service Council.
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FRC adopts new share price regulations
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The Financial Regulatory Commission (FRC) has revised its securities registration and company debt instrument registration procedures. These changes are an important step in taking the development of the stock market to a new level, such as eliminating duplicate registration between trading entities and government regulators, and increasing the efficiency of public offerings.
The revised securities regulation reduces the costs and expenses associated with the public offering of shares. It also brings the accountability of underwriting companies up to international standards, allows share prices to be determined based on market principles, and stabilizes share prices. The FRC highlighted that this will increase the interest of companies in issuing IPOs, attract long-term financing to the stock market, and increase the participation of foreign and domestic investors.
The new company debt instrument registration procedure allows eligible short-term bonds (within 10 business days) to be registered in a simplified manner, required financing must be registered with the FRC once, and securities must be offered to the public in stages.
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Mongolia's industrial output in the first five months of 2021 reached 7.7 trillion MNT
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The National Statistics Office reported that total industrial output increased by 43.6 percent year-on-year to 7.7 trillion MNT in the first five months of the year. The increase was mainly attributed to increased production in the mining and quarrying industries, as well as manufacturing.
During the reporting period, meat production was 2.5 times higher, while bottled water and non-alcoholic beverage production decreased by 4.3 percent.
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Nation's inflation rate reaches 6.2 percent
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As of May, the nation's inflation was at 6.2 percent, as reported by the National Statistics Office. The increase was mainly due to a 13.1 percent price increase in food and non-alcoholic beverages, and a five percent price increase in housing, water, electricity, gas, and fuels.
From May 2020 to March 2021, the domestic inflation rate fluctuated between 2-3 percent, falling below the central bank's target. Analysts say this indicates a decline in economic activity during that period.
During the pandemic, the government regulated price reductions for some goods and services. On the supply side, changes in the prices of government-regulated goods and services contributed to higher inflation, according to the central bank. In addition, commodity prices have been rising sharply with the easing of lockdown measures and while the economy recovers.
In Ulaanbaatar, inflation was at 6.7 percent in May. According to the Bank of Mongolia, inflation is expected to rise to 7-8 percent by the fourth quarter of this year.
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