AmCham Daily Newswire

MP Ch. Khurelbaatar will not support increase in taxes

Summary: MP Ch. Khurelbaatar stated that he opposes the tax increases proposed by MPP, saying that it would be reasonable to raise income tax if the economy was growing, but when the economy is shrinking, it only acts as catalyst for all the problems in the economy. The MP added that Mongolia already has one of the highest Social Security tax rates and, if increased, it might lead to pay cuts in the private sector, under-the-table reporting, and would add further risks to the economy. Regarding the Cabinet Action Plan requiring 26.9 trillion MNT, he noted that it is possible to implement them if they manage to cooperate closely with the private sector and attract more foreign investment.

Keywords: government stability, government policy Daily News /page 2/

DP requests additional information on the Criminal Code of Mongolia

Summary: The Legal Standing Committee, which was scheduled to meet at 2pm on Friday, could not proceed because the DP requested a break to discuss the delay of the effective date of the Criminal Code of Mongolia. The Criminal Code of Mongolia was supposed to be implemented starting on September 1st of this year, but the MPP decided to postpone the effective date to July of 2017. The MPP cited unclear regulations, insufficient preparatory work, and the lack of proper training regarding the implementation of the law as the reasons for delay. However, the DP Caucus speculates that the delay of the Criminal Code of Mongolia is to prevent the Chair of MPRP N. Enkhbayar from competing in the next Presidential Election. The Legal Standing Committee permitted the DP to take a one-day break and commissioned the Minister of Justice S. Byambatsogt to provide a comprehensive explanation to the DP.

Keywords: government policy, law enforcement Daily News /page 2/

Mongolians will only benefit from the entry of foreign banks

Summary: Professor at the Economics Department of the National University of Mongolia B. Altantsetseg revealed that scientists concluded the current economic decline was caused by mainly two reasons. Particularly, they cited the decline in the commodity prices of raw materials in world markets and overall incompetent governance. Mongolian economists agree that moving forward, the lack of input from professional experts, miscalculations related to budgeting and funding for policy planning, and excessive political influence must be fixed immediately. Regarding the IMF’s Stand-By Agreement, B. Altantsetseg stated that it is important to first conduct a comprehensive study on why and how this program will help the economy. She concluded that the entrance of foreign banks into the domestic market would benefit Mongolia by creating more competition.

Keywords: economic decline Daily News /page 2, 6/

92.8 billion MNT mortgage loans were issued in July

Summary: Throughout the month of July, 1,592 individuals were granted mortgage loans. The Bank of Mongolia reported that 596 individuals were granted mortgage loans with a 5% interest rate and 117 individuals transferred their 8% interest rate loans to 5%. Therefore, the mortgage rate program includes total of 85,622 individuals with outstanding mortgage loans totalling 3.856 billion MNT. Approximately 77% of the mortgage loans were financed through the Stable Mortgage Loan Program, while the remaining were funded through commercial banks’ own sources and other funds.

Keywords: mortgage loan, economy www.montsame.mn

Former PM S. Bayar to be appointed as an ambassador

Summary: The current British Ambassador N. Tulga’s three-year office term will soon end and the former Prime Minister of Mongolia S. Bayar is a strong candidate for the position. The official appointment for the position will be discussed during the Parliament session.

Keywords: government policy, appointment www.medee.mn