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September 12, 2016
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S P O N S O R
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Government
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The budget deficit reaches 4.3 trillion MNT
Summary: The 2016 budget ammendments were approved during the Parliament’s plenary session. A proposal was put forward by the Fiscal Standing Committee to increase recurrent expenditures by 61.1 billion MNT, to increase the budget revenue by 3.9 billion MNT and to decrease investments by 65 billion MNT. Also included was the continuation of the university student stipend of 70 thousand MNT; the stimulus program for the leather industry; and the plan to not cut the salaries of high-ranking government officials and judges of all levels of the court. Thus the Government's planned revenue of 5.3 trillion MNT and expenditure of 9.7 trillion MNT, with a budget deficit of 4.3 trillion MNT, was approved by the Parliament.
Keywords: government stability, budget deficit
The National Post /page 1/
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The Law on Domestic Violence and Abuse will be approved at the beginning of the Parliament’s fall session
Summary: The Law on Domestic Violence and Abuse was approved in 2004, but the rate of domestic violence did not decrease and the rate of serious crimes, such as murder and the involvement of children in domestic violence, increased. As of the 1st half of this year, 764 cases of domestic violence have been reported, an increase of 30.4% from last year and from 2010-2016, 95 people have lost their lives to domestic violence. Research conducted by NGOs revealed that the number of unreported domestic violence could be 5 times higher than the reported number. The revised edition of the Law on Domestic Violence and Abuse will include a punishment of 1-3 months of imprisonment for domestic violence, 3-24 months of imprisonment for torture, and a neighbor will be legally responsible to report domestic violence to the police if they are aware of it.
Keywords: legal reforms
The National Post /page 4/
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ECONOMY
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The Deputy Executive Director of the State Bank T. Dorjderem has been arrested
Summary: Last Friday, officers from the Investigation Department of the Independent Authority Against Corruption arrested the Deputy Executive Director of the State Bank T. Dorjderem. The basis for the arrest has not been made public, but anonymous sources claim that bribery, abuse of power, misuse of his position and several violations of the Law on Banking were the reasons. Audit companies will review whether T. Dorjderem used his position to issue large amounts of non-performing loans. Based on the results of the audit and outcome of the investigation, many other officials at the State Bank could be arrested as well.
Keywords: State Bank
Today /page 1/
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MINING
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35.5 million USD petroleum contract signed between Smart Oil Investment Ltd and the Government of Mongolia
Summary: China’s Smart Oil Investment Ltd has signed an investment and product-sharing contract for the Dornogobi Province’s Ergel XII field for 35.5 million USD. According to the contract, Smart Oil Investment Ltd will conduct exploration for eight years, and, if the exploration is successful, 60% of the output will belong to Smart Oil Investment Ltd and the remaining 40% will belong to the Government of Mongolia, as outlined in the contract.
Keywords: oil
The Official Gazette /page 1/
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S P O N S O R
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ONLINE STORIES
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Housing Price Index decreased by 9.2%
Summary: Tenhleg Zuuch LLC reported that the housing price index decreased by 9.2% compared to last year. By the request of the Bank of Mongolia, Tenhleg Zuuch researched over 4,908 new and old apartments and independently created the Housing Price Index. According to the research, the Housing Price Index of August stood at 1.5%, the same rate as July but 3.8% less compared to the beginning of the year. The index for new apartments is reported at 14.1%, which is .07% lower since July, 4.2% lower compared to the beginning of the year and 7.1% lower compared to last year. The average price for a new apartment per square meter is reported to be 2.3 million MNT. The index for old apartments is reported at 7.1%, which is 0.07% lower since last month and 5.7% lower compared to last year. The average price for an old apartment per square meter stood at 597,000 MNT to 983,000 MNT.
Keywords: housing price index
www.montsame.mn
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