Social
Checkup of historical and cultural heritage
According to the law on “Protection of cultural heritage”, Ministry of culture in partnership with provincial administrations conducting checkup for historical and cultural heritages. First checkup was conducted back in 2015, 86157 cultural heritages from 9537 locations were registered into National cultural heritage database with registration number, grid reference, photos and descriptions. For this year, Ministry will conduct checkup in order to assess the current situation of preservation and protection of cultural heritage, damage assessment, correct misinformation on database and increase community engagement to the protection of historical and cultural heritages.
Repayment of Development bank is raising
A total of 648.8 billion MNT loans were repaid to the Development Bank between January 20 and September 25 of this year. Currently, the bank’s loan portfolio of 53 loan holders is 2.8 trillion MNT. By credit category, 51.8 percent or 32 loan holders’ total 1,488.2 billion MNT loans are classified as non-performing. However, a total of 700.5 billion MNT loans of 11 borrowers are in the attention category, while a total of 668.1 billion MNT loans of 11 loan holders are in the normal category. 52.3 percent of the current loan package or 1.5 trillion MNT loans from 23 loan holders of the Development Bank were granted to support and finance the industry, such as cement plants, rebar plants, oil plants, construction plants, flour plants, and animal raw materials production plants
Defense
Land force commanders meeting
The South Korean defense forces and local industry and are once again showcasing their latest developments at the country’s premier land warfare exhibition, Defense Expo Korea (DX Korea), which is being held from 21 to 25 September in the KINTEX exhibition centre in Goyang city. The Mongolian Land force commander, Brigadier general Tsogtjargal.Ch attended the 10th Defense Expo Korea, looked over the new technologies, armors and weapon systems designed and manufactured in Korea.
During the expo, Brigadier general Tsogtjargal.Ch held bilateral meeting with General Park, Jeong Hwan, Chief of Staff of the Republic of Korea Army, exchanging ideas to future development and cooperation of both forces. This was the first official meeting of Mongolian Land force and ROK Army, both commanders agreed to increase cooperation. At the end of the Expo, Brigadier general Tsogtjargal.Ch held meeting with Mr. Seon, deputy chief of South Korean defense industry association, exchanged ideas between two countries on defense industry.
Economy
Central bank raises policy rate
The Monetary Policy Committee of the Bank of Mongolia (MPC) held its scheduled meetings on September 16 and 20, 2022. Taking into consideration the current state of the economy and financial markets as well as outlook and risks to the domestic and external economic environment, the MPC decided to:
1. Raise the policy rate by 2 percentage points to 12 percent, widen the policy rate corridor to be set as 2 percentage points above and below the policy rate and;
2. Exclude certain bank liabilities with maturities of at least 360 days and more that are newly funded on international markets in the form of bonds or loans from required reserve liabilities. The subsequent policy actions on whether to pursue further monetary tightening would be dependent on developments in external and domestic economy as well outlook changes in inflation and macroeconomic conditions. The MPC remains committed to implementing necessary policy actions until inflation returns to stabilizing around the target level.
