Ulaanbaatar Launches Biggest Infrastructure Project

Tuesday, May 04, 2010

Ulaanbaatar government launched largest ever financed infrastructure projects last week. The first one closed vehicle traffic of Gurvaljin Bridge last Saturday for a complete renovation until August 25, 2010. All vehicles to pass the bridge was advised to choose alternative roads.

Southgobi sands expects paved road to be ready August

SouthGobi sands expects the 18-meter wide paved road it is building to facilitate transportation of coal from Ovoot Tolgoi and Tsagaan Tolgoi mines will be ready for use by August. Risks of accidents will then be less. The company is at present focusing on extraction though it has 18 exploration licenses in Umnug obi province.

"Khan Bank" named best bank once again

Khan Bank has been named the best commercial bank in the country in 2009. This is the sixth time the bank has featured among the best 5 banks annually chosen jointly by the Government and the National Chamber of Commerce and Industry, after assessing their contribution to the national economy.

MNT 1.5 million to be paid in 2011 and 2012, including MNT 500,000 in cash

The Government has decided to grant MNT1.5 million to every citizen of Mongolia, in two phases – in 2011 and 2012. MNT500,000 will be paid in cash, while the rest will be distributed as entitlement to retirement benefits and health insurance, to access education and health, and to own apartments.

Exchange rate

Ulaanbaatar, /MONTSAME/ Official currency exchange rate as of April 19 set by the Bank of Mongolia:

USD U.S. Dollar 1,410.46

EUR Euro 1,908.85

Six million heads of livestock died in Mongolia

Six million heads of livestock died in Mongolia due to extreme weather condition known as dzud. 14.3% of the 44 million heads counted in the beginning of 2010 have been lost. These livestock are the primary source of income and food for nomadic families, and as a result thousands are struggling to survive.