Thursday, October 2, 2014

[BREAKING: PM proposes cutting ministries from 16 to 13, current account shows surplus first since ..., FX reserves rise for 2nd month]

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Thursday, October 2, 2014

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Mogi: Deputy PM will become First Deputy PM, Foreign Minister will serve as Deputy PM, moving a step up to oversee foreign trade, foreign investment aspect over all ministries

PM Submits Proposal to Cut Ministries to 13 from 16

October 2 ( Prime Minister N.Altankhuyag submitted draft laws to make amendments to the law on the structure of government, and the law on formation of the government to Speaker Z.Enkhbold at 11:00 a.m. today.

Prime Minister N.Altankhuyag made a statement about the drafts during a press conference.

The reform government has operated with 16 ministries since its formation. Now the government will merge six ministries under the proposed restructuring plan.

According to the draft law, the Ministry for Roads and Transportation and Ministry for Construction and Urban Development will be merged into an Infrastructure Development Ministry; the Mining Ministry and Energy Ministry into a Ministry of Geology, Mining and Energy; the Economic Development Ministry will be absorbed by the Finance Ministry; and the Invest Mongolia Agency of the Economic Development Ministry will be merged into the Foreign Affairs Ministry of Mongolia. (Mogi: not exactly true, it will remain an agency but overseen by foreign minister now instead of economic development minister)

The government will be restructured with 13 ministries, 11 regulatory agencies and 19 implementing agencies.

Link to article


PM Proposes Reducing Number of Ministries from 16 to 13

October 2 (InfoMongolia) On October 02, 2014, Prime Minister of Mongolia N.Altankhuyag submitted a draft bill on amendments to the Law on Government to the Speaker of the State Great Khural (Parliament) Z.Enkhbold.

In his speech at the Opening of 2014 Autumn Plenary Session of the Parliament, Speaker Z.Enkhbold pledged to revise the issue of restructuring in the Prime Minister’s Cabinet despite of agenda sequences.

Accordingly, Premier N.Altankhuyag introduced the draft bill stating, “In order to intensify the development of Mongolian economy, organize Government Action Plan implementations, and provide socio-economic development, it has become necessary to re-consider the government structure by the means of not duplicating the functional roles. Therefore, I propose to unite some Ministries and offer the following suggestions:

-       To unite the Ministry of Finance and the Ministry of Economic Development, and rename as the Ministry of Finance of Mongolia;

-       To unite the Ministry of Mining and the Ministry of Energy, and rename as the Ministry Geology, Mining and Energy of Mongolia;

-       To unite the Ministry of Construction and Urban Development and the Ministry of Roads and Transportation, rename as the Ministry of Infrastructure Development of Mongolia;

If the draft bill is approved, the Government of Mongolia would functional with 13 Ministries, 11 Regulatory Agencies and 19 Implementing Agencies”.

Currently, the Government of Mongolia is functional with 16 Ministries and 31 Regulatory and Implementing Agencies, where two Implementing Agencies were newly established as the Marshal (Takhar) Authority and Invest Mongolia.

Link to article


Mongolia’s PM Proposes Thinning Cabinet, Cutting Ministries

By Michael Kohn

Oct. 2 (Bloomberg) -- Prime Minister Altankhuyag Norov proposes to parliament cutting number of ministries, cabinet positions to 13 from 16, according to the government’s website.

* Ministry of Economic Development to be folded into Ministry of Finance

* Ministries of mining, energy to be combined as Ministry of Geology, Mining and Energy

* Ministries of transport, construction to be combined as Ministry of Infrastructure Development

* Additionally, Foreign Affairs minister to also serve as PM’s deputy



Mogi: Current Account showed a surplus in August, $125.7m compared to $-152m, first since at least 2012

Mongolia Jan.-Aug. FDI Drops 60% Y/y to $640m: Central Bank

By Michael Kohn

Oct. 2 (Bloomberg) -- Mongolia inbound FDI fell to $640.2m from $1.57b yr earlier, central bank says in statement, citing preliminary data for first 8 months of 2014.

* 2014 current account deficit at the end of August $819.7m vs $2.18b yr ago: statement

* Link to central bank statement



August FX Reserves +0.84% MoM, -50.07% YoY

October 2 (Bank of Mongolia) The Bank of Mongolia has changed its’ policy regarding official foreign exchange reserves reporting. The statistics will be published with an one-month lag /previously published with three-months lag/ on the first business day of the following month. Policy is in effect since July, 2014


Gross Reserves

Monthly, %

YTD, %

YOY, %





- 50.07





























































Link to release




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