PM instructs the Minister of Finance to stabilize exchange rate fluctuation

Cabinet meeting

At the beginning of Cabinet’s weekly Wednesday meeting, Prime Minister J.Erdenebat instructed his ministers to monitor the PM’s instructions for the heads of Oyu Tolgoi, Tavan Tolgoi LLC, Energy Resources LLC, and Erdenes Tavan Tolgoi LLC issued during his South Gobi tour last weekend, and to set up a task force to prepare a proposal on plans for Gashuunsukhait Port.

The PM also instructed Deputy Prime Minister U.Khurelsukh to expedite winter preparation in the agriculture industry, and told Minister of Finance B.Choijilsuren to hold discussions with state authorities about stabilizing exchange rate fluctuation, and to present Cabinet with his findings.

The Minister of Finance has also been instructed to direct embassies in Ulaanbaatar to collect their visa fees in MNT, to study the possibility of banning commercial banks from setting their exchange rates above Mongol Bank’s exchange rates, and to study regulating foreign currency accounts and loans, preparing a bill for Cabinet if required. Cabinet discussed Parliament’s resolution on improving Mongolia’s laws and resolutions through 2020 and submitted it for parliamentary review.

A total of 259 drafts and 16 parliamentary resolutions will be discussed by Parliament over the next four years. A working group led by the Deputy Prime Minister has been assigned with collaborating with Chinese representatives on mineral resource, energy, and infrastructure cooperation. The first consultative meeting between the two countries will be held in Beijing next month.

Cabinet’s ministers have been instructed to prepare guidelines for the working group concerning matters to be discussed in the meeting. Cabinet’s members approved a temporary procedure for issuing soft loans from the government’s fund to promote small businesses. This procedure will be valid until a bill on small business promotion is approved by Parliament.

Prime Minister J.Erdenebat instructed Minister of Food, Agriculture and Light Industry P.Sergelen to organize tender procedures for issuing soft loans of 35 billion MNT and to monitor the process. The Ministers approved a quota for foreign workers in Mongolia in 2017.

The number of foreign specialists and workers being employed by organizations and enterprises must be no more than 50 percent of their workforce. If it is necessary to exceed the 50 percent limit, Cabinet will review requests for exceptions. As of October 2016, there were 11,072 foreigners residing in Mongolia.

During the November 9 meeting of Cabinet, the ministers reviewed the draft of an agreement between the governments of Mongolia and the Republic of Lithuania on visa waiver requirements for holders of diplomatic and official passports.

After the sides sign the agreement, the diplomatic and official passport holders of the two countries will be eligible for visa waivers for a stay not exceeding 90 days from their first date of entry. The ministers voted against amendments to the Law of Mongolia on Land put forward by MPs Ts.Garamjav and N.Oyundari, citing that the amendments were in violation of the Constitution and other laws.