The Financial Regulation Bureau approved a procedure to prevent money washing, investing terrorism, knowing the customers and informing suspicious cash transfers. The bureau worked together with Mongolbank on the procedure which orders financial organizations, insurance companies and bond organizations to inform the higher financial organizations before making a money transfer of MNT 20 million or above. Furthermore, the suspicious transfers can be postponed. Suspicious transfers would mean the source of the money and receiver is not clear. In order to do so, money transferring citizens and organizations must give detailed information, including name, home address and phone numbers.

Over 80% of “Ulaanbaatar Railway” locomotives are old.

During the Prime Minister’s visit to Ulaanbaatar Railway, its Chairman Otgondemberel.B reported that over 80% of its locomotives are old. It requires immediate upgrade in locomotive fleet. Its stakeholders, Mongolian and Russian Government, made decision to increase its capital by $250 million. If it will be solved, it can upgrade its locomotive fleet park.

Mongolia will carry out two new projects under the Mongolia Compact.

 One, a road project, and another, a “Clean air” project which is worth approximately US$127 million. A meeting of the Board of Directors of the MCC was held on December 9, and they approved the projects in order to restructure the Mongolia Compact following the cancellation of the Rail Project.

Prime Minister of Mongolia S.Batbold and Ambassador of the United States Jonathan Addleton announced that Millennium Challenge Corporation (MCC) approved a USD188 million MCC Compact with the Government of Mongolia. The Mongolia Compact comprises the North-South Road and the Energy and Environment Projects that are proposed by the Government of Mongolia to replace the cancelled Rail Project.

National Development and Innovation Committee organized a scientific conference “Economic development of Mongolia, short, mid and long term approach”. First President of Mongolia P.Ochirbat made a presentation about mining economy science, director of NDIC Ch.Khashchuluun about the social and economic planning, PM’s adviser N.Enkhbayar about macroeconomics.

Since 2000, foreign trades increased by four times while foreign investments by six times.