Mongolia’s economic downturn has bottomed out and growth is expected to pick up substantially next year, bolstered by investments associated with the Oyu Tolgoi mining project, according to Parmeshwar Ramlogan, International Monetary Fund’s (IMF) Resident Representative to Mongolia.

According to International Monetary Fund (IMF), Mongolia’s economy will recover from the downturn from next year. It is associated with the Oyu Tolgoi mining project said the IMF representative. “Mongolia will experience low and stable inflation rate in the coming year and we have reached understandings on a broad range of macroeconomic policies and will continue discussions on some pending structural issues” IMF stated. IMF representatives visited Mongolia from October 28 to November 10 and mission was led by Steven Barnett.

The Mongolbank announced that the Government will own the troubled Zoos Bank fully. The press conference was attended by Vice Minister for Finance T.Ochirkhuu, Mongolbank president L.Purevdorj, first deputy president B.Enkhkhuyag and director of Financial Regulation Bureau D.Bayarsaikhan. Announcement came after the request of Zoos Bank to unite with Mongol Shuudan and Savings Bank merger was denied by EBRD which owns 25 percent of Zoos Bank. Furthermore, an inspection in the bank found serious defects.