1 ODD-EVEN TRAFFIC RESTRICTION CONCLUDES WWW.UBPOST.MN PUBLISHED:2025/09/15      2 MMC ANNOUNCES FIRST GOLD POUR COMPLETED AT THE BAYAN KHUNDII MINE IN MONGOLIA WWW.SG.FINANCE.YAHOO.COM  PUBLISHED:2025/09/15      3 MKE LAUNCHES CARTRIDGE PRODUCTION LINE IN MONGOLIA WWW.RAILLYNEWS.COM  PUBLISHED:2025/09/15      4 MONGOLIA’S LARGEST MINING EVENT HIGHLIGHTS INVESTMENT AND RESPONSIBLE MINING WWW.MONTSAME.MN PUBLISHED:2025/09/14      5 GENERAL MEETING OF ASIA SECURITIES FORUM OPENS IN ULAANBAATAR WWW.MONTSAME.MN PUBLISHED:2025/09/14      6 BUDGET 2026: MINISTRY REPORTS RAISING MINIMUM PENSION TO MNT 1.5 MILLION NOT FEASIBLE UNDER CURRENT BUDGET WWW.GOGO.MN PUBLISHED:2025/09/14      7 ULAANBAATAR AND JAPAN STRENGTHEN CLEAN ENERGY PARTNERSHIP WWW.MONTSAME.MN PUBLISHED:2025/09/14      8 730 BREEDING SHEEP WERE BROUGHT FROM MONGOLIA TO NAMANGAN UZBEKISTAN WWW.ZAMIN.UZ  PUBLISHED:2025/09/14      9 MONGOLIA RECORDS USD 16.6 BILLION IN TRADE WWW.MONTSAME.MN PUBLISHED:2025/09/11      10 GOVERNMENT REPORTS OPERATIONAL IMPROVEMENTS AT ERDENES TAVANTOLGOI UNDER SPECIAL REGIME WWW.MONTSAME.MN PUBLISHED:2025/09/11      ШЭНЬ МИНЬЖУАНЬ: БНХАУ МОНГОЛ УЛСЫГ ШХАБ-ЫН ГЭР БҮЛД НЭГДЭЖ, ХАМТЫН АЖИЛЛАГААГАА ӨРГӨЖҮҮЛЭХИЙГ УРЬСАН WWW.ITOIM.MN НИЙТЭЛСЭН:2025/09/15     Г.ЗАНДАШАТАР: ТӨРИЙН ДАНХАР БҮТЦИЙГ ХУМИХ АЖИЛ ИРЭХ ОНД Ч ҮРГЭЛЖИЛНЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/09/15     Ц.ТУВААН: НҮҮРСНИЙ ҮНЭ 3 САР ТУТАМ ШИНЭЧЛЭГДЭНЭ. ГЭРЭЭНД ЯМАР Ч НУУЦ БАЙХГҮЙ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/09/15     ХАНЫН МАТЕРИАЛД 1800 АЙЛЫН ОРОН СУУЦ БАРИХ ТӨСЛИЙН ГҮЙЦЭТГЭГЧ ШАЛГАРЛАА WWW.ITOIM.MN НИЙТЭЛСЭН:2025/09/15     "ТАТВАРЫН ХЭТ ӨНДӨР ТООЦОО БИЗНЕС ЭРХЛЭГЧДИЙГ ХААЛГАА БАРИХАД ХҮРГЭНЭ" WWW.NEWS.MN НИЙТЭЛСЭН:2025/09/15     ГАДААД ХУДАЛДААНЫ НӨХЦӨЛИЙН ИНДЕКС ӨМНӨХ ОНООС 4.1 ХУВИАР БУУРЧЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/09/15     ЭХНИЙ НАЙМАН САРЫН БАЙДЛААР 600 МЯНГАН ЖУУЛЧИН ИРЖЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/09/15     ШАХМАЛ ТҮЛШНИЙ БОРЛУУЛАЛТ ӨНӨӨДРӨӨС ЭХЭЛЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/09/15     “МОНПОЛИМЕТ" ГРУПП ДОРНОГОВЬ АЙМГИЙН ӨРГӨН СУМАНД ЕБС БАРИХ ТӨСӨЛ ЭХЛҮҮЛЖЭЭ WWW.ITOIM.MN НИЙТЭЛСЭН:2025/09/14     ЗАСГИЙН ГАЗАР MINING AI САНААЧИЛГА ХЭРЭГЖҮҮЛЭХЭЭ ХӨРӨНГӨ ОРУУЛАГЧДАД ЗАРЛАЛАА WWW.ITOIM.MN НИЙТЭЛСЭН:2025/09/14    

Category

Events

Events

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Mongolia Q2 GDP Strongest in a Year www.tradingview.com

The gross domestic product of Mongolia expanded by 5.6% in the second quarter of 2025, accelerating from a 2.4% growth in the previous three-month period.
This marked the strongest economic growth since the second quarter of last year, mainly driven by a strong performance in the agricultural sector (3.6% vs 1% in Q1).
Additionally, production rose for industry and construction sectors (1% vs 0.4%), primarily in construction.
On the other hand, output in services moderated (0.7% vs 1.2%), as wholesale and retail (-0.7% vs -0.6%) and transportation (-0.6% vs -1.2%) continued to decline, while other services slowed (1.4% vs 2.4%).
On a seasonally adjusted quarterly basis, the country’s economy grew by 1.6% in Q2, following a 0.4% expansion in the preceding period.

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Mongolian fintech AND Global raises $21.4m in Series B funding www.fintechfutures.com

Mongolian fintech company AND Global has secured $21.4 million in a Series B funding round led by the International Finance Corporation (IFC) and Japanese financial group AEON Financial Service.
The investment round also drew participation from Marubeni Corporation, SBI Holdings, and Tokyo's Premium Group, and builds on the company's $15.3 million Series A in 2021.
Founded in 2015 and led by CEO Khos-Erdene Baatarkhuu, AND Global provides a range of financial services solutions for businesses through its proprietary Fintech-as-a-Service software, including digital lending solutions as well as custom credit scoring tools and document processing services.
The funding announcement comes shortly after AND Global's subsidiary LendMN secured $20 million in debt financing from London-based investment platform Lendable in April. LendMN, launched in 2017 as Mongolia's first digital lending fintech, now serves over 1.3 million registered users.
"Mongolia, as the most sparsely populated country, can greatly benefit from digital solutions to expand access to finance and services," states Matthieu Le Blan, IFC’s resident representative for Mongolia.
According to AND Global, the fresh capital will support the expansion of its AI-powered fintech solutions and will enable the company to broaden its product portfolio.
AND Global currently operates in 11 countries and employs 250 people across offices in Mongolia, Singapore, Japan, the Philippines, and Thailand. 
About the Author
Cameron Emanuel-Burns is a reporter at FinTech Futures and is dedicated to enhancing the accessibility of fintech for a broader audience.

 

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Mongolia Water Compact Update: On Time and On Budget www.mn.usembassy.gov

The United States Government concluded its Foreign Assistance Review and reaffirmed its support for projects and programs implemented under the Water Compact, signed between U.S. Millennium Challenge Corporation (MCC) and the Government of Mongolia. This decision ensures continued funding for the program, which directly supports economic growth and private enterprise.  This contributes to the safety, strength, and prosperity of the American people through time-limited investments that promote business growth and stability around the world.  
Jointly financed by a generous $350 million contribution from the American people (approximately 1.2 trillion MNT) and an additional $112 million from the Government of Mongolia, the Water Compact is a cornerstone of the strategic engagement between the United States and Mongolia.
Compact projects draw on U.S. expertise in water infrastructure, engineering, and technology, with firms such as Tetra Tech, Inc. and AECOM leading the design and oversight of major construction initiatives. These projects highlight the quality, innovation, and technical leadership that American companies bring to global development challenges. Across its portfolio, MCC has engaged U.S. firms in contracts totaling more than $1.4 billion, reflecting the strong role of American private enterprise in delivering sustainable infrastructure solutions.
By addressing Mongolia’s urgent need for a reliable water supply, the compact projects support long-term economic growth and regional stability—conditions that strengthen Mongolia’s role as a dependable trade and investment partner. The program reinforces U.S. leadership abroad, underscoring a commitment to results-driven, cost-effective partnerships that deliver tangible benefits for both nations.
During a recent visit to the Compact site, U.S. Ambassador to Mongolia Richard Buangan hailed the U.S.- Mongolia MCC Water Compact as one of the largest public works projects in the Indo – Pacific region, and a testament of the commitment and engagement of the United States in Mongolia.
“This comprehensive program supports long-term water security for the residents and businesses of Ulaanbaatar—home to nearly half of the country’s population—and advances Mongolia’s development toward greater self-reliance and private sector investment. This high-impact investment in infrastructure helps position Mongolia as a reliable trade and business partner,” said the Ambassador.
Upon completion, it will significantly enhance water security and resilience for the city’s growing urban population of more than 1.5 million. The decision to continue funding reflects the United States’ commitment to supporting programs that deliver real returns, supporting programs that are results-driven, cost-effective, and aligned with American foreign policy.
Together, Mongolians and Americans are advancing pro-growth solutions that promote mutual benefit, advancing our shared priorities in economic development, and responsible resource management.

 

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ABM's Mongolia Growth Story www.mining-journal.com

MiningNews.Net speaks with Gan-Ochir Zunduisuren, Managing Director of Asian Battery Metals, about the company's latest acquisitions and exploration plans in Mongolia. In this Q&A, Gan-Ochir explains why the Maikhan Uul Copper–Gold Project is a strategic complement to the flagship Oval Cu-Ni-PGE discovery, how the team will approach due diligence and confirmation drilling to potentially upgrade the 2015 foreign resource estimate to JORC standards, and the geological significance of the large magnetic anomaly at Bayan Sair. He also outlines how these developments fit into ABM's vision to create a critical minerals hub in Mongolia, positioning the company to play a key role in the global energy transition.
The interview https://www.youtube.com/watch?v=86pUNsA6c8E

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Foreign Minister to Pay Official Visit to Mongolia and Attend 10th FEALAC Meeting www.kpl.gov.la

The Ministry of Foreign Affairs of the Lao People’s Democratic Republic has announced that, at the invitation of Ms. Battsetseg Batmunkh, Minister of Foreign Affairs of Mongolia, Mr. Thongsavanh Phomvihane, Minister of Foreign Affairs of the Lao PDR, accompanied by his spouse and a high-level delegation, will pay an official visit to Mongolia.
The visit is scheduled to take place from August 19–23, 2025, and is aimed at further strengthening the long-standing ties of friendship and cooperation between the Lao PDR and Mongolia.
During his visit, Mr. Thongsavanh Phomvihane will also lead the Lao delegation to participate in the 10th Meeting of Foreign Ministers of the Forum for East Asia–Latin America Cooperation (FEALAC), which will be hosted by the Ministry of Foreign Affairs of Mongolia in Ulaanbaatar.
The official visit and participation in the FEALAC meeting are expected to contribute to the deepening of bilateral relations between the Lao PDR and Mongolia, while also enhancing Laos’ engagement in multilateral cooperation between East Asia and Latin America.
KPL

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Success in Irrigated Agriculture: Results from a Field Experiment www.montsame.mn

The Ministry of Food, Agriculture, and Light Industry, with funding from the Asian Development Bank (ADB) and the Japan Fund for Poverty Reduction, is successfully implementing the Vegetable Production and Irrigated Agriculture Project in the Gobi region and Altai soum of Khovd aimag.
In the experimental field of the Boomin Am irrigation system in Altai soum, 2 to 4 varieties of each of the following fine vegetables – corn, peas, watermelon, melon, garlic, pepper, pumpkin, and earth apple have been successfully cultivated and harvested in abundance.
“Agro Alpha,” an agricultural consulting firm, provided expert guidance to a group of vegetable farmers in the soum, enabling them to cultivate various crops successfully despite severe weather conditions. Across a total area of 300 hectares, key infrastructure has been developed, including headworks, main canals, 3.7 kilometers of flood protection dams, reservoirs, and pumping station buildings. Additionally, five sprinkler irrigation machines have been installed. The team has also contributed to environmental and community improvements by planting 5,000 trees, constructing sidewalks, and installing waste bins. 
The Vegetable Production and Irrigated Agriculture Project, funded by the Asian Development Bank and the Japan Fund for Poverty Reduction, is being implemented from 2020 to 2026 across 19 soums in 11 aimags, including Khovd, Gobi-Altai, Zavkhan, Bayan-Ulgii, Selenge, Tuv, Khentii, Darkhan-Uul, Uvs, and Dornod. As part of the project, 12 irrigation systems have been renovated and rehabilitated, enabling the cultivation of over 7,000 hectares of irrigated vegetables, fruits, grains, and fodder crops. Over 3,500 households have benefited from methodological training and advisory services in vegetable farming, according to the Ministry of Food, Agriculture, and Light Industry.

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Mongolia to host 17th World Horseback Archery Championships www.asianews.network

Mongolia will host the 17th World Horseback Archery Championships for the first time, as part of the “Nomads” World Cultural Festival.
The event will bring together elite archers from more than 30 countries, with a special highlight, the inclusion of the traditional Mongolian archery style Bumbug Namnaa as an official championship discipline. This marks a strategic effort to showcase Mongolia’s unique cultural and sporting heritage on the global stage and spark interest among younger generations.
Fifteen of Mongolia’s top horseback archers, the national champions and world-ranked athletes, will represent the host nation. Internationally certified judges, renowned coaches, officials from the World Horseback Archery Federation, and the Vice-President of the UNESCO World Martial Arts Union are also expected to attend.
The competition will take place on August 21–23, 2025, at the foot of Taij Khairkhan Mountain in Nalaikh district, Ulaanbaatar city.
Mongolia will host the 17th World Horseback Archery Championships for the first time, as part of the “Nomads” World Cultural Festival.
The event will bring together elite archers from more than 30 countries, with a special highlight, the inclusion of the traditional Mongolian archery style Bumbug Namnaa as an official championship discipline. This marks a strategic effort to showcase Mongolia’s unique cultural and sporting heritage on the global stage and spark interest among younger generations.
Fifteen of Mongolia’s top horseback archers, the national champions and world-ranked athletes, will represent the host nation. Internationally certified judges, renowned coaches, officials from the World Horseback Archery Federation, and the Vice-President of the UNESCO World Martial Arts Union are also expected to attend.
The competition will take place on August 21–23, 2025, at the foot of Taij Khairkhan Mountain in Nalaikh district, Ulaanbaatar city.

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ADB to Finance Construction of 108 Schools and 95 Kindergartens www.montsame.mn

Minister of Education Mr. Naranbayar Purevsuren held an official meeting with a delegation led by Country Director for Mongolia of the Asian Development Bank (ADB), Ms. Shannon Cowling, on August 14, 2025.
The meeting reviewed the overall outline, needs, and implementation measures of the project to construct new schools and kindergartens.
To enhance access to and quality of education, 108 schools and 95 kindergartens are planned to be built with a concessional loan of USD 150 million from the ADB. In this context, the Government has declared 2026 as the “Year of Supporting Education” and is intensifying investments aimed at sustainably increasing the capacity of schools and kindergartens.
Upon completion, the project will add 62,880 school seats and 11,400 kindergarten places. Parties agreed to implement the project without delay.

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Umnugobi to Become the First Aimag to Issue Bonds of Up to MNT 500 Billion www.montsame.mn

The Government of Mongolia issued approval to the Governor of Umnugobi aimag, Enkhbat Nasanbuyan, for the phased issuance of provincial securities worth up to MNT 500 billion in the domestic market to finance the construction of a 50-megawatt (MW) thermal power plant in Dalanzadgad soum.
Minister of Finance Javkhlan Bold and Governor of Umnugobi aimag Enkhbat Nasanbuyan were instructed to include the issuance of provincial securities in the annual budget draft. Additionally, Governor Enkhbat was directed to allocate the funds raised through the securities strictly for the purposes outlined in the Cabinet resolution, ensure the inclusion of repayment obligations in the aimag’s budget, and guarantee that repayments are made within the scheduled timeframe.
Energy consumption in Dalanzadgad soum, the capital of Umnugobi aimag, which has been steadily increasing in recent years, is expected to reach 105.8 million kilowatt-hours (kWh) in 2033, from 59.2 million kWh in 2023. The peak load of the centralized energy system reaching 1,636 MW in 2023 marks an 11.3 percent increase from 2022, highlighting the urgent need for a reliable energy source to support and sustain basic consumption.
The current 9-MW power plant in Dalanzadgad is outdated and can only handle an annual consumption of 30.6 million kWh. The supply of the remaining demand by the centralized energy system is considered unreliable. As a result, there is a pressing need to construct a 50-MW combined heat and power plant to accommodate the aimag’s growing energy consumption and ensure a stable supply.
The proposed plant is considered crucial not only for meeting the energy needs of Dalanzadgad soum but also for reducing the energy load in the region, establishing an independent power supply, and supporting essential infrastructure for mining operations, tourism, and local economic growth. According to the Media and Public Relations of the Government, Umnugovi aimag will be the first aimag in Mongolia to issue a bond.

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Hundred years of pit latrines and 76 years of coal-burned trains www.ubpost.mn

It is almost beyond belief that Mongolia’s railway sector, after all these decades, has failed to find the resources to repair, upgrade, and properly maintain its handful of passenger train—or, at the very least, to install basic air-conditioning. Yet, as the Criminal Police have revealed, the public is well aware that the so-called “little bosses” of the sector have billions of tugrugs quietly stashed away in their own homes. The long-repeated refrain from Ulaanbaatar Railway’s leadership—that the railways have operated like a loss-making charitable organization—has worn thin, and passengers no longer buy into it.
For years, the demands of the public have been neither ambitious nor unreasonable: renew the passenger train, improve the quality of service, and replace the beds, bedding, and fixtures that have been faded and frayed for 60 or 70 years.
Just days ago, Mongolia marked the 87th anniversary of the birth of its railway system and the 76th anniversary of the Mongolia–Russia joint venture Ulaanbaatar Railway (UBTZ). As tradition dictates, railway employees celebrated in grand style at Khuliin Gol and Khonkhor Station, complete with wrestling tournaments—an event still vivid in the minds of readers. Over the years, this celebration has become a “kingdom within the state”, holding its own separate national-style festival.
Each year, renowned wrestlers with national and provincial titles are invited to compete, lavish prizes are distributed, and Khonkhor Station becomes a hub of exuberant revelry. This year, for example, Ulsiin Arslan (runner-up in the final round of the Naadam Festival) B.Orkhonbayar claimed victory, while Ulsiin Avarga (winner of the final round of the Naadam Festival) O.Khangai took second place. Adding to the spectacle, famous singers, dancers, musical groups, and high-priced celebrity hosts were brought in to entertain. Yet, while hundreds of millions—and in some cases, billions—of tugrugs are poured into these festivities, the company has gone all these years without installing even an electric fan in its passenger coaches, let alone replacing broken utensils or torn curtains. This contradiction did not escape the public’s notice, and in recent anniversary celebrations, criticism was sharp.
UBTZ operates a 1,520 mm-gauge line stretching 1,815 kilometers, which as of 2024 makes up over 90 percent of Mongolia’s entire rail network. With around 17,000 employees and more than 330 passenger trains, the company completed 2,625 trips last year and plans to increase that to 3,125 this year. According to the Ministry of Road and Transportation, 37.5 million passengers traveled by train in just the first quarter of 2025. Yet dissatisfaction among passengers has reached new heights. Many say they only reach their destinations after enduring great frustration, discomfort, and, at times, outright misery.
Citizen A stated that “The leadership of Ulaanbaatar Railway must take immediate action to equip passenger trains with modern air-conditioning systems. Every single day, thousands of foreign and domestic travelers, including tourists, use Mongolia’s railways. Recently, I traveled on the Ulaanbaatar–Erlian–Ulaanbaatar international carriage, paying nearly 600,000 MNT each way—more expensive than flying to Erlian, Hohhot, or even Beijing—yet the service was appalling. The ticket price did not even include a single cup of tea or coffee. Instant noodles cost 6,000 MNT, and even a tiny packet of instant coffee came at a ridiculous price.”
“Worst of all, passengers are forced to travel in conditions so stifling that they are practically marinating in their own sweat and odors. These ancient, crumbling trains are endured not only by travelers but also by small traders and the railway staff themselves—conductors, attendants, and other workers—under shockingly harsh conditions. In winter, passengers risk carbon monoxide poisoning from coal stoves; in summer, they suffer unbearable, suffocating heat. If this is the reality in a private compartment, one can only imagine the ordeal faced by those packed into open-plan or general-seating coaches,” said the citizen. 
Moreover, Citizen B also said “In the past 80 years, it seems the only things that have grown in the railway sector are the egos of its leaders and the bulge of their wallets. The few white-colored ‘international’ trains have air-conditioning systems, but the green passenger trains used by ordinary citizens don’t even have fans. I remember traveling in these exact same trains back in the 1990s when I was doing small-scale cross-border trade. The stale, damp stench of the toilets is still the same, and the bedding and mattresses are as filthy and outdated as ever. It’s a complete disaster—what century are we living in? If the leadership had even the slightest sense of shame, now would be the time to put it to use.”
According to Citizen V, “In Russia, even their regular regional trains—not international, not VIP—are equipped with air-conditioning, showers, fully functional toilets, and automatic doors. They’re genuinely comfortable. Meanwhile, our trains are unbearably hot, and before long, both children and adults are flushed red from the heat. For passengers with high blood pressure or heart conditions, the situation is extremely dangerous. At stations, people resort to leaning their heads out of the carriage doors just to get a breath of fresh air. Even traveling in a private compartment feels like a punishment. And yet, they claim ticket prices have barely changed. In reality, in 2019, a ticket from Ulaanbaatar to Irkutsk on the Ulaanbaatar–Moscow train cost 125,000 MNT; by 2022 it was 203,000 MNT, and now it’s 435,000 MNT. Compare the service and environment on that route with the Russian side—it’s day and night.”
Citizen G said, “Trains that have reached the end of their service life and are beyond repair should be retired and replaced in phases. Instead, these worn-out, dilapidated wagons have been kept running until they’re practically falling apart. It’s exhausting dealing with leaders whose greed knows no bounds. Inside, children cry from the lack of air, and even the tea and coffee sold are of the lowest quality imaginable. We may be the only country left in the world whose trains still dump human waste directly onto the tracks. Even regional passenger buses in Mongolia now have Starlink internet, but on our trains, charging your phone, using Wi-Fi, or watching television is still a far-off dream. No wonder the saying has emerged, If you ever feel like ending your life, try traveling by train in the summer”.
Passengers are forced to endure these punishing conditions, while railway employees carry the full weight of the system on their shoulders under equally harsh circumstances. Recently, social media was abuzz with a post claiming, “The train is on fire while moving.” In reality, no carriage or train had caught fire—the train simply looked that way, as railway officials later explained.  
The truth is that Ulaanbaatar Railway—jointly owned in equal shares by Mongolia and Russia—has gone decades without modernization, pays not a single tugrug in taxes to the Mongolian state, and continues to operate with locomotives so old they could be displayed in a museum. It’s even said that South Korean filmmakers, when producing a movie about North Korea, came to Mongolia to shoot footage of our outdated carriages for authenticity.  
For a landlocked country, railways are a vital sector. After the collapse of socialism and the breakup of the Soviet Union, most countries took ownership of their rail networks—yet Mongolia remains dependent to this day. Industry experts stress the need to amend the joint venture agreement so that UBTZ pays taxes to the state. But our government shows no sign of even considering it.  
On the occasion of UBTZ’s 75th anniversary, the company was even awarded the title of Hero of Labour of Mongolia. When it comes to receiving awards, bonuses, and celebrating with lavish feasts, the executives move as swiftly as a lasso horse at full gallop; but when it comes to repairs or modernization, they remain as immovable as a stone cliff.  
While the rest of the world races to produce faster trains—competing in kilometers per hour—we seem content with a service that takes 15 hours to cover 700 kilometers, and our executives appear equally satisfied. Take China, for example: its high-speed rail network is expanding at a staggering pace. As of today, it has built the world’s longest high-speed rail system, stretching 48,000 kilometers—two-thirds of the global total—and has put into service the most advanced, fastest passenger trains in the world. This network carries 16 million passengers daily and sells an average of 26 million tickets per day. By the end of last year, China’s entire railway network had reached 162,000 kilometers in length.  
In February, Mongolia’s Minister of Road and Transportation B.Delgersaikhan announced plans to work with China and Russia to modernize passenger carriages. Yet industry insiders admit this is currently impossible. When asked about recent repairs, upgrades, and planned projects for passenger trains, UBTZ representatives responded, “We have no funds to renew the passenger fleet. For decades, UBTZ has been transporting passengers and cargo at a loss as part of its social responsibility. The government has also kept transport tariffs artificially low for many years. This is the main reason for the sector’s stagnation. However, after increasing passenger fares by 50 percent in 2023, we’ve been able to reduce losses. Where we used to face an average annual deficit of 60 billion MNT, we’ve now managed to cut that by half.”

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