Children on Mongolians living abroad to be registered as Mongolian citizen www.en.montsame.mn

Deputy Prime Minister meets World Bank delegates www.montsame.mn

Ulaanbaatar /MONTSAME/ Deputy Prime Minister U.Khurelsukh received Mona Haddad, Practice Manager for East Asia and the Pacific in the World Bank Group’s Trade and Competitiveness Global Practice on April 17, Monday to discuss the Group's new project in Mongolia.

BoM issues 1-week bills www.montsame.mn

Ulaanbaatar /MONTSAME/ The Bank of Mongolia issued 1 week bills worth MNT 467.3 billion at a weighted interest rate of 14.0 percent per annum.
1 - week CBBs, a main monetary policy instrument of BoM, plays an important role on managing the reserves of the banks. This CBB rate represents BoM’s policy rate guides interbank money market. In July 2007, the CBB with stable rate and unlimited bidding was introduced with auctions to be held on every Wednesday. This really had attracted the banks’ interests providing the possibility for the banks to place their excess reserve in short term asset. There has been a substantial change in the way banks manage their reserves since then. For the favorable adjustment of CBB rate and loan principle along with the well balance of togrog and foreign exchange, 1 - week CBB has been held in a type of competing by rate since May 2005. The auction average rate is the targeted rate variables in +/-2 percent from the policy rate and it frames to make the interbank rate as the operational target in midterm.

Trump to seek changes in visa program to encourage hiring Americans www.reuters.com

Skoda debuts first electric car in Shanghai www.chinadaily.com.cn

IT giants releasing Japanese translation apps www3.nhk.or.jp

IT giants that make translation apps are now focusing on the Japanese language, as they breach linguistic barriers with the help of artificial intelligence and deep learning technology.

IMF accusations of US protectionism “rubbish” – Trump’s top trade official www.rt.com

Housing price index increased in short term www.montsame.mn

Ulaanbaatar /MONTSAME/ Tenkhleg Zuuch LLC reports on the March results of the “Housing Price Index” study conducted independently at the request of the Bank of Mongolia.
The research shows that the general index of housing price was 1,01 in March, by 1.0 per cent up than in January 2013, basic consideration period of the research. The index increased by 0.17 percent compared to the previous month. The general index increased by 0.10 per cent compared to the starting period of this year, and dropped by 3.34 per cent compared to the same month of previous year.
According to the National Statistics Office data, the housing price index declined by 4.8 per cent compared to the first quarter of 2016 and by 0.2 per cent compared with the previous quarter. The biggest change of the housing price index took in Songinokhairkhan district, showing a decrease by 6.6 per cent. Over the last 7 years, the housing price index across the 6 central districts of Ulaanbaatar city showed a drastic increase by 83 per cent.
Tenkhleg Zuuch LLC has calculated Housing Price Index by applying Hedonic regression methods and the calculation was based on the information available for 4906 old and new houses supplied for sale at the real estate market of Ulaanbaatar for the particular month. The Price index indicators classified by new and old houses, are as below:
The new house price index was at 1,15. This shows a growth by 0.98 percent compared to the previous month. The index dropped by 0.06 per cent compared to an earlier period of this year, and by 0.61 per cent compared to the same month in previous year.
The old house price index was at 0.91. This shows a decline by 8.7 percent in January 2013. The index dropped by 0.99 percent compared to the previous month, and by 6.10 per cent compared to the same month in previous year.
B.Ooluun

Three TAXES to increase starting MAY 1 www.gogo.mn

Parliament of Mongolia approved amendments to the 2017 State budget, with proposed tax increases last week in accordance with the Staff-Level Agreement between Mongolia and International Monetary Fund on Three-Year Extended Fund Facility. In regards, following tax increases will take effect on May 1, 2017. 
VEHICLE EXCISE TAX
Majority or the 75-86 percent of vehicles registered in Mongolia are outdated and more than 10 years old, causing negative impacts on the environment and increasing amount of air pollution.
Therefore, the tax rebate for hybrid vehicles, LPG-fueled vehicles, and electric vehicles is set to be decreased by 50 percent while excise taxes on vehicles will be increased depending on the engine capacity and aging. 
For instance, excise taxes on vehicles with engine size less than 4500 sm³ will be added by 3-15 percent and vehicles with engine size more than 4501 sm³ will be added by 40-250 percent. 
Thus, vehicle excise tax revenue expects to increase MNT 33.8 billion and reach MNT 57.3 billion. 
INTEREST REVENUE WILL BE TAXED
Interest income on personal savings accounts will be taxed from May 1, 2017. Previously, it was said to be imposed on only owners of savings more than MNT 100 million. However, it was decided to be applied to all owners of savings. 
Owners of savings will pay 10 percent of taxes on their interest income. 
Thus, it expects to increase budget revenue as follows;
MNT 43 billion in 2017, 
MNT 67 billion in 2018, 
MNT 70 billion in 2019. 
CUSTOMS TAX ON IMPORTED TOBACCO WILL BE INCREASED
Customs tax on imported tobacco is now at 5 percent. Minister of Finance noted that the customs tax on tobacco is lower than limits set by the World Trade Organization and it shall be increased up to 30 percent. Therefore, customs tax on imported tobacco will be increased by 30 percent. 
Thus, it expects to increase state revenues approximately by MNT 20 billion in 2017, MNT 26 billion in 2018 and MNT 27 billion in 2019.

Iron ore price in free fall www.mining.com

The Northern China import price of 62% Fe content ore slumped again on Monday to trade down 3.7% at $64.60 per dry metric tonne according to data supplied by The Steel Index.