The draft Law on the Legal Status of Whistleblowers was presented to representatives of the media and civil society on April 04 at the State Palace.

“A survey result shows that a positive social psychology for whistleblowing has been created. Therefore, it is necessary to ensure the legal status of whistleblowers," said Chairman of the State Great Khural G. Zandanshatar.

State Secretary of the Ministry of Justice and Internal Affairs P. Sainzorig introduced the concept of the draft Law, the use of the term "whistleblower" in international standards, cases of whistleblowing for public welfare in Mongolia and other countries, and regulations under this Law. In his presentation he said, "The draft Law was submitted by the Government, and prior to that, laws supporting whistleblowing had been approved and implemented. For example, in 2018, the Registration Package Law was approved, and various types of information were made public, which stimulated the detection of illegal activities. In this context, Mongolia issued medium and long-term policy documents. Most recently, the Government declared this year as The Year of Fighting Corruption and announced five "W" operations.

In the world, 27 countries have adopted laws on the legal status of whistleblowers. There are countries that have implemented effective regulations to protect the rights of whistleblowers. For example, the Netherlands uses mechanisms such as providing accommodation and operating a website for whistleblowers. The pioneering whistleblower laws originated in the United States. In this way, each country adopts and implements its own laws and regulations.

The draft Law includes issues such as who is a whistleblower and how to give rewards. In drafting the Law, in addition to fighting corruption and profiteering, they also took into consideration the public health, environment, consumer interests, fair competition, and business conduct ethics. For example, when school starts, Mongolian children's immunity deteriorates due to the use of low-quality materials for painting classrooms and desks in schools. Therefore, the concept of whistleblowing should not be considered only in terms of corruption and interests. In other words, it is necessary to include all the problems in the society.

Whistleblowing is the disclosure of primary information, and disclosing information from a transparent account is not whistleblowing. Actions taken for public goodness will be considered whistleblowing. Whistleblowers can submit their documents to the Independent Authority Against Corruption, National Commission of Human Rights, Authority for Fair Competition and Consumer Protection, police and customs authorities. Therefore, a common database will be established among these institutions. It will be clear who, how, when used and where transferred the data. Reporting can be done through journalists. However, the journalist can keep the source of the information undisclosed.

In real life, the person who leaked the information would be fired, salary reduced, transferred to another job, family pressured, and "cornered" by the media. Therefore, regulations for protecting whistleblowers have been reflected in the Law draft. As for monetary incentives, it ranges from MNT 100,000 to 1.5 billion. The money will not be given immediately. After investigating the whistle-blowing information and resolving it, the bonus will be given when the fine went to the state budget.

MANILA – The Bureau of Immigration (BI) announced on Wednesday the deportation of a former minister of Mongolia wanted in his home country for corruption.

Immigration Intelligence Chief Fortunato Manahan, Jr. said 67-year-old Tunjin Badamjunai, a former minister of Food, Agriculture, Light Industry of Mongolia, was arrested in Cebu City in coordination with Mongolian Police on Tuesday.

The BI official noted that to avoid further delay and inconvenience, Badamjunai was deported on Tuesday night via a Korean Airlines flight from Mactan, Cebu upon the request of Mongolian authorities.

"We were initially informed by Mongolian authorities that Badamjunai will be in Cebu City," he said in a statement.

The foreigner was arrested following the mission order issued by Commissioner Norman Tansingco.

Manahan said Badamjunai was reportedly charged with deportation for undesirability as he is a fugitive from justice who poses a clear and present danger, risk to public interest and safety, and threat to national security.

"The Mongolian government has also canceled his passport, rendering him undocumented," Manahan added.

"This is yet again a major arrest for our agents. Rest assured that we will continue to hunt down these criminals and continue to strengthen our partnership with foreign counterparts to maintain public safety and security," he said. (PNA)

Khan Bank LLC has officially started initial public offering of its shares today.

In accordance with the Banking Law, Khan Bank has been preparing to become public with the launch of an initial public offering since February 2021, within the timeframe specified in the relevant laws and regulations. On December 9, 2022, the Financial Regulatory Commission (FRC) approved the listing of ordinary shares of Khan Bank LLC as securities for an initial public offering.

Khan Bank, the nation’s largest bank and a leader in the banking and financial sector, plans to raise 183.4 billion MNT by offering 191,219,800 (10 percent of Khan Bank’s total shares) shares at 959 MNT per share. Proceeds from the offering will be used for the Bank’s digital transition, information technology investment, environmentally friendly green projects, and long-term mortgage financing within the Bank’s medium-term strategy.

The Bank’s lead underwriter is BDSec LLC, Tavan Bogd Capital LLC is the assistant underwriter, MJL Attorneys LLP and KhanLex Partners LLP are legal advisors, BDO Audit LLC serves as an external evaluator, and EY Mongolia Audit LLC is the IPO’s financial auditor.

In the 32 years since its establishment, Khan Bank has opened more than 540 branches throughout the country to provide the most reliable and fast financial products and services that meet customer needs at all times. More than 6,500 employees serve 82 percent of Mongolia's population every day through the Bank’s branches and digital channels, utilizing innovative technology solutions to help customers achieve their financial goals and find business success.

Khan Bank’s total assets rose from 13.5 trillion MNT in 2021 to 15.0 trillion MNT by December 31, 2022. The Bank’s loan portfolio went from 7.0 trillion MNT to 8.0 trillion MNT, total funds rose from 12.0 trillion MNT to 13.3 trillion, and total net profits increased from 291.5 billion MNT to 449 billion MNT, the highest figure in the nation’s banking system.

By becoming a publicly traded company, Khan Bank has started a new chapter of development, and our customers have the historic opportunity to grow with us as shareholders.

The primary market trading of shares is scheduled to be held on the Mongolian Stock Exchange between April 13-19, 2023.

The exchange rate is one of the most important determinants of a country's relative level of economic health. It fluctuates the most during economic and political crises. The reason behind the fluctuation in the exchange rate can be explained by the balance of foreign trade, the balance of payment, and other economic indicators.

According to the Bank of Mongolia, our country’s foreign exchange (forex) reserves have reached USD 3.4 billion, enough to cover the imports of goods for 6 months. For the last 10 days, Mongolian tugrug (MNT) has strengthened against USD by about 7 MNT and showed signs of stabilization.

At the end of the last year, foreign currency demands of the commercial banks were high during the forex auction of the BoM. Although, their demands decreased in March 2023. In particular, the BoM supplied the commercial banks with USD amounting to 68.3 million, while for the forex auction on March 30, no buy bids of USD were submitted from any commercial banks. On the contrary, the commercial banks submitted their USD sell bids amounting to USD 36 million to the BoM. This is the second time in recent years that the BoM has bought USD from commercial banks, the first one was in 2021.

Experts are explaining the reasons behind the MNT strengthening against USD concerning the following three factors. Firstly, the Government of Mongolia has made successful deals on re-financing the debts due in upcoming years and attracted the required financing. It could be one of the factors that impacted the exchange rate stabilization. Secondly, Mongolia commenced the fourth-largest high-technology underground mine in the world last month, which was a significant event that restored investors’ trust. Thirdly, border reopening and easing travel restrictions in China brought a real sense of optimism to the Mongolian economy. The reopening of ports linking China and Mongolia boosted the exchanges of major commodities including coal, iron ore, and machinery. As of the end of March, total coal export reached 8.7 million tons, an increase of 3.6 times compared to the same period in 2022. Moreover, Mongolia has exported 0.9 million tons of iron ore, jumping 50% from a year ago.

Meanwhile, the exchange rate of Chinese Yuan (RNB) reached a record high of MNT 519.75 in February 2023. It was mainly due to China’s post-Covid reopening and increased capital inflow. But since then, the RNB has slightly fallen to MNT, averaging around 512.19 MNT.

In any case, the MNT rate has stabilized for the last 10 days. But what will happen next?

Economists, university professors, and 27 researchers and analysts conducted USD/MNT exchange rate forecasting at the beginning of this year. According to their projections, the pair is forecasted to average at 3537.3 MNT and peak at 3618.1 MNT in the first quarter of this year. In general, a long-term weakening is expected for MNT against USD.

WeChat Pay, a mobile payment service run by China’s tech giant Tencent, is now available in Mongolia, Mongolia’s state-owned television MNB reported Tuesday, citing financial company Sendly.

“Our company has become the official partner of Tencent’s WeChat Pay in Mongolia,” Sendly said in a statement.

Currently, service providers such as hotels, restaurants and convenience stores in Zamiin-Uud soum of the southeastern province of Dornogovi and the national capital Ulaanbaatar can accept WeChat Pay payments, it said.

Mongolia has set 2023-2025 as “Years to Visit Mongolia” with a goal of welcoming at least 1 million foreign tourists and earning USD 1 billion from tourism.

The country’s tourism authorities believe that Mongolia will receive a large number of tourists from China in the next few years, and it is hoped that WeChat Pay will make Chinese tourists’ visits more comfortable and convenient.

South Korean chicken burger chain Mom's Touch&Co. said Tuesday it inked a master franchise agreement with Mongolia's Foodville Farm LLC, in its first steps to enter the central Asian country.

Foodville Farm is an independent company established by the local franchise operator Monbakery LLC to expand the Mom's Touch brand in Mongolia. The company operates the South Korean coffee franchise Caffe Bene and bakery chain Tous les Jours in the Asian country.

The South Korean chicken burger franchise said it has decided to enter Mongolia due to the country's rapid economic growth, a relatively young population and a growing interest among Mongolians in Korean food, and products from K-pop and the broader Korean Wave.

Experts said the Korean Wave generated by K-pop and TV dramas could turn fans in foreign countries into active consumers of South Korean products.

Mom's Touch's first Mongolian restaurant is set to open in the first half of this year. The company plans to add more than five stores by the end of the year, it said.