1 PRIME MINISTER OYUN-ERDENE VISITS EGIIN GOL HYDROPOWER PLANT PROJECT SITE WWW.MONTSAME.MN PUBLISHED:2025/04/30      2 ‘I FELT CAUGHT BETWEEN CULTURES’: MONGOLIAN MUSICIAN ENJI ON HER BEGUILING, BORDER-CROSSING MUSIC WWW.THEGUARDIAN.COM PUBLISHED:2025/04/30      3 POWER OF SIBERIA 2: ECONOMIC OPPORTUNITY OR GEOPOLITICAL RISK FOR MONGOLIA? WWW.THEDIPLOMAT.COM PUBLISHED:2025/04/29      4 UNITED AIRLINES TO LAUNCH FLIGHTS TO MONGOLIA IN MAY WWW.MONTSAME.MN PUBLISHED:2025/04/29      5 SIGNATURE OF OIL SALES AGREEMENT FOR BLOCK XX PRODUCTION WWW.RESEARCH-TREE.COM  PUBLISHED:2025/04/29      6 MONGOLIA ISSUES E-VISAS TO 11,575 FOREIGNERS IN Q1 WWW.XINHUANET.COM PUBLISHED:2025/04/29      7 KOREA AN IDEAL PARTNER TO HELP MONGOLIA GROW, SEOUL'S ENVOY SAYS WWW.KOREAJOONGANGDAILY.JOINS.COM  PUBLISHED:2025/04/29      8 MONGOLIA TO HOST THE 30TH ANNUAL GENERAL MEETING OF ASIA SECURITIES FORUM WWW.MONTSAME.MN PUBLISHED:2025/04/29      9 BAGAKHANGAI-KHUSHIG VALLEY RAILWAY PROJECT LAUNCHES WWW.UBPOST.MN PUBLISHED:2025/04/29      10 THE MONGOLIAN BUSINESS ENVIRONMENT AND FDI: CHALLENGES AND OPPORTUNITY WWW.MELVILLEDALAI.COM  PUBLISHED:2025/04/28      849 ТЭРБУМЫН ӨРТӨГТЭЙ "ГАШУУНСУХАЙТ-ГАНЦМОД" БООМТЫН ТЭЗҮ-Д ТУРШЛАГАГҮЙ, МОНГОЛ 2 КОМПАНИ ҮНИЙН САНАЛ ИРҮҮЛЭВ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/30     ХУУЛЬ БУСААР АШИГЛАЖ БАЙСАН "БОГД УУЛ" СУВИЛЛЫГ НИЙСЛЭЛ ӨМЧЛӨЛДӨӨ БУЦААВ WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/30     МЕТРО БАРИХ ТӨСЛИЙГ ГҮЙЦЭТГЭХЭЭР САНАЛАА ӨГСӨН МОНГОЛЫН ГУРВАН КОМПАНИ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/30     "UPC RENEWABLES" КОМПАНИТАЙ ХАМТРАН 2400 МВТ-ЫН ХҮЧИН ЧАДАЛТАЙ САЛХИН ЦАХИЛГААН СТАНЦ БАРИХААР БОЛОВ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/30     ОРОСЫН МОНГОЛ УЛС ДАХЬ ТОМООХОН ТӨСЛҮҮД ДЭЭР “ГАР БАРИХ” СОНИРХОЛ БА АМБИЦ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/30     МОНГОЛ, АНУ-ЫН ХООРОНД ТАВДУГААР САРЫН 1-НЭЭС НИСЛЭГ ҮЙЛДЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     ЕРӨНХИЙ САЙД Л.ОЮУН-ЭРДЭНЭ ЭГИЙН ГОЛЫН УЦС-ЫН ТӨСЛИЙН ТАЛБАЙД АЖИЛЛАЖ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     Ц.ТОД-ЭРДЭНЭ: БИЧИГТ БООМТЫН ЕРӨНХИЙ ТӨЛӨВЛӨГӨӨ БАТЛАГДВАЛ БУСАД БҮТЭЭН БАЙГУУЛАЛТЫН АЖЛУУД ЭХЛЭХ БОЛОМЖ БҮРДЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     MCS-ИЙН ХОЁР ДАХЬ “УХАА ХУДАГ”: БНХАУ, АВСТРАЛИТАЙ ХАМТРАН ЭЗЭМШДЭГ БАРУУН НАРАНГИЙН ХАЙГУУЛЫГ УЛСЫН ТӨСВӨӨР ХИЙЖЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/29     АМ.ДОЛЛАРЫН ХАНШ ТОГТВОРЖИЖ 3595 ТӨГРӨГ БАЙНА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/29    

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

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Uchral Nyam-Osor: No Increase in Any Type of Service Fees or Charges www.montsame.mn

During its regular session on March 12, 2025, the Cabinet of Mongolia discussed scheduled agenda items and made the following decision. 
Chief of the Cabinet Secretariat of Mongolia Uchral Nyam-Osor said, “In response to the declining global geopolitical situation and worsening conditions of international trade, the Government of Mongolia decided to prevent price increases and limit inflation by not raising fees and charges of any type of public services provided to citizens and legal entities. Cabinet members, Heads of agencies, and Heads of all councils, committees, and commissions have been instructed to not increase these fees and charges." 
The Chief of the Cabinet Secretariat also noted that Citizens’ Representative Khurals of the Capital City, aimags, districts, and soums have been advised not to increase the rates of any taxes and fees.

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Mongolia becomes the third largest importer of Japanese used cars www.gogo.mn

D.Munkhtur, Deputy Head of the Food Revolution NGO, raised concerns over Mongolia’s trade agreements during a discussion on the Economic Partnership Agreement with the Republic of Korea.
Munkhtur criticized the lack of macro-level research before signing trade agreements with developed countries, citing Mongolia’s previous economic agreement with Japan as an example. Over the past decade, Mongolia’s imports from Japan have surged from $300 million to over $1 billion, while exports remain stagnant at just $10 million. He pointed out that despite Japan’s humanitarian assistance, it primarily benefits from exporting used Prius cars to Mongolia, making the country the third-largest importer of Japanese vehicles.
He further warned that Mongolia's agricultural sector could suffer if trade agreements are not carefully negotiated, referencing past procedural errors by the Ministry of Economy and Trade. Instead of unbalanced agreements, D.Munkhtur advocated for securing guaranteed purchases of Mongolian products, such as animal feed, in the deal with South Korea, which could potentially generate $500 million in trade annually.
L.Enkh-Amgalan, Head of the Macroeconomic Policy Department at the Ministry of Economy, Trade, and Industry, defended the agreement with South Korea, stating that adjustments were made to reduce stringent input requirements for Mongolian exports. He emphasized that a preliminary study indicated economic benefits for Mongolia, leading to the government's decision to proceed with the agreement.
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Civil Aviation Authority of Mongolia and TRANSCON Sign Memorandum of Understanding www.montsame.mn

The Civil Aviation Authority of Mongolia and TRANSCON LLC of the Czech Republic signed a Memorandum of Understanding on March 11, 2025.
Director of the Civil Aviation Authority of Mongolia Erdene-Ochir Turbayar and Chief Executive Officer of TRANSCON Electronic Systems LLC Vladimir Drabek signed the MoU.
Supported by the Governments of Mongolia and the Czech Republic, this MoU aims at expanding cooperation on civil aviation and aviation infrastructure.
Additionally, the Agreement will facilitate collaboration in modernizing local airports and supplying aviation equipment and technology.

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Secretary General of Mongolian Basketball Association Appointed as a Member of the EASL Advisory Board www.montsame.mn

The champion team of "The League" under the Mongolian Basketball Association (MBA) in 2025 has secured participation in the East Asia Super League (EASL), which brings together the champion teams of Asia’s top basketball leagues. Meanwhile, the basketball tournament of the current season took place in Macau, Special Administrative Region of the People’s Republic of China, where Japan’s Hiroshima Dragonflies were crowned the 2025 EASL Champion. 
During the finals, the "EASL Summit 2025: The Future of Asian Basketball" was held, with representatives from the MBA attending by invitation.
As part of the event, a meeting of the East Asia Super League Advisory Board was convened, during which Tugsjargal Sambuu, Secretary General of the MBA, was appointed as a board member representing Mongolia. This marks the first time a Mongolian representative has been appointed to an international league tournament’s advisory board.
The 2025 champion team of “The League” will compete in the 2025–2026 season of the EASL, grouped with the champion team of the Republic of South Korea’s league, the runner-up team of the Philippines’ PBA League, and Japan’s Hiroshima Dragonflies from the B.League. In line with this, these selected teams will play in Mongolia, allowing local basketball fans to witness the basketball tournaments of Asia's top teams. Additionally, representatives from Japan’s league have expressed interest in recruiting Mongolian players, leading to plans for collaboration between the two sides.

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President of Mongolia Pays Respect to Czech Geologists Who Discovered the Erdenet Copper-Molybdenum Deposit www.montsame.mn

President of Mongolia Khurelsukh Ukhnaa met with senior Czech geologist Mojmír Krautner in Mongol ger of the Embassy of Mongolia in Prague, the Czech Republic on March 12, 2025.
Mr. Krautner, now 98 years old, led the Mongolian-Czechoslovak joint geological team in the 1960s. Within two years, the joint geological team successfully identified and mapped the main copper-molybdenum deposit in Erdenet.
President Khurelsukh expressed gratitude to Mr. Krautner, emphasizing that the Erdenet Mining Corporation, built around this deposit, continues to contribute to Mongolia’s development and the well-being of its people. As a token of appreciation, President Khurelsukh presented Mr. Krautner with photographs from his time working in Mongolia, along with a commemorative gift.
The veteran geologist expressed his gratitude to the President of Mongolia for the recognition and mentioned that the diplomatic staff at the Embassy of Mongolia in Prague, the Czech Republic always tend to him.
Recalling his youthful years and dedication to his work, Mr. Krautner shared memories of how the joint geological team worked. Senior Czech geologist Mojmír Krautner also mentioned that he considers Mongolia his second homeland. Additionally, he conveyed his best wishes to the people of Mongolia, particularly the residents of Erdenet.

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Mongolia's exports decrease by 10.5 percent in first 2 months of 2025 www.xinhuanet.com

Mongolia has exported goods and raw materials worth a total of 2 billion U.S. dollars since the beginning of 2025, official data released by the Mongolian Customs General Administration showed on Wednesday.
The figure decreased by 10.5 percent compared with the same period of 2024, the data said.
Mining commodities, such as coal, copper and unprocessed or semi-processed gold, constituted 86.2 percent of Mongolia's total exports during this period, the administration reported.
Meanwhile, during the same period, 1.7 billion dollars in goods and raw materials were imported into Mongolia, up by 7.2 percent year-on-year.
It is noted that 22.9 percent of Mongolian imports were petroleum products while 13.6 percent went to the purchase of passenger cars.

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S. Korea, Mongolia agree to strengthen cooperation in rare metal supply chain www.koreaherald.com

South Korea and Mongolia have agreed to bolster bilateral cooperation in the supply chain of rare metals and other critical minerals, Seoul's industry ministry said Wednesday.
The two sides held the second round of rare metal cooperation committee meetings in Seoul earlier in the day as a follow-up measure to the agreement on rare metals supply cooperation reached between their prime ministers in 2023, according to the Ministry of Trade, Industry and Energy.
The cooperation will help Mongolia develop its mineral resources, while allowing South Korea to stabilize its supply chain, the ministry explained.
Mongolia has various rare metal reserves, including rare earth elements. It is the world's eighth-largest producer of molybdenum, a key metal used to make steel alloy.
By November, the two countries will complete installing necessary equipment and infrastructure for the operation of their joint cooperation center on rare metals.
South Korea and Mongolia's geoscience research institutes plan to launch a joint exploration project to find critical minerals in Mongolia and develop a tin mine in the central Asian country, according to the ministry. (Yonhap)

 

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Mongolia Advances 11 Positions in the Artificial Intelligence Preparedness Index www.montsame.mn

The American Chamber of Commerce in Mongolia organized a discussion "Getting Ready for the AI Wave" on March 11, 2025.
The discussion covered the development of artificial intelligence (AI), its potential impact on Mongolia, optimal planning approaches, handling big data, legal and regulatory frameworks, and defining vision and policies. Experts emphasized the importance of enhancing Mongolia's competitiveness, addressing AI ethics, integrating AI effectively into society, utilizing AI optimally in the business sector, organizing effective activities, and driving economic growth in Mongolia.
Director of Policy and Advocacy for the American Chamber of Commerce in Mongolia Gerelchuluun Iderchuluun said, "Compared to last year, Mongolia has advanced by 11 positions in defining its National Strategy for Artificial Intelligence. The assessment for AI introduction stands at 98 percent. However, the National Strategy remains insufficient, while the private sector has sufficient ratings. Public institutions are prepared to accelerate their services through AI. For reference, countries such as the UAE, Singapore, and Estonia have declared AI and labor safety centers within their national strategies. Meanwhile, the U.S. and China leverage AI to lead innovation. European countries and Canada focus their national strategies on responsible and ethical AI implementation. To compete internationally, it is essential for us to clearly define the direction of our national strategy, emphasizing private sector-led development."
Mr. Gerelchuluun further highlighted the need to digitize disorganized data, ensure cybersecurity, and actively pursue AI training in Mongolia.A

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Mongolia's Children Choke In Toxic Pollution www.afp.com

As she watched her five-month-old son lying in intensive care, wires and tubes crisscrossing his tiny body, Uyanga cursed her hometown Ulaanbaatar and its chronic pollution.
The toxic smog that settles over the Mongolian capital every winter has been a suffocating problem for more than a decade that successive governments have failed to dispel.
There are wisps of hope in a resurgent grassroots movement and a promised official push to action.
But the statistics are grim.
Respiratory illness cases have risen steadily, with pneumonia the second leading cause of death for children under five.
Uyanga's son was admitted to hospital with pneumonia, then developed a secondary infection in a ward crowded with children suffering the effects of some of the world's worst air.
"I was so scared when he was admitted to intensive care," said Uyanga, who, like many Mongolians, goes by one name.
"I love my city and I want to continue to live here. But considering the health of my children, on that night, I cursed being born in Ulaanbaatar."
In the depths of winter, the city's daily average of PM 2.5 -- small particulate that can enter the lungs and bloodstream -- can be 27 times higher than the level considered safe by the World Health Organization.
Young children are particularly vulnerable, breathing faster than adults and taking in more air relative to their size.
All three of Uyanga's children were hospitalised with respiratory illnesses before they were a year old, with her youngest admitted two winters in a row.
Most of her friends have had similar experiences.
It "has become part of our daily lives, or like social norms", she said.
Located in a basin surrounded by mountains, Ulaanbaatar traps smoke and fumes from both coal-guzzling power stations and homes.
A dense blanket of smog coils snugly around city-centre apartments and Mongolia's traditional round ger tents in its outer districts most winter mornings.
Ger dwellings have sprawled as hundreds of thousands of nomads decamp to the capital in search of steadier incomes and better public services.
Most use individual coal burners to stay warm in the winter, when temperatures can plunge to minus 40 degrees Celsius (minus 40 Fahrenheit).
One freezing morning, distributors loaded up coal briquettes onto a pick-up truck whizzing around ger households.
"I don't think there's anyone in Mongolia who's not concerned about air pollution," said 67-year-old coal seller Bayarkhuu Bold.
Cashier Oyunbileg said she burns a 25-kilogramme (55-pound) bag of briquettes every two days.
Inside her ornate, cosy ger, she confessed she was "really worried" about her three children's health, and had even set up her tent on higher ground hoping to avoid air pollution.
"This year, though, it's been really disastrous," she said.
Her family attempted to switch to an electric heater but "just couldn't afford the bill".
Respiratory disease rates among children are increasing in such districts, school doctor Yanjmaa said.
"It is impossible for people who are breathing this air to have healthy lungs," she said.
Oyunbileg's options are limited.
"I usually don't let my children go outside a lot," she said. "If I let them, I usually put masks on them."
Wealthier compatriots now often choose to spend the winter outside Mongolia.
Uyanga and her husband spent their entire savings renting somewhere with better air quality for three months when their first child was born.
"It's helpless," she said. "No matter how hard we try to keep the indoor air quality better... our children (have to) go outside all the time."
In 2019, the government replaced raw coal with refined coal briquettes, offering some brief air quality benefits, said state meteorologist Barkhasragchaa Baldorj.
The benefits have plateaued as coal burning increases in a country where the industry is vital to the economy.
The briquettes have also been linked to carbon monoxide poisoning and increased levels of some pollutants.
Barkhasragchaa is one of only two people assigned to Ulaanbaatar's air quality monitoring stations.
"If you heard the actual budget allocated for maintenance, you would laugh... it's just impossible to maintain a constant operation," he said.
Many were sceptical about government efforts.
"Personally, I don't see any results," coal seller Bayarkhuu said.
The city's deputy governor responsible for air pollution, Amartuvshin Amgalanbayar, promised change.
This year, 20,000 households will switch to gas, resulting in a 15 percent reduction in pollution, he said.
Plans to move another 20,000 households from ger districts into apartments will begin in 2025, as well as efforts to solve another of the capital's intractable and related problems -- traffic.
A long-delayed metro, that has become a symbol of official inefficacy, will be built by 2028, he said.
"The issues we were talking about trying to solve 20 years ago, when I was a student, are still here," said the 40-year-old. "It's been given to the next generation to solve."
That exasperation coalesced last year when tens of thousands signed a petition demanding a public hearing on pollution policies.
"It was my mum (getting sick) that really spurred, I think, first anger and disappointment and a sense of helplessness," one of the organisers, 23-year-old Enkhuun Byambadorj, told AFP.
Attempts to solve the problem so far "have looked at only one sector, or have looked at the problem from only one perspective", she said, with the petition calling for a more "holistic, cross-sector" approach.
The hearing took place last month, with Enkhuun and her colleagues hopeful that it shows political will to tackle the problem by younger and more professional lawmakers.
"We've scratched an itch and revitalised a grassroots movement," she said.
"What we need to do is keep pushing decision-makers to build on what they've done... and to turn the recommendations that come out of the hearing into decisions that can be implemented."

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Fitch Assigns Mongolia's Golomt Bank First-Time 'B+' Rating; Outlook Stable www.fitchratings.com

Fitch Ratings - Seoul/Hong Kong - 11 Mar 2025: Fitch Ratings has assigned Golomt Bank JSC a Long-Term Issuer Default Rating (IDR) of 'B+'. The Outlook on the IDR is Stable. At the same time, the agency has also assigned Golomt a Viability Rating (VR) of 'b' and Government Support Rating (GSR) of 'b+'.
Key Rating Drivers
Sovereign Support Drives IDR: Golomt's Long-Term IDR is driven by its GSR, which is in line with Mongolia's sovereign rating (B+/Stable). We believe the Mongolian authorities have a higher propensity to support a large domestic systemically important bank (D-SIB) such as Golomt, which has a 20% share of system deposits, than smaller D-SIBs, although this is counterbalanced by the country's ability to provide timely support. Mongolia's re-capitalisation law provides grounds for sovereign support as well as for a bail-in, should any D-SIB require it.
The VR is underpinned by Golomt's solid domestic banking franchise. It also reflects the bank's larger risk appetite relative to higher-rated domestic peers. Golomt's loan growth rate has exceeded the Mongolian banking system average, weighing on its capitalisation and deposit funding. However, its financial performance has improved significantly in recent years as it continues to resolve legacy asset-quality issues.
Favourable Operating Environment: Fitch anticipates favourable business prospects for the banking sector, driven by Mongolia's steady medium-term economic trajectory. We believe robust mining activities and the increasing stability of the government's policy execution are supportive of growth. We also expect the authorities to remain committed to upholding the sector's stability, including adoption of international prudential standards such as the Basel framework, to strengthen banks' capital management.
Significant Domestic Franchise: Golomt's business profile score of 'b' captures its significant franchise in Mongolia. The bank's operating income has increased significantly in recent years as it emerged from a successful turnaround effort following asset-quality troubles during 2018-2020 with high credit impairments. However, Golomt's absolute size remains small among international 'b' category peers.
Large Growth Appetite: Golomt has reduced its sectoral concentration substantially by diversifying into SME and retail loans, with the share of corporate loans to total loans declining by 17pp over the past six years. Nonetheless, we assess that Golomt has larger loan growth appetite and higher concentration risks than its close local peers. Its loan portfolio grew by 53% in 2024, compared with the system average of 35%.
Improved Loan Quality: The bank's asset quality has improved substantially over the past several years through repeated asset-quality reviews and increasing diversification. Fitch estimates that the stage 3 loan ratio improved to about 5% in 2024, from about 12% in 2021. However, we note that strong loan growth in recent years contributed to the improved ratio and the provision coverage for stage 3 loans remains low compared with those of local peers.
Improved Profitability: Golomt's earnings and profitability have continued to improve as credit costs declined considerably. Fitch's core metric, the four-year average of the operating profit/risk-weighted-asset ratio, improved to 4% in 2024 from below 1% in 2021. We forecast Golomt's risk-adjusted profitability to moderate in the near future, as we do not expect the contribution from foreign-currency swaps in 2024 to be sustained. The net interest margin is also likely to decline due to intense competition and lower policy rates.
Growth Pressures Capitalisation: Golomt's capital ratios have been declining since 2022 due to its renewed focus on balance-sheet growth. We estimate its Fitch Core Capital ratio will have declined to about 16% by end-2024, from 17.6% at end-2022, and we forecast a further drop in the near term due to its large growth appetite. This is in spite of the bank's improved internal capital generation capacity. Golomt's capital ratio is also noticeably lower than those of its local peers.
Franchise Supports Funding and Liquidity: The ratio of loans to customer deposits increased significantly in 2024 due to substantially faster loan growth. However, we assess that Golomt's significant deposit franchise is able to support and fund the expansion of its loan book, provided that growth moderates from the 2024 level. The bank's overall funding structure, including its higher concentration of large depositors, appears to be weaker than those of higher-rated local peers.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
Any negative rating action on the sovereign rating would prompt similar action on Golomt's GSR and IDR.
Golomt's VR could also be downgraded if its business profile were to be compromised by a structural weakening of its franchise and larger risk appetite, and if a weaker economic environment leads to deterioration in a combination of the following metrics:
- impaired loans/gross loans increasing above 8% for a sustained period (end-1H24: 5.5%);
- operating profit/risk-weighted assets falling below 2% for a sustained period (1H24: annualised 9.3%); and
- the Fitch Core Capital ratio falling below 14% without a credible path to return the ratio above this level (end-1H24: 16.1%).
The GSR could be downgraded if we assess that the sovereign's ability to provide support has weakened, which could be indicated by a sovereign downgrade. A GSR downgrade could also be driven by our view that the state's propensity to provide support has diminished, which could result from a significant decline in the bank's systemic importance and deposit market share, although this is not our base case.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
A positive rating action on the sovereign rating would prompt similar action on Golomt's GSR and IDR.
Golomt's VR is sensitive to developments in Mongolia's operating environment. A sovereign rating upgrade, combined with steady progress towards a stronger legal and regulatory framework, could potentially lead to a higher operating environment score. This, in tandem with sustained improvements in Golomt's risk appetite and financial profile, could result in an upgrade of the VR.
The GSR is equalised with the sovereign rating. It can be upgraded only if the sovereign rating is upgraded and if we believe that the propensity of sovereign support has not diminished.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
The Long-Term IDR (xgs) of 'B(xgs)' is driven by the VR. The Short-Term IDR (xgs) of 'B(xgs)' is mapped from the Long-Term IDR (xgs) in accordance with Fitch's Bank Rating Criteria.
Golomt's long-term senior debt instruments are rated in line with its Long-Term IDR and Long-Term IDR (xgs), as they represent its unsecured and unsubordinated obligations. The Recovery Rating of these notes is 'RR4', reflecting average recovery prospects in a default.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
A change in the VR would prompt a similar change to the Long-Term IDR (xgs). The Short-Term IDR (xgs) could be downgraded if the VR is downgraded to the 'ccc' category or below. The Short-Term IDR (xgs) could be upgraded if the VR is upgraded to 'bbb-' or above, which is a remote prospect.
A change in the Long-Term IDR or Long-Term IDR (xgs) would lead to similar action on the ratings of the bank's long-term senior debt instruments. The senior debt rating would also be sensitive to our assessment of recovery prospects.
Date of Relevant Committee
27-Feb-2025
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
Public Ratings with Credit Linkage to other ratings
Golomt's Long-Term IDR is linked to Mongolia's sovereign rating, based on our assumption of state support.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products....

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