Mongolia's reindeer population saw a significant decline in 2024, local media reported Monday, citing data from the National Statistics Office (NSO).

According to the NSO, the total number of reindeer in the country stood at 2,765 by the end of 2024, reflecting a decrease of approximately 5.7 percent compared to the previous year.

Reindeer herding in Mongolia is exclusively practiced by the Dukha, an indigenous community residing in the taiga -- also known as the boreal or snow forest -- within Tsagaannuur soum, an administrative subdivision of the northernmost province of Khuvsgul.

Khuvsgul is one of the country's top tourist destinations for its stunning landscapes and pristine lakes.

In an effort to preserve the unique culture of reindeer herders, protect the species, and boost winter tourism, Mongolia is set to host a reindeer festival in Tsagaannuur soum on Feb. 20-21.

Approximately 80 percent of Mongolia's land is now blanketed in snow, the National Agency for Meteorology and Environmental Monitoring reported on Monday.

"As of Jan. 31, about 80 percent of the country's total territory has been covered with snow of up to 60 cm thick," the weather monitoring agency said in a statement.

Mongolia is known for its harsh winters, which are largely influenced by the Siberian high-pressure system.

Last winter, the Asian country experienced one of its most extreme cold spells in decades, with the highest record snowfall since 1975. Around 90 percent of the territory was covered in snow up to 100 cm thick, triggering a severe dzud, a natural disaster unique to Mongolia, where extreme cold and heavy snow prevent livestock from accessing food, leading to mass animal fatalities.

The severe dzud last winter resulted in the loss of millions of livestock, dealing a heavy blow to the country's herders and rural economy.

Dzud, a Mongolian term, describes a catastrophic winter in which livestock perish due to frozen or snow-covered grazing lands, threatening the livelihoods of nomadic herders.

At the end of 2024, the annual inflation rate in Mongolia was recorded at 9 percent nationwide and 9.1 percent in Ulaanbaatar City.

Breaking down the national annual inflation, 4.7 percentage points were contributed by non-food items, while 3.2 percentage points were due to the increase in food prices.

Furthermore, the preliminary balance of payments for 2024 showed a surplus of USD 622 million. According to the Bank of Mongolia, the previous year's preliminary results indicated a current account deficit of USD 2,373 million and a financial account surplus of USD 3,339 million.

Also, the M2 money supply reached MNT 43.3 trillion in December of the previous year, representing a 15.2 percent increase compared to the same period the year before. Net Domestic Assets accounted for 16.2 percentage points of the annual growth in M2 money, while Net Foreign Assets contributed 1.1 percentage points.

Banks' total loan balance increased by 35.5 percent year-on-year in December, reaching MNT 36.8 trillion. As of that month, non-performing loans stood at 5.1 percent.

The United Nations Country Team (UNCT) in Mongolia expresses its concern over the Government’s proposed decision to abolish Order No. 57 of 2019, which prohibited horse racing including preparatory races between 1 November and 1 May. This decision, announced by the Deputy Prime Minister during the Government Cabinet press meeting on 29 January 2025, effectively shifts the responsibility to local authorities to organize cultural and sports events, presumably including horse races.

The UN underscores the serious risks this poses to child jockeys and reiterates its longstanding position on protecting children from hazardous activities. The United Nations deeply regrets learning this news which is not in the best interest of the children. This may pose a fatal risk to the lives and well-being of children who are recruited or will be recruited as jockeys.

As a Member State of the United Nations that has ratified many of the core international human rights treaties, including the Convention on the Rights of the Child, International Covenant on Civil and Political Rights; International Covenant on Economic, Social and Cultural Rights, Mongolia commits to adhering to internationally recognized principles and standards in protecting and promoting children’s rights. During two consecutive decades, Mongolia’s ratification of ILO Convention No. 182 assures that all children of Mongolia now have legal protection against the worst forms of child labour that may harm children’s safety, health, or morals.

These international standards have been reflected in domestic legislation in Mongolia, including the Labour Law (2021) prohibiting the worst forms of child labour and Law on the Rights of the Child (2016) and Law on Child Protection (2024) which prohibits violence and exploitation of children.

The UN Country Team in Mongolia has earlier issued statements on the matter on 20 December 2019, and on 2 July 2021 based on the reports and observations UN human rights experts. We also sent the statements to the President, Prime Minister, and Parliament Speaker of Mongolia. Noting that horse racing is inherently dangerous to the health and safety of children, the UN Mongolia urges the Government to take, as a matter of urgency, the necessary measures in law and in practice to ensure that no child under 18 years of age is recruited as a horse jockey, at any time of the year.

The UN calls upon the Mongolian people and relevant stakeholders, including national and local governments, parents, guardians, horse owners and trainers, business enterprises, caregivers and the public, to respect Mongolia’s commitments under international human rights law. The UN in Mongolia remains committed to supporting progressive efforts by the Government of Mongolia, non-state actors, civil society organizations, and individuals to safeguard the rights of the children and to create a better world and future for all children of Mongolia.

Mongolia Motorcycles Market hits new record sales in 2024. In 2024 the market continued to fast growing hitting the sixth record in a row and sales have been 35.009 (65.8%), one of the best performance worldwide. Shineray is market leader and the XF150 is the best selling model.

Mongolia’s economy will remain robust in 2024-25, as a government-led expansion of transport infrastructure boosts mining exports. Soaring export receipts will also maintain a sound balance-of-payment position and access to international capital markets. Mongolia is positioning itself as an emerging provider of critical minerals in an attempt to court investments from Western countries, although this will not meaningfully reduce its dependence on coal exports to China in the near term.

ADB forecasts Mongolia’s economic growth at 5.5% for 2024, up from the 4.1% projected in April. Growth is expected to accelerate to 6.0% in 2025, in line with earlier projections. Continued growth is expected to be driven by expansions in the services and industry sectors, including mining. A recovery in agriculture from the sharp decline experienced in the first quarter of 2024, combined with increased government spending, should also boost economic activity next year.

In such positive environment, the motorcycles industry is fast growing and our forecast for the next decade is very interesting with a market projected to increase over 5 time from the 2020 level. The two wheeler is the best individual device for low income people and the economic growth is pushing up demand for motorcycle as in no other country in the world.

In 2024 the market continued to fast growing hitting the sixth record in a row and sales have been 35.009 (65.8%), one of the best performance worldwide.

Most of sales are concentrated within the motorcycle segment, which is growing 63.3% this year. However, scooter segment is fast growing (+320.7%) due to the rapid urbanization in place.

All top manufacturers are Chinese, with Shineray market leader and growing 136.8%.

In second place there is Dayun (+57.2%) followed by Haojue (+6.5%) and Zhujiang (+42.0%).

The top Japanese manufacturer is Yamaha (+268%), while the best European is GasGas (+6100%).

Mongolia Overview

The large central Asian nation of Mongolia is rapidly developing its economy with a to grow from 5.8 percent in 2023 to 6.2 percent in 2024 as the mining sector expands, private consumption recovers, and fiscal expansion stays strong, according to the World Bank.

In the medium term, economic growth is expected to accelerate, averaging above 6 percent in 2025-2026, driven by a substantial increase in mineral production as Oyu Tolgoi’s 2023 mining production is anticipated to more than double by 2025.

Yet, significant downside risks persist. These risks encompass lower mineral exports prompted by slower-than-expected growth in China, as well as uncertainties on coal offtake agreements. Additional risks include inflationary pressures stemming from both further domestic fiscal expansion and heightened geopolitical tension in the Middle East, potentially resulting in higher oil prices.

In the country there are 4 million citizens with a nominal GDP of US$4.947, the half of world’s average and the road infrastructures still need to be developed, while the main private transportation within the only existing metropolitan area, the capital, Ulaanbaatar, where over 1.25 million people live, is based on 2-wheelers.

The Japanese government says arrangements are underway for Emperor Naruhito and Empress Masako to visit Mongolia in early July.

Chief Cabinet Secretary Hayashi Yoshimasa announced the plan on Friday.

The Imperial Household Agency says Mongolia has repeatedly invited the Imperial couple since they met Mongolian President Ukhnaa Khurelsukh. He visited Japan in 2022 on the 50th anniversary of diplomatic relations between the two countries. They have developed a wide-ranging friendship over the years.

This will be the first visit to the country by an emperor and the fourth overseas trip for the couple since the Emperor ascended the throne in 2019.

Sources say the visit would last for about a week, and the Emperor and Empress are likely to attend a national sports festival called Naadam, which features competitions of wrestling, horseracing and others.

The Emperor visited Mongolia in 2007 when he was the crown prince. He paid a visit to a monument for Japanese people who lost their lives during Soviet internment after World War Two.

Sources say there is a plan for the couple to visit the monument, as Japan marks 80 years since the end of the war this year.

A Mongolian sumo wrestler has been promoted to the sport's highest rank in a ceremony on Friday.

Hoshoryu, real name Sugarragchaa Byambasuren, became the 74th yokozuna, or grand champion, after winning a major tournament last week.

To become a yokozuna, the wrestler must not only achieve great sporting success but also display good conduct and be approved by a board of judges.

Hoshoryu's uncle Asashoryu, a former yokozuna who was known as the bad boy of sumo, was forced to quit the sport in 2010 after breaking a man's nose in a drunken brawl outside a nightclub.

But Hoshoryu has already indicated he wants to follow a different path to his uncle, whose own ceremony took place 22 years ago to the day.

"I want to act properly as a yokozuna and do my best," he said.

Around 3,500 fans arrived at the Meiji Shine in Tokyo to see the 25-year-old complete a number of rituals to receive his new title.

He was handed a white rope belt worn by yokozuna, which he put on for his ring-entering ceremony.

During this, he clapped his hands, stamped his feet and sat in a low crouch for several minutes as the crowd applauded.

"I practised a lot but I was still more nervous than I expected," he said.

"I think I did it properly though."

Unlike other ranks, a yokozuna cannot be demoted and is expected to retire if their level of sumo decreases.

Multiple wrestlers can hold the rank at any given time, but Hoshoryu will stand alone at the top after the last remaining grand champion Terunofuji, 34, announced his retirement earlier this month.

His appointment has avoided the sport having no grand champion for the first time in more than 30 years.

Mongolians have dominated sumo for the past 25 years.

Since the turn of the century, six of the seven wrestlers promoted to yokozuna hailed from the Asian country.

Japan's only new champion during that period, Kisenosato, held the rank for less than two years.

"Mongolians do so well because their national wrestling style, Bokh, is very similar," Rob Ó Néill, president of the British Sumo Federation, told the BBC.

In Bokh, fighters rely on leg sweeps, which are legal in sumo but were uncommon until the wave of Mongolian fighters turned professional.

"It was like a kickboxer fighting a boxer," Mr Ó Néill said.

Although the Japanese fighters have improved at defending these moves, they are a fundamental part of the Mongolian fighting philosophy in a way they are not in Japan.

Sumo is a highly traditional sport that takes time to adjust.

Another reason behind the success of the Mongolians is that they start wrestling from a very young age.

"They're also absolutely huge guys," Mr Ó Néill added.

Unlike other combat sports, professional sumo does not have weight categories.

To be a professional, fighters must eat, sleep and train with one another in a type of training hall called a stable.

There are currently around 40 stables officially recognised by the Japan Sumo Association.

"It's their entire way of life from when they join to when they retire," Rob said.

Restaurants serving chanko, a type of stew eaten in vast quantities by the wrestlers, are often opened by former fighters near stables.

Each is only allowed to train one foreign wrestler, and as Japan is the only country with professional sumo, the majority of fighters are homegrown.

The winner of the men's amateur Sumo World Championships, which fields competitors from almost 90 countries, is invited to join a stable.

The historical Capital City of the Great Mongol Empire, Kharkhorum, is set to be revitalized, aimed at preserving the national history, cultural heritage of Mongolia, and nomadic civilization while promoting sustainable tourism, ensuring balanced regional development, and creating environmentally friendly and comfortable living conditions for residents. On December 20, 2024, the Government of Mongolia submitted a draft Law on Planning, Development, and Promotion of Kharkhorum City, along with accompanying legal and resolution proposals that were finalized and approved during the plenary session of the State Great Khural of Mongolia on January 23, 2025.

The Law establishes the legal framework for the planning, construction, and sustainable development of Kharkhorum City, including provisions for delegating certain municipal functions to private entities, integrating advanced information technologies into the city’s development as a “smart city,” and ensuring transparency in urban management and development efforts.

The law incorporates the requirements for urban planning and the principles to be adhered to in city development, which represent its distinctive regulatory features. In particular:

Encouraging diverse, sustainable tourism based on the city’s historical and cultural landmarks, archaeological sites, tangible and intangible cultural heritage, natural features, and nomadic civilization;

Ensuring that urban planning, development, and operations align with the common rights and interests of residents by providing equitable access to social services, fostering a humanitarian and multi-centered urban system;

As defined by the General Development Plan, a minimum of 50 percent of urban residential areas must be allocated for green spaces;

Enabling residents to access schools, kindergartens, social, cultural, and healthcare services, as well as recreational areas, public transport stops, green parks, and retail centers within 300 to 800 meters of their place of residence, based on the purpose of regionalization and population density;

Promoting balanced regional development by aligning the city’s development with the regional concept and supporting the economic growth of the Khangai region to enable its independent development;

Encouraging the adoption of energy-efficient and environmentally friendly technologies;

Establishing designated spaces for the use of unmanned aerial vehicles (drones).

Mongolia has joined GBIF as an Associate Participant, marking a significant step in expanding representation of the GBIF network in Asia.

Demberel Sodnomsambuu of the Mongolian Academy of Sciences signed the GBIF Memorandum of Understanding on behalf of the Mongolian government. Operating within its role as an autonomous centre for the development of Mongolian science and technology under this agreement, Mongolian Academy of Sciences will host the national node that supports GBIF-related engagement of the country's institutions around biodiversity data mobilization, use and capacity development.

Mongolia joins Uzbekistan and Tajikistan in the region, which joined in 2020 and 2021 respectively, and is the 65th member state worldwide. Recent engagements at the Asia regional nodes meeting in the Republic of China and the Biodiversity data in montane and arid Eurasia symposium in Kazakhstan proved pivotal in Mongolia's decision to join the network.

"Improving the quality and accessibility of biodiversity data has long been a critical need in our decision-making," said Gantulga Davaakhuu of Mongolian Academy of Sciences' Institute of Biology. "Joining the GBIF network will be instrumental in enhancing our skills and capacity to support evidence-driven policies, conservation efforts, and research, both nationwide and within our Central Asian network."

Bordering both the Russian Federation and the Republic of China, Mongolia encompasses more than 1.5 million square kilometres of predominantly mountainous and desert landscapes. Biodiversity data coverage for this vast country has been limited, with less than 730 thousand occurrence records about Mongolian biodiversity having been mobilized to GBIF to date. However these records are attributed to more than 660 datasets across 246 countries, indicating widespread potential for additional biodiversity data mobilization efforts.

"Mongolian biodiversity is magnetic and unique in representation of strictly continental biotopes, including mountains and forests, and famously, steppes and deserts," said Dmitry Schigel, Scientific officer at the GBIF Secretariat. "For many biologists, Mongolia is a paleontology hotspot; participation in GBIF opens a new chapter in digital discoverability of the country’s research and data."

The two largest datasets containing records from Mongolia are the Cornell Lab of Ornithology's eBird Observational Data and the Database of invertebrates collected in Mongolia from the Hungarian Natural History Museum, together representing more than 327,000 occurrence records.

Currently, the only dataset available from a Mongolian organization comes from the

Mongolia Natural History Museum, which contains a sample of its specimen records. Notably, datasets hosted by the Korean Biodiversity Information Facility, the South Korean national node of GBIF, also represent more than 109,000 records from Mongolia, making them the second-largest publisher of Mongolian data behind eBird.

Records from from the Mongolian Natural History Museum have supported findings across a diverse body of 142 peer-reviewed articles as well as The plants that feed the world, a recent United Nations report on the conservation and use of plant genetic resources for food and agriculture.

WASHINGTON, DC and ULAANBAATAR, MONGOLIA - Media OutReach Newswire - 24 January 2025 - The U.S. International Development Finance Corporation (DFC) has received approval from its Board of Directors on a $150 million landmark financing to the Mongolian Mortgage Corporation (MIK), advised by Delphos, the global financial advisory firm.

This transformative deal will see the DFC acquire $150 million of mortgage-backed securities, managed by MIK, enabling local commercial banks to create new and affordable mortgages. The ultimate goal is to increase homeownership opportunities for thousands of low-and middle-income families in Mongolia. The approval represents the largest Mongolian financing in the history of the DFC, and its predecessor agency OPIC.

Additionally, the transaction marks a significant leap forward in MIK's promotion of housing affordability and improving living standards for Mongolians, many of whom reside in informal housing settlements. The financing aligns with broader efforts to address Mongolia's urban challenges. Ulaanbaatar, the country's capital, is home to close to 50% of Mongolia's rapidly growing population, 60% of which still reside in informal settlements lacking basic infrastructure and access to social services.

Mongolia's urban transformation is the perfect time to invest in housing development. Delphos is committed to creating a meaningful impact at this crucial juncture, aligning with UN Sustainable Development Goal 11, which aims to make cities and human settlements inclusive, safe, resilient, and sustainable. Affordable mortgages will help transition many families into formal housing, accelerating urban development and fostering economic stability.

Delphos served as the exclusive advisor on this transaction. Delphos will continue to support MIK through to the transaction's financial close.

Delphos' Chairman and CEO, Bart Turtelboom, noted that

"MIK is a systemically important financial institution within Mongolia. We are proud to support our client and appreciate their trust. We are excited to support Mongolia's robust financial services industry and urban development, helping to create a meaningful impact through this deal.

Gantulga Badamkhatan, CEO of MIK added:

"We are excited to partner with US DFC on this transformative financing. This landmark transaction with its innovative structure will pave the way to catalyzing private sector capital into Mongolian mortgage market. We appreciate Delphos' market-leading advisory work in structuring and arranging the transaction on our behalf. This financing will be pivotal for our continued growth and impact, and we look forward to reaching financial close soon."

The partnership reaffirms DFC's commitment to fostering inclusive economic development and highlights Mongolia's potential as an emerging market for impactful investments. For Delphos, the transaction reinforces its position as a trusted advisor in mobilizing capital for frontier markets.

This deal underscores Delphos' expertise in private emerging markets, especially for financial institutions. This is also Delphos' latest successful transaction in Mongolia. Since 2022, Delphos has advised Bogd Bank on nearly USD 40M in multiple international financings.

Delphos has served as the exclusive financial advisor on the deal, leading all aspects, from initial market distribution to financial structuring and negotiations.

This is Delphos' second financial services deal in Mongolia. Since 2022,, Delphos has arranged nearly USD 40M in international financings for Bogd Bank. Delphos will continue to support the Mongolian Mortgage Corporation until its financial close this quarter.

Capital raising: USD 150 Million

Sectors: Mortgages, Affordable Housing

Impact:

More affordable mortgages for housing

Ulaanbaatar's population goes from informal housing to formal housing

Higher living standards

Hashtag: #Delphos

The issuer is solely responsible for the content of this announcement.

About Mongolian Mortgage Corporation (MIK)

MIK is dedicated to enhancing access to affordable housing in Mongolia through innovative financial solutions that promote homeownership and economic development.

About DFC

U.S. International Development Finance Corporation (DFC) is a modern, consolidated agency that combines the capabilities of OPIC and USAID's Development Credit Authority while introducing new and innovative financial products to better attract private capital to the developing world. The U.S. will have more flexibility to support investments in developing countries to drive economic growth, create stability, and improve livelihoods.

About Delphos

Delphos is the financial advisor in frontier markets for NBFI and development companies and projects. They specialize in raising long-term, competitively priced capital for corporates, fund managers, developers, SMEs, sovereigns, and entrepreneurs worldwide. Since 1987, Delphos has been responsible for more than $20 billion in development finance to support the efforts of over 1,200 companies. Delphos provides market-leading transaction advisory and investment/risk management consulting services to government and private sector clients across multiple industries. Today, they advise AfDB, DFC, IDB Invest, IFC, USAID, US Ex-Im Bank, USTDA, WBG, leading private equity firms, infrastructure developers and strategic investors, and foreign governments and utilities. Delphos is a global financial advisory firm specializing in frontier and emerging markets. It has a 38-year track record of delivering impactful capital-raising solutions for non-bank financial institutions.