A year ago, the UB City Administration reclaimed the 2.5 hectares land at the edge of Sukhbaatar Square which had been used as a car park in breach of a contract from the UB Construction Company.

“Despite the fact that the country is in the period of heightened state of readiness in prevention of COVID-19 pandemic, the company is operating normally. Since the beginning of the year, more than 2.2 million tons of coal have been extracted, 2.1 million tons have been loaded and around 800 thousand tons have been exported. Coal price is continuing to fall in the world market and we have considered this in advance and made a risk assessment,” said M.Amarbayar, Head of the Media and Public Relations Department of ETT.

One trillion dividends to be distributed to shareholders

"ETT" JSC will start distributing dividends starting from May 1, and the company is working to cooperate with government agencies and departments including Mongolian Central Securities Depository, the Financial Regulatory Commission, the State Bank, the Information Technology Center of Custom, Taxation and Finance to handle the distribution quickly and efficiently.

The total amount of dividends to be distributed in May is set to be MNT 1 trillion. Eighty-five percent of it or MNT 199 billion 700 million will be distributed to all shareholders of ETT JSC - citizens and entities.

The company have also signed cooperation agreements with about 30 broker-dealers who want to use the ETT application and open stock accounts.

Under the Law on Offences, anyone accused of violating transport restrictions and spreading disinformation about possible risks of disasters will face fines of MNT 150,000 and organizations, caught doing the same will be fined MNT 1,500,000. As of today, a total of eight people have been charged under the law.

Separately, under the Criminal Law, anyone who deliberately spreads fake news will face from MNT450,000 to MNT 1,300,000 or 240-720 hours of social works and imprisonment of 1-3 months.

The central bank announced on Monday that it would stop buying gold starting April 1, but didn’t explain the move. Analysts say Russia already has a lot of gold stashed in reserves and likely doesn’t need more.

Plus, with gold prices near a seven-year high and international investors clamoring for a safe haven, Russian dealers are probably eager to sell. Bullion has become an extremely popular investment in recent weeks as the coronavirus sows fear through financial markets, but some dealers are having a hard time sourcing gold bars.

“The central bank is now signaling to gold sellers that they should redirect their supplies externally,” said Dmitry Dolgin, ING Bank’s chief economist in Russia. “Global demand seems to be high.”

Worldwide panic over the coronavirus outbreak and a flood of stimulus by central banks has ignited demand for the metal. But even though there are literally thousands of tons of gold bars sitting in vaults around the world, it’s been hard to get metal when and where it’s needed. Gold is usually shipped on ordinary commercial flights, which are being canceled by the thousands.

More gold coming from Russia could ease tightness in the market. Suppliers may turn to chartered flights as a way to reach key buyers, said Eduard Rybkin, deputy head of the precious metals division at Lanta Bank in Moscow.

He said there’s demand from traditional buyers like London, but also places such as India, Turkey and Singapore.

Russia’s relentless gold buying in recent years has been a key pillar of support for the market, putting a floor under prices as investors ditched safe havens and bought riskier, higher-yielding assets. The bullion stockpile held by Russia’s central bank is valued at about $120 billion.

Gold accounts for about 20% of Russian international reserves, which is a high level historically and compared with other central banks.

“The central bank probably doesn’t want to increase gold’s share in reserves, while the size of reserves is falling,” said Tatiana Evdokimova, an analyst at Nordea Bank in Moscow.

The central bank said future decisions about its gold purchases will depend on the state of financial markets, according to a statement.

(By Yuliya Fedorinova, Elena Mazneva and Anya Andrianova)

Mongolia opened its Shiveekhuren border point on Monday, a week after the country resumed coal exports to China through Gasuunsukhait border point, Finance Minister Chimed Khurelbaatar said Monday.

Khurelbaatar said he expects to fully recover deliveries of coal to China soon.

The Mongolian government in February suspended coal exports to China in a bid to prevent the spread of COVID-19 in its country.

Mongolia exported 2.9 million tons of coals to China from Jan. 1 to mid-March this year, down 47 percent from the same period last year, according to the Chinese embassy in Mongolia

Evacuation

Any other remaining EU citizens wishing to leave Mongolia will be able to do so at their own expense with charter flights operated by MIAT Mongolian Airlines to:

• Tokyo: 30 March and 3 April at 01.30 am (Narita International Airport);

• Seoul: 31 March and 2 April at 08.30 am (Incheon International Airport);

• Possible flights to European destinations to be confirmed.

For information on the possibilities of onward travel to the European Union, EU citizens are advised to contact their national authorities, the authorities of transit countries and to review visa requirements for entry and transit.

For reservation, prices and other information regarding the flight, EU citizens can directly contact MIAT Mongolian Airlines (tel.: 99001881or 88104703; Central Tower, tel.: (11)313385 99001881, or Encanto Tower, tel.: (11)322118); or AirTrans ticketing agency (City Plaza, tel.: (11)303030).

Travel

Mongolian authorities suspended the entry of all passengers through all border checkpoints until 30 April, 2020.

Subject to further implementation modalities, this restriction does not apply to:

Accredited staff and their direct family members of diplomatic missions and offices of international organisations in Mongolia (to be quarantined for 14 days upon arrival);
Foreign nationals who are direct family members of Mongolian nationals (to be quarantined for 14 days upon arrival);
International freight transport drivers and railway personnel of Mongolia, Russia and China.
This restriction entails:

Suspension of all regular passenger flights;
Suspension of international passenger train travel;
Closure of all land borders of Mongolia with China and Russia.
Public Places

Visitors to public places are required to wear a surgical facemask and can be subject to temperature screenings;
Prohibition of public gatherings, events and meetings, such as conferences, sporting events and concerts;
Closure of schools, universities, higher education institutions, kindergardens and vocational training centres, cinemas and entertainment centres until 30 April.
Quarantine

Foreigners with symptoms and those who have been to countries with confirmed cases might be subject to quarantine at a government facility on their own expense.
The information is current as of 27 March 2020.

Authorities might issue further travel restrictions, recommendations and updates.

If stranded in Mongolia, EU citizens are advised to keep regular contact with their representing Embassy, consult the travel advisory issued by EU Member States and local resources.

65.1 percent of those debts or MNT 2 trillion are held by business entities and 35 percent or MNT 546 billion are taken out by individuals. In addition, MNT 195 billion of principal payments and MNT 72 billion of interest payments out of the debt service payments due have not been made.

The central bank has been taking necessary measures to alleviate the impacts of the pandemic on the country’s banking and financial areas in line with best practices from world countries and local legislation.

On March 11, the central bank’s Monetary Policy Committee decreased the policy rate by 1 percentage point to 10 percent, lowered the reserve requirement on banks’ liabilities in togrog by 2 percentage points to 8.5 percent, and changed the range of interest rate corridor to be +1, -1 percentage points from the policy rate.

The measure, aimed to ensure economic and financial stability while keeping the inflation rate around the target rate, was expected to relieve financing costs of banks, to support financial intermediation, and to stimulate economic growth by considering the current macroeconomic and financial outlook and its prospects, main driving factors, and uncertainties and risks in the domestic and external environment.

As a result of steps taken by the central bank, interest rates by commercial bank loans are expected to go down by one percentage point and new loans totaling MNT 300-400 billion will become available for borrowers.

Upon the government's recent decision to make deferrals on consumer and business loan repayment and their interests for three months, several temporary changes were made to regulations followed by the commercial banks on their asset classifications and requirements for their operations, allowing the banks not to change their borrowers’ credit ratings caused by failures on loan repayment.

Moreover, the appropriate liquidity ratio for commercial banks was reduced to 20 percent from original 25 percent, helping them to improve their financial capacities.

Since the government’s decision on loan repayment postponement was made, commercial banks have deferred loan repayments of 1,069 individual borrowers amounting to MNT 36.6 billion and of 126 companies totaling MNT 409.8 billion, reports the central bank.

L.Nandintsetseg