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Good Morning! Last Friday, Mongolia holds local elections, and the Mongolian People’s Party celebrates a historic win. Haven’t caught up yet? Click here for a full breakdown of the results and their significance.

Today’s newsletter in 3 sentences…

• 🔺 Inflation on the rise

• 🎤 EBRD’s key strategic priorities in Mongolia for the next decade

• 💥 Mongolia’s First AI Virtual Assistant

Let’s dive deeper 🔥

MARKET

NSO: Inflation rises by 0.2 percentage points, reaching 6.7% in September.

MNG: Housing prices increase by 12.2% compared to the same period last year, with the average price of a square meter of new housing reaching ₮4.4 million.

OTC: In the OTC market, trades total ₮59.7 billion and $10,317 last week. Of this, ₮26.3 billion is traded in the primary market.

🎤 President Odile Renaud-Basso: A Vision for Mongolia's Green and Inclusive Future

During her first official visit in Mongolia, we had the opportunity to speak with Odile Renaud-Basso, the first female president of the European Bank for Reconstruction and Development (EBRD). As a prominent leader spearheading EBRD's green economy transition and inclusive growth agenda, Ms. Renaud-Basso shared her perspectives on the Bank's programs in Mongolia and its future direction. In this exclusive interview, she discusses the strategic importance of Mongolia, EBRD's efforts to foster sustainable development, and initiatives to support women entrepreneurs and drive green finance in the region.

Ulaanbaatar became the first Asian city to join the EBRD’s Green Cities program. Could you share some key achievements of this initiative in Mongolia, and how it’s improving urban infrastructure and environmental sustainability?

One of the standout achievements of Ulaanbaatar’s participation in the Green Cities program has been the improvement in waste management systems, which has benefited over 700,000 residents. The program has also supported the modernization of district heating systems, reducing energy waste and improving air quality in the city. These initiatives are making Ulaanbaatar a more sustainable, livable city by addressing its most urgent environmental challenges. XacBank, Mongolia’s most active creditor of green economy projects was the first financial institution to join GEFF in the country in September 2022. That said, XacLeasing began working with us under GEFF in 2000 and supported leases, which covered investments in technologies such as energy-efficient production machinery, agricultural irrigation, and rainwater harvesting equipment. It was the time when we introduced the Green Technology Selector, which helped identify climate-friendly technologies with the help of a consultancy team funded by the GCF and Japan.

Most recently the EBRD invested US$ 12.5 million in a green bond issuance by Khan Bank. This is the first EBRD investment in a listed green bond in Mongolia and will support the first such bond of a local commercial bank to be listed on the Mongolian Stock Exchange.

😎 Mongolia’s First AI Virtual Assistant

Are you ready to meet Mongolia’s very first AI-powered virtual assistant service? Developed by Chimege Systems, the iVA AI virtual assistant marks a significant step forward in artificial intelligence technology in Mongolia.

• FYI: Chimege Systems develops AI-driven solutions, specializing in speech recognition, understanding, and conversational interfaces in Mongolia.

🧏 Your virtual employee listens!

The company develops and launches iVA, a virtual assistant solution that integrates workspace functionality over the course of 2 years. iVA’s technology stems from the linguistic expertise and error-checking systems of Bolorsoft and 

🤷‍♀️ What can iVA do?

The AI virtual assistant continuously learns from data and communication history, understanding both Cyrillic and Latin scripts. It communicates fluently in both Mongolian and English, simulating human-like conversations.

• 🥷 Borderless Capabilities: iVA provides information across various platforms, including Facebook Messenger, Viber, email, and websites—all controlled from a single interface.

🙂‍↔️ No fatigue, no complaints, no limits.

It is estimated that 45% of global customer interactions with service organizations are for inquiries, 20% for assistance, and 15% for complaints. Virtual employees like iVA transform these interactions by reducing costs associated with salaries and training while handling FAQs with speed and precision. Companies employing AI workers see a potential 4%-8% boost in annual revenue by improving customer service.

🤵💼 AI in Executive Roles?

AI’s influence extends beyond customer service. Companies experiment with AI-driven management, envisioning AI CEOs who work 24/7, manage large workloads, make data-driven decisions, and offer significant payroll savings.

Finally, Chimege Systems’ iVA stands as not just Mongolia’s first AI virtual assistant but also a pioneering solution in Asia. iVA plans to introduce a new feature that enhances collaboration with existing AI systems, delivering faster and more accurate information. What’s next in AI innovation? Stay tuned. 🔥

⭐ Selected for you

ECONOMY & BUSINESS

• World Bank Report Spotlights Pathways To Strengthen Mongolia's Economic Resilience. (Montsame)

• Growth And Restructuring: Q&A With Mongolia’s Central Bank Governor Byadran Lkhagvasuren. (GlobalFinance)

• Finding Ways To Expand Mongolia’s Capacity To Generate Electricity. (HarvardKennedySchool)

• IMF Remains Committed to Support Mongolia through Policy Advice, Capacity Development, and Lending. (Montsame)

• ₮90 Billion EBRD Loan To Shunkhlai Holding. (EBRD)

POLITICS

• Heads Of State Of Mongolia And Turkmenistan Hold Official Talks. (President.mn)

• Mongolia Asks China To Extend 24-Hour Border Crossing After Trial Thrives. (SCMP)

• Mongolia Plants 84 Million Trees Since 2021 To Combat Desertification. (XinhuaNews)

• Russian Minister Of Science And Higher Education Visits Mongolia. (ANN)

TOURISM

• United Plans Flights To Greenland, Mongolia And Northern Spain In Search For Next ‘It’ Destination. (CNBC)

• Foreign Tourist Arrivals In Mongolia Reach Record High. (XinhuaNews)

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ch.Battseren

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.