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Good morning! With Naadam around the corner, Mongolia is gearing up for a nationwide 10-day holiday starting next week. This year, excitement peaked fast, Naadam tickets sold out in just 5 minutes. Did you manage to grab yours? Either way, enjoy the holiday season and make the most of the long break! 🇲🇳

What’s inside today’s edition…

• 🏛️ Government & Rio Tinto Deal

• 💰 Foreign financial players rush into Mongolia

• 🤑 Inside lawmakers’ wealth disclosures

We’ve got a lot to cover, so let’s get moving. 🐐

MARKET

BOM: E.Anar appointed as First Deputy Governor of the Bank of Mongolia.

GOV: Following negotiations between the Government of Mongolia and Rio Tinto, the interest rate on the project’s shareholder loan was reduced from 10.5% to 7.9%, with dividend payments also expected this year.

ADB: Golomt Bank (GLMT) receives $64 million in financing from the Asian Development Bank, launches new “Green Household” consumer loan product. 

DBM: After an 8 year absence, the Development Bank of Mongolia (DBM) returned to the international bond market with a $500 million 5 year offering.

🏃🏻 Mongolia Opens Doors as Foreign Financial Players Rush In

This year, Mongolia’s financial sector has seen significant developments, with international players expressing strong interest and some already taking concrete steps to enter the market.

🚀 Recent Moves by Global Players

In recent months, Singapore’s Phillip Capital submitted a request to open an office during the “Unlock the Mongolian Economy” investment meeting. Hungary’s OTP Bank formally submitted a letter of intent to establish a branch. South Korea’s Kakao Bank named Mongolia its third overseas market and entered a strategic partnership to invest in local neobank Mbank. The Eurasian Development Bank approved potential expansion to 11 new countries, explicitly including Mongolia.

📜 Policy Breakthrough

The key catalyst is the 2023 Law on Specialized Investment Banking. The legislation created a clear pathway for foreign institutions to engage in investment banking, securities, corporate finance, and advisory services without needing a full retail banking license, significantly lowering entry barriers.

• 🤝 Government’s Active Push: Prime Minister N.Uchral’s government has also actively promoted foreign investment through direct engagements with global banks and financial groups, signaling strong political support and boosting investor confidence.

💰 Economic Growth and Market Needs

Mongolia’s banking sector remains concentrated, and authorities aim to increase competition while attracting foreign capital and expertise to modernize services, particularly digital banking and fintech. Robust economic growth, driven by the copper mining boom, is generating demand for project financing and corporate banking solutions.

• Banks and institutions from Singapore, South Korea, Hungary, and multilateral bodies see Mongolia as an attractive frontier market with improving conditions and untapped potential.

Overall… The combination of new legal frameworks and proactive government efforts is encouraging foreign financial institutions to explore and enter Mongolia. If sustained, this trend could mark a turning point in the country’s financial integration and economic diversification.  

⭐ Selected for you

ECONOMY & BUSINESS

• Parliament Passes Business Freedom Law in 29 Day. (GOV)

• Chinggis Khaan SWF Named Among Global SWF's Most Improved Institutions. (GlobalSWF)

• MIAT Plans Acquisition of 10 Aircraft Through Lease Financing. (CHAvaition)

• Mongolia's Housing Reform Needs a Balance-Sheet Test. (Blacswan)

• gmobile to Introduce Starlink  Mobile Service in Mongolia. (gmobile)

• China, Mongolia Central Banks Renew Bilateral Currency Swap Agreement. (Reuters)

• The State Budget Recorded an Almost $280 Million Deficit in 2025. (ANN)

POLITICS

• South Korean President and First Lady to Attend Naadam Festival Opening Ceremony During the State Visit. (InsideMongolia)

• Mongolia Bans Under-18s from Operating Electric Vehicles. (AzerNews)

• Mongolia: Geopolitics of Balancing. (HungarianConservative)

• The Government of Canada Announces Expanded Air Transport Agreement Between Canada and Mongolia. (GovernmentofCanada)

• Mongolia Adopts Climate Change Law. (MECC)

CULTURE & LIFESTYLE

• Mongolia Issues Heatwave Warning. (XinhuaNews)

• Why ‘Jaadugar: A Witch in Mongolia’ Could Be 2026’s Most Fascinating Historical Anime. (IndieWire)

• Mongolian Eco-Lodge Invites 5 Local Creatives to Make Art in the Gobi Desert. (MyModernMet)

🤑 Inside the Net Worth of Mongolia's Lawmakers 

A large majority of Mongolia's lawmakers reported substantial personal wealth in their latest financial disclosures, with 110 of the 126 members of parliament or 87% declaring assets worth more than ₮1 billion.

• 👀 According to the 2025 financial disclosures, the average total wealth held by members of parliament rose to ₮5.4 billion, up 8.7% from ₮4.9 billion the previous year. The increase was driven primarily by stronger domestic bank deposits and receivables, even as reported income declined.

📈 Wealth Shifts Toward Financial Holdings

Domestic bank deposits increased by an average of ₮257 million, reflecting higher cash holdings among lawmakers. Receivables also rose by ₮141 million on average, suggesting increased lending activity or business-related claims. Real estate holdings grew by ₮161 million, indicating continued investment in property.

• 🤔 In contrast, average reported income fell by ₮140 million. Family income, however, increased by ₮30 million, partially offsetting the decline in personal earnings. Other categories, including vehicles, land, livestock, and valuables, remained broadly stable, with only minor changes recorded.

In short, the data suggests lawmakers are accumulating wealth increasingly through financial holdings and asset growth, rather than through salaries or direct income. The trend has drawn public attention amid ongoing debates over transparency and the sources of lawmakers' wealth.

🏢 Company Ownership Remains Concentrated

Furthermore, several lawmakers also reported significant business interests. B.Choijilsuren disclosed ownership stakes in 45 companies, followed by Ch.Nomin with 31 companies and B.Tuvshin with 21 companies, according to the latest financial disclosures.  

Finally… The latest financial disclosures come amid continued scrutiny of lawmakers’ finances, a pattern seen in many countries where elected officials report significant income and assets. In Mongolia, members of parliament earn a base salary of around ₮5.7–₮7 million per month. While some enter politics with established business backgrounds, others report limited prior business activity, which has fueled public debate over how financial positions evolve during time in office.

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ts.Tselmeg

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.