Hey fellas! Did you catch the Winter Olympics opening? It had its share of surprises, but Mongolia’s outfit truly stood out. So much so that the Wall Street Journal highlighted it. A proud moment showing how our culture can shine on the world stage. 🤩👏

What’s inside today’s edition…

• 🏛️ New Mongolia Caucus in U.S. Congress

• ❓ If It Wasn’t in Mongolia…

• ❄️ ₮150M Ice Village Coming to Lake Khuvsgul

No Time to Waste. Let’s Get Started! 🦘

MARKET

U.S.: The Mongolia Caucus has been re-established in the 119th U.S. Congress. Representative Dina Titus, a Democrat from Nevada, and Representative John Moolenaar, a Republican from Michigan, will co-chair it.

BOM: In January, foreign exchange reserves dropped 3.8% since the beginning of this year to $6.7 billion. 

SWF: Chinggis Khaan National Wealth Fund collected ₮6.7 trillion last year, with total inflows projected to reach ₮9.6 trillion by the end of this year.

BANKING: Hungary’s OTP Bank Nyrt (OTP.BD) has formally expressed interest in operating in Mongolia, subject to amendments to Mongolia’s banking law.

🤐 If It Wasn’t in Mongolia…

Have you ever watched Marvel’s “What If?” series? Just like its name, it makes you wonder, what if the things that happen in Mongolia happened in another country? How would they change? How would they be decided?

💰🛍️ Luxury Bags That Shake Up Politics

South Korea’s ex-first lady was jailed for 20 months for bribery, her love for luxury handbags at the center of a political firestorm. She was accused of accepting a $2,200 Christian Dior bag as a gift. Ironically, a similar scandal unfolded in Mongolia last year: the ex-outside PM’s daughter-in-law carried a $5,000 Chanel handbag. Both cases started with luxury, but the endings diverged. In Mongolia, the Anti-Corruption Agency declared that the funds used by the PM’s son, O. Temuulen, were legally obtained, although the financial reports of Hero Entertainment Group, the source of the wealth, remained unclear.

😷🧑‍⚕️ Doctors’ Salaries: Worlds Apart

While luxury scandals make headlines, the everyday realities of Mongolians often go unnoticed. Doctors, among the world’s highest-earning professions, earn far less in Mongolia. Annual salaries range from $4,500–$7,800, compared to $264,000 in Switzerland and $261,000 in the USA. Even mid-range salaries in Taiwan ($123,700) or China ($92,600) dwarf Mongolia’s. Low pay remains a persistent challenge, highlighting that in Mongolia, public servants often earn the least among state-funded professions.

🤔 How Do Mining Dependent Economies Benefit Their Citizens? 

Ahead of the Lunar New Year, the government usually distributes money to ease citizens’ burdens. This time is no different, as MP S. Byambatsogt announced that the Prime Minister will soon deliver “good news” on long-discussed natural resource benefits. Remember, last year the government handed out $96 per person in 2 installments ahead of the Lunar New Year to temporarily ease household pressures. 

• Meanwhile, Kazakhstan, which is similar to us in many ways, is working to reduce its dependence on oil by ramping up exploration of rare earth elements and investing heavily. At the same time, it is addressing its energy challenges, investing $24 billion in energy modernization.

Finally… From luxury handbags to low doctor salaries and mining wealth management, Mongolia often presents scenarios that would seem extraordinary elsewhere. Yet, these realities shape daily life, politics, and public expectations, reminding us that in Mongolia, the unexpected is often the norm.

⭐ Selected for you

ECONOMY & BUSINESS

• Oyu Tolgoi’s Copper Production has Surpassed 300,000 Metric Tons for the First Time in 2025. (LemonPress) 

• Mongolian PM Invites Korean Companies to Join Infrastructure Projects. (Pulse)

• Mongolia, South Korea Trade More Than Doubles in 5 Years. (MAEILBusiness)

POLITICS

• ABC signs MoUs in Malaysia, Mongolia, and Timor-Leste. (ABC)

• Jigjidsuren Chinburen: Building Cancer Care With Patience and Honesty. (OncoDaily)

• Mongolia Builds Bridges with Kazakhstan and Australia. (Kazinform)

• Mongolia’s Ministry of Education, in Partnership with Colleges and Institutes Canada, has Officially Launched a 5-year “Skills Transition” project. (Montsame)

CULTURE & LIFESTYLE

• First Mongolian Idols in K-pop. (MAEILBusiness) 

• Mongolian: The Language Beijing Wants to Bury Alive. (BitterWinter)

• Who Designed Mongolia’s Winter Olympics Uniforms for the Opening Ceremony? (AS)

🏰 Mongolia to Build a ₮150 Million Ice Village at Lake Khuvsgul

To expand the annual Blue Pearl Ice Festival and boost tourism, organizers are creating the “Marvelous Khuvsgul” ice village, with a budget of ₮150 million. Applications for the project’s design competition will close tomorrow.

🤩 Discover the Blue Pearl of Mongolia at the Ice Festival!

First launched in 2000 to protect Lake Khuvsgul and promote winter tourism, the Blue Pearl Ice Festival has grown into Mongolia’s largest and most vibrant ice celebration since 2001. This year, the festival will be held on March 2–3, offering visitors an unforgettable winter experience.

• 🌊 Held at Mongolia’s largest freshwater lake, one of the world’s oldest at roughly 2 million years, the festival offers visitors a captivating mix of ice sculpting, horse sledding, and even ice sumo wrestling.  

• 🧊⛸️ The frozen lake transforms into a lively playground, allowing tourists to experience the ice festival alongside some of Mongolia’s rare reindeer and the traditional lifestyle of reindeer herders.

The festival’s popularity has soared in recent years. In 2024, it attracted approximately 50,000 domestic and international visitors, a fivefold increase compared to previous years.

💎 Khuvsgul: Mongolia’s Winter Tourism Gem

Lake Khuvsgul, located in Khuvsgul province, is Mongolia’s deepest lake and a top year-round destination. Recognizing its growing appeal, the government designated the region as a tourism development zone in 2024. Beyond its stunning natural landscapes, Khuvsgul is home to the Dhuka people, also known as the Tsaatan, famously referred to in Mongolia as the “people with reindeer.”

• 🦌 Reindeer are classified as vulnerable on the IUCN Red List, with approximately 2,400 animals living in Mongolia. 

Overall… Their presence, together with the lake’s natural beauty and the festival’s lively events, makes Khuvsgul a unique cultural and ecological destination, and with its untapped potential, the region could further boost Mongolia’s winter tourism.

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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.