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Happy Monday!  September ushers in autumn's chill across Mongolia, with daytime temperatures remaining mild while nights grow frigid, especially in the north. For expats in Mongolia, this seasonal change is hard to miss, as the air grows sharper and the landscape transforms. Meanwhile, nomadic Mongolians are in full gear preparing for the harsh winter ahead reinforcing their yurts, stockpiling supplies, and readying their livestock. The nomadic hustle before winter is no joke. It’s the real deal! 🔥 

Today’s newsletter in 3 sentences…

• 🤓 Economic Data For The First 8 Months

• 🤩 Mongolia’s National Book Festival: A Vibrant Book Celebration

• 🇰🇿 Invescore NBFI’s Expansion in Kazakhstan.

Gear up!

MARKET

• Bank Of Mongolia Lowers Interest Rate By 1 Percentage Point To 10%. 

• In The First Half Of 2024, Non-Performing Loans Drop Below 5.9%,  Marking A Positive Indicator Not Seen In The Past Decade. 

• Foreign Debt Increases 5.4% Year-On-Year To $35 Billion. 

• Annual inflation reaches 6.5% in August. 

📚 Read More! Mongolia’s National Book Festival

The Fall National Book Festival, held last weekend, adds another vibrant chapter to Mongolia's rich literary tradition. Since its debut in 2007, the festival has transformed from a modest gathering of 80 people into a major cultural event, now celebrated nationwide in both autumn and spring.

🎪 A Literary Wonderland

Held in the heart of Ulaanbaatar at Sukhbaatar Square, the festival features over 300 tents where book enthusiasts, publishers, and authors gather for three days of literary immersion. With more than 200 publishers and 300 authors, including distinguished guests from 10 countries, the festival offers a diverse array of activities, engaging over 30,000 attendees each year.

🫂 A New Generation of Readers

The festival’s popularity continues to surge, with more than 180,000 visitors from Mongolia and abroad flocking to the event annually. Research shows that 95% of attendees purchase books, with 83.3% buying multiple volumes. Remarkably, 75.4% of participants are young people aged 15 to 35, including nearly half who are elementary school students, highlighting the festival’s role in cultivating a new generation of readers.

🤵 Government Endorsement and Support

The Mongolian government demonstrates its commitment to literature by setting the goal of becoming the "Book Capital of the World" in 2011. The festival is officially recognized as "National Book Day" by presidential decree in 2012, and in 2021, it was enshrined in law by Parliament, ensuring continued national support and growth. Let’s take a glimpse of the book market in Mongolia.👇 

🔢 By the Numbers

Overall, 30% of all books sold are imported, with one-third of these being children’s books. Annually, between 750,000 and 900,000 books are sold at an average price of ₮15,000 each, resulting in approximately ₮10 billion spent on books each year.

Mongolia has an abundant literacy heritage. The Fall National Book Festival is more than just a celebration of books, it’s a testament to Mongolia’s deep-seated literary heritage and its ongoing commitment to fostering reading and cultural exchange. As the festival continues to grow, it not only champions literacy but also serves as a dynamic platform for cultural dialogue, reflecting Mongolia’s vibrant and expanding literary landscape.

🇰🇿 InvesCore NBFI in Kazakhstan

YEAY! 🎉 InvesCore NBFI (INV), a top-tier Mongolian non-banking financial institution, establishes a presence in Kazakhstan. 

💪 Expansion of INV

At the last April shareholders' meeting, the company mentioned that it was working to expand its operations into Kazakhstan and was awaiting approval from the Central Bank. Their goal has now been achieved.

• 🗺️ In Central Asia: Specifically, the company established a subsidiary, InvesCore Finance, in Kazakhstan, and its operations commenced on September 14. As a result, InvesCore NBFI has expanded its operations in Central Asia by having 4 branches in Kyrgyzstan and 1 branch in Kazakhstan.

• 🗾 Locally: Additionally, InvesCore NBFI has opened new branches in Darkhan and Sonsgolon during the first half of this year, expanding its reach to Darkhan and Erdenet, a suburb of Ulaanbaatar.

• ❔ What will be the result? Overall, this expansion will benefit InvesCore by increasing its operations, revenue, and profit margins. In the first half of this year alone, the company's net loans increased by 67% compared to the previous year, reaching ₮590 billion. This growth is also influenced by the expansion into Kyrgyzstan. Consequently, the amount of loans granted to Central Asia will likely increase in the future.

🤔 Why Kazakhstan?

Kazakhstan's population is 5.9 times larger than Mongolia's, with 20.6 million people. Moreover, it ranks 49th globally and first in Central Asia in terms of gross domestic product. Therefore, InvesCore NBFI is expanding into a significant market. Additionally, Kazakhstan has set a goal of attracting $25.5 billion in foreign investment by 2026 and is offering favorable tax conditions and infrastructure support to foreign companies in certain free zones. This makes it advantageous for companies like InvesCore NBFI that are entering the country's market.

• 📈 How to work? There are currently 221 NBFIs operating in the country, and the InvesCore Finance subsidiary will introduce advanced technology and efficient services to compete with them.

Finally... As one of the few companies that have successfully expanded since their IPO, InvesCore NBFI will continue to grow. Mongolian experts will also be working in Central Asia in significant numbers. Accordingly, as InvesCore NBFI's profits and income increase, the profit per minority shareholder will also rise.

⭐ Selected for you

ECONOMY & BUSINESS

• EBRD Extends First Sustainability-Linked Loan To MCS Coca-Cola. (EBRD)

• Copper-Nickel Focused Exploration Advancing At Sant Tolgoi Project. (FinancialPost)

POLITICS

• South Korea, Mongolia To Discuss Economic Partnership Deal. (KBSWorld)

• US, Mongolia Discuss Cooperation In Defense Sector. (AKIPress)

• ICC Prosecutor Responds To Mongolia's Refusal To Arrest Putin. (MSN)

• Mongolia Elects As A Member Of The Executive Council of The Association of Asian Election Authorities Once Again. (GoGo)

• Chair Of The NATO Military Committee Visits Mongolia. (NATO)

• Mongolia Will Own 10% Preference Shares In Orano Mining. (News.mn)

SPORTS

• Over 100 Athletes From Mongolia Take Part In Fifth World Nomad Games. (AKIPress)

• Fiba 3x3 World Cup 2024 Kicks Off In Ulaanbaatar. (UNIndia)

CULTURE & LIFESTYLE

• An Affordable Nomadic Home Design Struggles to Adapt to Urban Life. (Bloomberg)

• Oyu Tolgoi’s First-Ever Underground Art Exhibition At 1,256 Meters Depth. (InsideMongolia)

• Mongolian Site Wins Green Flag Award With “Stunning” Ulaanbaatar Park. (GreenFlagAward)

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Publisher: Ts.Ankhbayar
Writer: M.Khulan, Skh.Angirmaa
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.