Mongolia Weekly: Oyu Tolgoi petition sent to committees, central bank proposes bonds
October 31, 2026 to November 6, 2026 --- 1. Parliament Sends Oyu Tolgoi Payout Petition to Two Committees; Cabinet Keeps Current Law Speaker S. Byambatsogt sent Kh. Oyunbileg's petition, which gathered over 100,000 signatures and seeks about 857,000 tugriks per person, to two standing co
October 31, 2026 to November 6, 2026
1. Parliament Sends Oyu Tolgoi Payout Petition to Two Committees; Cabinet Keeps Current Law
Speaker S. Byambatsogt sent Kh. Oyunbileg’s petition, which gathered over 100,000 signatures and seeks about 857,000 tugriks per person, to two standing committees on November 5. The 3 trillion tugrik Oyu Tolgoi dividend is a 2027 projection, not money received. The Cabinet declined on November 4 to endorse President U. Khurelsukh’s cash-transfer directive and will keep current law, which routes the money to the Accumulation Fund. Most reports date the directive November 3; Finance Minister Z. Mendsaikhan dated it a day earlier. Economist Ch. Sosorbaram warned of inflation.
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From daily briefs: 2026-10-31, 2026-11-01, 2026-11-02, 2026-11-03, 2026-11-04, 2026-11-05, 2026-11-06
2. Bank of Mongolia Proposes Special Bonds for Capital Shortfall; Finance Minister Objects
Governor S. Narantsogt told parliamentary caucuses on November 2 that special government bonds should cover the Bank of Mongolia’s 4.8 trillion tugrik capital shortfall; accumulated losses are 6.9 trillion. The draft 2027 monetary policy guidelines propose 25-year bonds with a five-year grace period, cutting the deficit by 1.5 trillion tugrik a year through 2031, and warn it could reach 10 trillion by 2030 otherwise. The Finance Minister says bonds cannot close the deficit; the bank puts annual budget costs at about 0.5 trillion tugrik after 2032.
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From daily briefs: 2026-11-03, 2026-11-04, 2026-11-06
3. Prime Minister Uchral Says Any Entrée Investment Deal Would Go to Parliament
Prime Minister N. Uchral told Cabinet a separate investment agreement would be made with Entrée Resources, which holds two licenses in the Oyu Tolgoi group of deposits, and Parliament would decide it if made. He does not support principles previously discussed with the company. Under current law, Parliament could decide whether to take 34 percent or bring it in via a special AMNAT. Minister G. Temuulen must draft and secure approval of negotiating guidelines before talks; Uchral said there is no need to rush if Parliament need not act.
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From daily brief: 2026-11-05
4. Diesel Price Hits 5,700 Tugriks per Liter, Up 89.1% in a Year, Statistics Office Says
National Statistics Office data show diesel at 5,700 tugriks per liter on November 2, up 89.1 percent from 3,014 on November 3, 2025; AI-92 gasoline rose 38.7 percent to 3,592. Diesel gained 14.2 percent over the past month, AI-92 4.2 percent, with both unchanged last week. A Unuudur commentary reports queues and shortages for two to three months and some stations quoting diesel at 5,540 tugriks. The Industry and Mineral Resources Ministry says stations are raising prices, and the antimonopoly agency is monitoring them.
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From daily briefs: 2026-11-04, 2026-11-05, 2026-11-06
5. Bank of Mongolia Allows Struggling Borrowers to Restructure Income-Capped Consumer Loans
The Bank of Mongolia’s Monetary Policy Committee decided on November 3 that borrowers in financial difficulty may restructure consumer loans under the 45 percent debt-to-income cap without additional lending. Reports differ on whether terms are extended by up to 48 months or the total term is extended to up to 48 months. Banks decide case by case, so extensions are not automatic. President S. Narantsogt said rates stay unchanged but total interest paid will rise. Nonperforming capped loans reached 9.1 percent in September, up 2.7 points year on year.
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From daily briefs: 2026-11-04, 2026-11-05
6. Parliament Committees Complete Third Discussion of 2027 Budget Framework Amendments
Parliament’s Budget and Economic standing committees held a joint session on November 4, completing the third discussion of amendments to the 2027 budget framework statement; parliament must approve the budget by November 15. The draft projects 41.3 trillion tugrik revenue, 43.6 trillion spending and a 2.3 trillion deficit. MP D. Enkhtuvshin says keeping 2 trillion tugrik of Oyu Tolgoi dividend in the Savings Fund lowers the spending ceiling to 41.6 trillion. The Fiscal Stability Council found most investment projects added to the draft fail legal requirements or development policy.
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From daily briefs: 2026-10-31, 2026-11-03, 2026-11-04, 2026-11-05
7. Coal Exports Through Khangi Port Reach 14 Million Tons, Surpassing All of 2025
Coal exports through the Khangi border port reached 14 million tons as of November 1, 2026, 62.8 percent above the 8.6 million tons exported in all of 2025. Erdenes Tavan Tolgoi exported 5.7 million tons so far this year, versus 1.4 million last year; another source reports 5.8 million tonnes via Khangi. The company reported net profit of MNT 1.5 trillion through the third quarter, 50 percent above its MNT 1 trillion annual plan. For 2027, plans call for new and expanded border crossings to ease congestion and backlogs.
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From daily briefs: 2026-11-03, 2026-11-04
8. India Backs Mongolia’s Oil Refinery Project, Signals Interest in Buying Coal
Indian officials met in New Delhi on October 27 to speed construction and commissioning preparations of the oil refinery in Mongolia, financed by India’s concessional loan. Organized by India’s Ministry of External Affairs, it followed External Affairs Minister Subrahmanyam Jaishankar’s direction to step up assistance after his June 2026 visit. On November 2, Indian Ambassador Atul Malhari Gotsurve told MP J. Chinburen the project carries $1.7 billion in loan financing. He said India is interested in rare earth cooperation and buying coal; no deal was reported.
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From daily brief: 2026-11-03
9. DP Caucus Says It Has Held No Talks on Joining Government, Sets Four Budget Positions
Democratic Party (DP) caucus leader B. Tuvshin said the caucus has held no talks on cooperating with or joining the government. On the draft 2027 budget it set four positions: Oyu Tolgoi revenue stays in the Wealth Fund, not citizens or spending; adoption per the Budget Framework Statement; limited spending growth; and opposition to a provision directing 50 percent of the Local Development Fund from the central level. Forty-one MPs signed DP chair O. Tsogtgerel’s petition to dismiss the government; the DP Political Council will decide when to submit it.
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From daily brief: 2026-11-03
10. Khan Bank Draws $210 Million of $300 Million IFC-Approved Package for SME Lending
Khan Bank has drawn $210 million of a $300 million financing package approved by the International Finance Corporation (IFC) for long-term lending to micro, small and medium-sized enterprises, including women- and youth-led businesses and rural and agricultural firms. IFC supplied $130 million of its own resources, Abu Dhabi Commercial Bank and Commercial Bank of Dubai lent $70 million, and an IFC currency-risk swap covered $10 million. It is IFC’s first tugrik financing for a Mongolian commercial bank and the two banks’ first Mongolia lending under IFC’s syndicated loan program.
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From daily briefs: 2026-11-03, 2026-11-04