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Mongolia Growth Group February 2014 Economic Update

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Mongolia Growth Group February 2014 Economic Update Mongolia Growth Group February 2014 Economic Update February News Highlights MONGOLIA TO SIGN INVESTMENT PROTECTION DEAL At the Cabinet meeting held last Friday, February 21, Minister of Economic Development N.Batbayar representing the Government was entrusted to sign agree- ments on the “Use of Local Currency” and “Legal Protection for Guaranteed Foreign Investments” with Multilateral Investment Guarantee Agency (MIGA). MIGA is a member of the World Bank Group to promote foreign direct investment (FDI) into developing countries to help support economic growth, reduce poverty and improve people’s lives. By establishing the above agreements, experts deem it would help to attract foreign investment into Mongolia. (Source: Cover Mongolia) WIND FARM PLANNED IN GOBI DESERT Ferrostaal Industrial Projects GmbH, a German industrial services company, will take a major stake in a 52 megawatt wind farm project planned for a remote city in Mongolia’s Gobi Desert. The $120 million Sainshand Wind Farm Project is scheduled to go online in late 2015 and will produce 190 gigawatt hours of electricity a year, the company said in a statement on its website. Ferrostaal and its local partner, Sainshand Windpark LLC, have obtained a power purchase agreement and related operating licenses, according to the statement. Mongolia anticipates that by 2020, a fifth of its energy will come from wind power. Last year Mongolia opened its first wind farm, a 50 megawatt facility at Salkhit, located about 70 kilometers (44 miles) south of the nation’s capital, Ulaanbaatar. (Source: Bloomberg) OIL AND OIL SHALE MONGOLIA 2014 “Oil and Oil Shale Mongolia 2014” an international investment conference on oil and oil shale, which is hosted by Petroleum Authority of Mongolia, will be held in Ulaanbaatar on 9-10 April 2014. This is the country’s first international investment conference on oil, gas, and oil shale. The event will be attended by international investors, oil, gas, and oil shale companies, service providers, consultancies, equipment suppliers, and traders. The country has recently revised its investment legislation with a view to make the investment environment more favorable and stable for investors. A draft of new oil exploration and production legislation is currently in parliamentary discussion and scheduled to be adopted by March 2014. (Source: Cover Mongolia) CONSTRUCTION SECTOR COMPOSES 5% OF ECONOMY, UP 2% FROM 2012 Last year, Mongolia witnessed building and installation projects with total cost of 1.4 trillion togrog. Almost half, or 44%, of these projects were engineering or infrastructure ones, and along with road paving, this kind of building (engineering) took a larger part than apartment projects in all construction jobs done in the sector. In 2013, the construction sphere composed over 5% of the economy, increasing 2% from that of 2012. (Source: Montsame) HUNNU AIR TO OPEN DIRECT FLIGHTS TO PARIS One of the civil airlines of Mongolia, the Hunnu Air LLC will open flights to Paris, France, from June 9 of 2014, expanding its destinations in Europe. The news was reported on the company’s website. The flight will be performed by Airbus A 319 twice a week to the city with one stop via technical stop in Russia. As of present, the company makes direct flights to Manzhouli and Shanghai, Hailaar of China, Hong Kong, Tokyo charter), Bangkok and Russian Ulan-Ude charter). Moreover, it performs domestic flights to Bayankhongor, Choibalsan, Dalanzadgad, Gobi-Altai, Khovd, Moron and Zavkhan. (Source: Montsame) www.MongoliaGrowthGroup.com | 1 February 2014 - Economic Update CONSUMER PRICE indicies: 2014/Feb EXTERNAL sector Month YTD YOY Ulaanbaatar 1.0 2.7 12.0 mln USD February January Change % Mongolia 0.9 2.7 12.2 Exports 594.6 321.2 85.1 Monetary indicators: 2014/Feb Imports 613.9 337.1 82.1 bln ₮ YOY % Net exports -19.3 -15.9 -21.4 Reserve money 2957.5 36.6 Source: National Statistics Office M2 Money 10027.9 36.6 MONGOLIAN TUGRIK vs US DOLLAR Interest rates 2014/Feb 2,000 Policy rate 10.5% 1,800 Overnight repo 12.5% 1,600 Overnight deposit 8.5% 1,400 Repo 11.0% 1,200 1,000 OFFICIAL EXCHANGE rates*: 02/28/2014 800 1 USD 1752.3₮ 1 EUR 2403.3₮ 600 1 CNY 284.9₮ 400 1 GBP 2932.0₮ 200 1 RUB 48.4₮ -­‐ 1 CAD 1575.1₮ Jun-­‐08 Jun-­‐09 Jun-­‐10 Jun-­‐11 Jun-­‐12 Jun-­‐13 Oct-­‐08 Oct-­‐09 Oct-­‐10 Oct-­‐11 Oct-­‐12 Oct-­‐13 Apr-­‐08 Apr-­‐09 Apr-­‐10 Apr-­‐11 Apr-­‐12 Apr-­‐13 Feb-­‐08 Feb-­‐08 Feb-­‐09 Feb-­‐10 Feb-­‐11 Feb-­‐12 Feb-­‐13 Feb-­‐14 Feb-­‐14 Dec-­‐08 Dec-­‐08 Dec-­‐09 Dec-­‐10 Dec-­‐11 Dec-­‐12 Dec-­‐13 *Mongol Bank Aug-­‐08 Aug-­‐09 Aug-­‐10 Aug-­‐11 Aug-­‐12 Aug-­‐13 FEB 28 JAN 31 MONTHLY CHANGE MSE Top 20 INDEX 16,774.1 16,011.9 -1.7% Market Cap (USD) 948,011,808 942,400,710 -6.4% MONGOLIAN StocK EXCHANGE Chart MSE TOP 20 INDEMSE X TOP 20 INDEX 35,000 35,000 30,000 30,000 25,000 25,000 20,000 20,000 15,000 15,000 10,000 10,000 5,000 5,000 -­‐ -­‐ 08.01.02 08.03.02 08.05.02 Jul-08 08.07.02 08.09.02 08.11.02 09.01.02 09.03.02 Jul-09 09.05.02 09.07.02 09.09.02 09.11.02 10.01.02 Jul-10 10.03.02 10.05.02 10.07.02 10.09.02 Jul-11 10.11.02 11.01.02 11.03.02 11.05.02 11.07.02 Jul-12 11.09.02 11.11.02 12.01.02 12.03.02 12.05.02 Jul-13 12.07.02 12.09.02 12.11.02 13.01.02 13.03.02 13.05.02 13.07.02 13.09.02 13.11.02 14.01.02 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 May-08 May-09 May-10 May-11 May-12 May-13 08.01.30 08.03.30 08.05.30 08.07.30 08.09.30 08.11.30 09.01.31 09.03.31 09.05.31 09.07.31 09.09.30 09.11.30 10.01.31 10.03.31 10.05.31 10.07.31 10.09.30 10.11.30 11.01.31 11.03.31 11.05.31 11.07.31 11.09.30 11.11.30 12.01.31 12.03.31 12.05.31 12.07.31 12.09.30 12.11.30 13.01.31 13.03.31 13.05.31 13.07.31 13.09.30 13.11.30 14.01.31 MSE TOP 20 INDEX www.MongoliaGrowthGroup.com | 2.
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