The Mongolian Economy and Financial Markets

Chart Pack 2021 - 1st quarter

Bank of Mongolia Research and Statistics Department The Mongolian Economy and Financial Markets

Contents

Graphs 1 World Economy 2 Mongolian Economic Growth 3 Mongolian Inflation 4 Household Sector 5 Business Sector 6 Credit and Money 7 Labor Market 8 Regions and Industries 9 Government 10 Commodity Prices 11 Interest Rates 12 Stock Markets 13 Bonds 14 Exchange Rates 15 Offical Foreign Exchange Reserves 16 Banking Indicators 17 Foreign Trade and Commodity Prices 18 Balance of Payments 19 International Investment Position 20 Foreign Direct Investment 21 Foreign Portfolio Investment 22 External Debt

BANK OF MONGOLIA 1.World Economy

GDP growth-World (%, YoY) GDP growth-China (%, YoY)

18 World 18 Major trading partners (China, Russia)

15 15 15 15

12 12

9 9 10 10

6 6

5 5 3 3

0 0

0 0 3 3

6 6 5 5

9 9

2004Q1 2008Q2 2012Q3 2016Q4 2021Q1 2004Q1 2008Q2 2012Q3 2016Q4 2021Q1

GDP growth-Advanced economies (%, YoY) GDP growth-Developing economies (%, YoY)

USA Advanced economies 5.0 Euro area 5.0 Developing economies Japan 10 Developing Asian economies 10

2.5 2.5 8 8

0.0 0.0 6 6

2.5 2.5 4 4

5.0 5.0 2 2

7.5 7.5 0 0

10.0 10.0 2 2

12.5 12.5

4 4

15.0 15.0

2004Q1 2008Q2 2012Q3 2016Q4 2021Q1 Y2000 Y2005 Y2010 Y2015 Y2021Q1 1.World Economy

Inflation-Advanced economies (%, YoY) Inflation-China, Russia (%, YoY)

USA Russia 5 Japan 5 China Euro area 15.0 15.0

4 4 12.5 12.5

3 3 10.0 10.0

2 2 7.5 7.5

1 1 5.0 5.0

0 0

2.5 2.5

1 1

0.0 0.0 2 2

2004Q1 2008Q2 2012Q3 2016Q4 2021Q1 2004Q1 2008Q2 2012Q3 2016Q4 2021Q1

Unemployment rate (%) Wage growth (%, YoY)

USA USA Euro area Japan Japan 15 15 12 12

10 10 10 10

8 8 5 5

6 6 0 0

4 4

5 5

2 2

2004Q1 2008Q2 2012Q3 2016Q4 2021Q1 2004Q1 2008Q2 2012Q3 2016Q4 2021Q1 1.World Economy - China

Fixed asset investment Manufacturing PMI (index) Industrial production (%, share of GDP) (%, share of total capital expenditure) Retail price growth (%, real, annual) 36 36 58 30 32 32 56 24 28 54 28 18 24 52 24 12 20 50 20 6 16 48 16 0

46 12 6 12 44 8 12 8 42 4 18 4

2005Q1 2009Q1 2013Q1 2017Q1 2021Q1 Y2000 Y2005 Y2010 Y2015 Y2021Q1 Y2000 Y2005 Y2010 Y2015 Y2021Q1 2012Q1 2014Q2 2016Q3 2018Q4 2021Q1

Total social financing (%, share of GDP) Finance (%, share of GDP) Production (index) Production (index)

Total social financing Budget balance Electricity Cement 18 Unprocessed iron Plate glass 225 260 195 15 240 210 180 12 220 195 165 9 200

180 6 180 150

165 3 160 135

150 0 140 120

3 120 135 105 100 6 120

2004Q1 2008Q2 2012Q3 2016Q4 2021Q1 2004Q1 2008Q2 2012Q3 2016Q4 2021Q1 2008Q1 2011Q2 2014Q3 2017Q4 2021Q1 2008Q1 2011Q2 2014Q3 2017Q4 2021Q1 2. Mongolian economic growth

GDP growth (%) Contributions to GDP growth (%)

20 20 50 50

15 15 40 40

10 10 30 30

5 5 20 20

0 0 10 10

5 5 0 0

YoY, cumulative quarter from beginning of the year 10 10 YoY, by quarter 10 10

2004Q1 2008Q2 2012Q3 2016Q4 2021Q1 GDP Consumption Government Investment Export Import expenditure

Mining GDP growth (%) Non-mining GDP growth (%) 60 60 YoY, cumulative quarter from beginning of the year YoY, cumulative quarter from beginning of the year YoY, by quarter 25 YoY, by quarter 25

40 40 20 20

15 15

20 20

10 10

5 5 0 0

0 0

20 20 5 5

2004Q1 2008Q2 2012Q3 2016Q4 2021Q1 2004Q1 2008Q2 2012Q3 2016Q4 2021Q1 3. Mongolian Inflation

Inflation (%, estimated by CPI) Core inflation (%, YoY)

Annually 35 Core inflation 35 Quarterly Inflation 30 30 30 30

25 25

20 20

20 20

15 15 10 10

10 10

0 0 5 5

0 0

2007Q1 2010Q3 2014Q1 2017Q3 2021Q1 2007M1 2010M7 2014M1 2017M7 2021M3

Import inflation (%) Non-import inflation (%) 35 35 Annually Annual 30 Quarterly 30 Quarterly

30 30

25 25 25 25

20 20 20 20

15 15 15 15

10 10 10 10

5 5 5 5

0 0

0 0

5 5

2007Q1 2010Q3 2014Q1 2017Q3 2021Q1 2007Q1 2010Q3 2014Q1 2017Q3 2021Q1 4. Household Sector

Household consumption (%, real, YoY) Household debt (ratio, share of GDP)

60 Disposable income 60 Depository corporations outstanding loan/GDP Consumption

25 25 50 50

40 40 20 20

30 30

20 20 15 15

10 10

10 10

0 0

10 10 5 5

Y2000 Y2005 Y2010 Y2015 Y2021Q1 Y2000 Y2005 Y2010 Y2015 Y2021Q1

Housing price index Individual mortgage loan

General index Mortgage loan outstanding (left, billion tugriks) 15 15 5,000 100 New house index Total number of borrowers (right, thousands of people) Old house index

10 10 4,000 80

5 5

3,000

60 0 0

2,000 5 5 40

10 10 1,000

20 15 15 0

2015M1 2016M7 2018M1 2019M7 2021M3 2008M1 2011M4 2014M7 2017M10 2021M3 5. Business Sector

Business investment (%, share of GDP) Business investment components (%, share of GDP)

Capital 72 72 60 Inventories 60

64 64 50 50

56 56 40 40

48 48 30 30

40 40 20 20

32 32 10 10

24 24

0 0 16 16

10 10 8 8

2005Q1 2009Q1 2013Q1 2017Q1 2021Q1 2005Q1 2009Q1 2013Q1 2017Q1 2021Q1 6. Credit and Money

Broad money and credit growth (%, YoY) Total credit (%, share of GDP)

Broad money, M2 100 Credit 100 55 55

80 80 50 50

60 60

45 45 40 40

20 20 40 40

0 0 35 35

20 20

30 30 40 40

2000M1 2005M4 2010M7 2015M10 2021M3 Y2005 Y2009 Y2013 Y2017 Y2021Q1

Monetary aggregates growth (%, YoY) Credit growth by sector (%, YoY) 100 100 Currency issued in circulation Private sector M1 Individuals M2 80 80 80 80

60 60 60 60

40 40 40 40

20 20 20 20

0 0 0 0

20 20 20 20

2000M1 2005M4 2010M7 2015M10 2021M3 2005M1 2009M1 2013M1 2017M1 2021M3 6. Credit and Money

Credit growth by economic activities (%, YoY) Individual credit growth by sector (%, YoY)

Mining Consumption loan 200 200 150 150 Manufacturing Mortgage Construction Trade 125 125

150 150

100 100

100 100 75 75

50 50 50 50

25 25

0 0 0 0

25 25

2004Q1 2008Q2 2012Q3 2016Q4 2021Q1 2009Q1 2012Q1 2015Q1 2018Q1 2021Q1 7. Labor Market

Employment (thousands) Average nominal wage growth (%)

Population aged 15 and over 70 Annual 70 2,200 Labor force 2,200 Quarterly Employees 60 60 2,000 2,000

50 50

1,800 1,800

40 40

1,600 1,600

30 30

1,400 1,400 20 20

1,200 1,200 10 10

1,000 1,000 0 0

2008Q1 2011Q2 2014Q3 2017Q4 2021Q1 2004Q1 2008Q1 2012Q1 2016Q1 2020Q4

Labor market (%) Employment and Participation rates (%) 13 13 Unemployment rate Labor force participation rate Employment-population ratio 64 64

12 12

62 62

11 11 60 60

10 10 58 58

9 9 56 56

8 8 54 54

52 52 7 7

50 50 6 6

2008Q1 2011Q2 2014Q3 2017Q4 2021Q1 2008Q1 2011Q2 2014Q3 2017Q4 2021Q1 8. Regions and Industries

Regional employment (%) Regional employment (%)

Western region 70 Central region 70 Khangai region Eastern region Ulaanbaatar

70 70 65 65

65 65 60 60

60 60 55 55

50 50 55 55

45 45 50 50

2010Q1 2012Q4 2015Q3 2018Q2 2021Q1 2010Q1 2012Q4 2015Q3 2018Q2 2021Q1

Employment by industry (thousands of people) Employment by industry (thousands of people)

Agriculture Wholesale and retail trade Mining Transport Manufacturing 200 Public administration and defence 200 400 400 Construction Education

180 180

160 160 300 300

140 140

120 120 200 200

100 100

100 100 80 80

60 60

2010Q1 2012Q4 2015Q3 2018Q2 2021Q1 2010Q1 2012Q4 2015Q3 2018Q2 2021Q1 8. Regions and Industries

Regional percent share of GDP Industry percent share of GDP

30 Agriculture 30 Mining Manufacturing 60 60 Wholesale and retail trade 25 Transport 25 Service 50 50

20 20 Western region 40 40 Khangai region Central region Eastern region 15 15 30 Ulaanbaatar 30

20 20 10 10

10 10 5 5

Y2000 Y2004 Y2008 Y2012 Y2019 Y2000 Y2005 Y2010 Y2015 Y2021Q1 9. Government

Government budget balance (%, share of GDP) Government budget revenue (%, YoY)

Government budget balance 3 3

150 150

0 0

100 100 3 3

6 6 50 50

9 9

0 0 12 12

15 15 50 50

Y2005 Y2009 Y2013 Y2017 Y2021Q1 2000M1 2005M4 2010M7 2015M10 2021M3

Government budget expenditure (%, YoY) Government debt (billion tugriks) 100 100 Total 25,000 Internal 25,000 External

80 80

20,000 20,000

60 60

15,000 15,000 40 40

10,000 10,000 20 20

0 0 5,000 5,000

20 20 0 0

2000M1 2005M4 2010M7 2015M10 2021M3 2015Q1 2016Q3 2018Q1 2019Q3 2021Q1 10. Commodity Prices

Commodity price index (World Bank) Commodity price index (2003.12=100) 180 180 Energy 700 Gold 700 Precious metals Copper 160 Agriculture 160 Coal Metals & minerals 600 600

140 140

500 500 120 120

400 400 100 100

80 80 300 300

60 60 200 200

40 40

100 100

20 20

2000M1 2005M4 2010M7 2015M10 2021M3 2000M1 2005M4 2010M7 2015M10 2021M3

Export commodity prices ($/tonne, free on board basis) Terms of trade (2015.12=100)

Copper 120 Coal (right)

110 110 2,000 100

80 105 105 1,500

60

100 100 1,000

40

95 95 500 20

2003M3 2007M9 2012M3 2016M9 2021M3 2019M1 2019M7 2020M1 2020M7 2021M3 11. Interest Rates

Central bank policy rate (%) Tugriks interest rate (%)

Savings interest rate (outsanding) Credit interest rate (outsanding) 20 20

14 14

18 18

12 12 16 16

14 14 10 10

12 12

8 8

10 10

6 6 8 8

2009M1 2012M1 2015M1 2018M1 2021M3 2009M1 2012M1 2015M1 2018M1 2021M3

Interbank rate (%) Interbank real interest rate (%)

15 15 18 18

10 10

15 15

5 5

12 12 0 0

9 9 5 5

6 6 10 10

15 15 3 3

20 20

0 0

2007M1 2010M7 2014M1 2017M7 2021M3 2007M1 2010M7 2014M1 2017M7 2021M3 11. Interest Rates

Policy rates - Advanced economies (%) Policy rates - Advanced economies (%)

USA NZ Euro area 8 UK 8 6 Japan 6 Canada Sweden Switzerland

5 5 6 6

4 4

4 4 3 3

2 2 2 2

1 1

0 0

0 0

2000M1 2005M4 2010M7 2015M10 2021M3 2000M1 2005M4 2010M7 2015M10 2021M3

Interest rates - China (%) Policy rates - Developing economies (%)

1-year benchmark lending Indonesia 8 7 days repo (month average) 8 India 12 12 1-year benchmark deposit Malaysia South Korea 7 7 Thailand

10 10

6 6

8 8 5 5

6 6 4 4

3 3 4 4

2 2 2 2

1 1 0 0

2004M1 2008M4 2012M7 2016M10 2021M3 2000M1 2005M4 2010M7 2015M10 2021M3 11. Interest Rate

Policy rates - Developing economies (%) 10 year government bond yields (%) 7 7 Brazil USA Russia Germany South Africa 6 Japan 6 40 40

5 5

30 30 4 4

3 3

20 20 2 2

1 1 10 10

0 0

0 0 1 1

2000M1 2005M4 2010M7 2015M10 2021M3 2000M1 2005M4 2010M7 2015M10 2021M3 12. Stock Markets

Share price accumulation index (1994.12=100) International stock market, calculated price index (1999.12=100)

S&P 500 index (log scale) 135 USA (log scale) 135 190 Mongolian TOP-20 index (log scale) 190 China (log scale) MSCI world index (log scale) UK (log scale) 180 180 130 130

170 170 125 125

160 160

120 120 150 150

140 140 115 115

130 130 110 110 120 120

110 110 105 105

100 100

2000M1 2005M4 2010M7 2015M10 2021M3 2000M1 2005M4 2010M7 2015M10 2021M3

Mongolian stock market Divident yields

Mongolian TOP-20 index MSCI world high divident yield index Mongolian stock market valuation (right, million $) 30,000 2500

1,200 1,200

2000

20,000 1,000 1,000 1500

1000 800 800

10,000

500 600 600

0 0

2000M1 2005M4 2010M7 2015M10 2021M3 2000M1 2005M4 2010M7 2015M10 2021M3 13. Bonds

Government bond on issue in Mongolia (billion tugriks) Government bond on issue in Mongolia (billion tugriks)

Purchased by commercial banks Purchased by non-banks

700 700 140 140

600 600 120 120

500 500 100 100

400 400 80 80

300 300 60 60

200 200 40 40

100 100 20 20

0 0 0 0

2011M1 2013M7 2016M1 2018M7 2021M3 2011M1 2013M7 2016M1 2018M7 2021M3

Corporate bond on issue in Mongolia (billion tugriks) Bond on issue in international market (million $)

5 Corporate bond 5 1,000 Government 1,000 Development banks Commercial banks Corporate MMC 4 4 800 800

3 3 600 600

2 2 400 400

1 1 200 200

0 0 0 0

2011M1 2013M7 2016M1 2018M7 2021M3

2012M32012M9 2013M1 2014M12015M52015M62016M42017M32017M5 2019M22019M42020M9 2010M102010M11 2012M12 2013M12 2017M112018M10 14. Exchange Rates

Exchange rate Effective exchange rate index

3,500 MNT/USD 3,500 REER MNT/EUR NEER

120 120

3,000 3,000

100 100 2,500 2,500

80 80 2,000 2,000

1,500 1,500 60 60

1,000 1,000 40 40

2000M1 2005M4 2010M7 2015M10 2021M3 2000M1 2005M4 2010M7 2015M10 2021M3

Exchange rate U.S Dollar

MNT/RUB JPY/USD (right) MNT/JPY 1500 2.5 50 MNT/KRW (right)

1250

40 2.0 1000

30 750

1.5

500 20

250 1.0

10 0

2000M1 2005M4 2010M7 2015M10 2021M3 2000M1 2005M4 2010M7 2015M10 2021M3 15. Offical Foreign Exchange Reserves

Offical foreign exchange reserve (million $) Offical foreign exchange reserve/External debt 5,000 5,000 Official reserve assets

0.30 0.30

4,000 4,000

0.25 0.25

3,000 3,000 0.20 0.20

2,000 2,000 0.15 0.15

0.10 0.10 1,000 1,000

0.05 0.05

0 0

2006M1 2009M10 2013M7 2017M4 2021M3 2006Q1 2009Q4 2013Q3 2017Q2 2021Q1

Offical foreign exchange reserve/Total Export

2.0 2.0

1.5 1.5

1.0 1.0

0.5 0.5

Y2006 Y2009 Y2012 Y2015 Y2018 Y2021Q1 15. Banking indicators

Bank profit (billion tugriks, net profit after tax, monthly) Banks non-performing loan (%, share of total loan) 18 18 Non-performing loan Past due in arrears 16 16 300 300

14 14

200 200 12 12

10 10 100 100

8 8

0 0 6 6

100 100 4 4

2 2

200 200 0 0

2004M1 2008M4 2012M7 2016M10 2021M3 2004M1 2008M4 2012M7 2016M10 2021M3

Banks non-performing loan Banks non-performing loan (%, share of total loan) (%, share of loans by sector) Funding composition of banks (%, share of total liability and capital) 18 18 Total private sector 70 Domestic deposit 70 Private sector Individual Debt 16 Individual 16 Other 20 20 Capital 60 60 14 14

50 50 12 12 15 15

10 10 40 40

8 8 10 10 30 30

6 6

20 20 4 4 5 5

2 2 10 10

0 0 0 0 0 0

2004M1 2008M4 2012M72016M10 2021M3 2004M1 2008M4 2012M72016M10 2021M3 2004M1 2008M4 2012M7 2016M10 2021M3 17. Foreign Trade, Commodity Prices

Terms of trade index (2012.12=100) Commodity price index (2003.12=100)

TOT Gold XPI Copper MPI 450 Coal 450 110 110

400 400

350 350 105 105

300 300

100 100 250 250

200 200

95 95 150 150

100 100

90 90 50 50

2019M1 2019M7 2020M1 2020M7 2021M3 2003M12 2008M3 2012M6 2016M9 2021M3

Commodity prices ($/tonne, free on board basis) Foreign trade balance (million $)

120 Turnover Coal (right) Export Import 2000 12,500 Balance (right) 2,000 100

10,000 1000

80 1,500

7,500 0 60

1,000 5,000 1000 40

2,500 500 20 2000

0

2003M5 2007M10 2012M3 2016M8 2021M3 Y2003 Y2007 Y2011 Y2015 Y2021Q1 17. Foreign Trade, Commodity Prices

Export, by country (%, monthly, share of export) Export (million $, by sector)

100 China 100 Mining 7,000 7,000 Russia Non-mining Japan USA 6,000 6,000 80 80

5,000 5,000

60 60 4,000 4,000

40 40 3,000 3,000

2,000 2,000 20 20

1,000 1,000

0 0 0 0

2003M1 2007M7 2012M1 2016M7 2021M3 Y2003 Y2007 Y2011 Y2015 Y2021Q1

Export (%, YoY) Export (thousands tonne, quarterly) 8,000 Others Coal Cashmere Copper (right) Crude oil 400 50 Iron ore 10,000 Copper Coal 6,000 350 Changes (right) 25 8,000

300

0 6,000 4,000

250

25 4,000

200 2,000 50 2,000

150

75 0 0

Y2003 Y2007 Y2011 Y2015 Y2021Q1 2004Q1 2008Q2 2012Q3 2016Q4 2021Q1 17. Foreign Trade, Commodity Prices

Import, by country (%, YoY, share of import) Consumer goods imports (million $) 40 40 Passenger cars 1,600 Consumer 1,600 Non-durables 35 35 Durables 1,400 1,400

30 30 1,200 1,200

25 China 25 1,000 1,000 Russia USA 20 Japan 20 800 800 Germany South Korea

15 15 600 600

10 10 400 400

5 5 200 200

0 0

Y2003 Y2007 Y2011 Y2015 Y2021Q1 Y2000 Y2005 Y2010 Y2015 Y2021Q1

( $) Capital goods import (million $)

Other Capital goods Petroleum 100 3,500 Construction materials 3,500 Capital Machinery, equipment, supplies and vehicles 6,000 Consumer Changes (right, %, YoY) 3,000 3,000

50 2,500 2,500

4,000 2,000 2,000

0 1,500 1,500

2,000 1,000 1,000

50 500 500

0 0 0

Y2000 Y2005 Y2010 Y2015 Y2021Q1 Y2000 Y2005 Y2010 Y2015 Y2021Q1 18. Balance of Payments

Current account balance (%, share of GDP) Capital and financial accounts balance (%, share of GDP) 10 10

10 10 0 0

0 0 10 10

10 10 20 20

20 20 30 30

30 30 40 40

50 50 40 40

60 60 50 Current account balance 50 Trade in goods and service Net income 70 70 60 60

2006Q1 2009Q4 2013Q3 2017Q2 2021Q1 2006Q1 2009Q4 2013Q3 2017Q2 2021Q1

Balance of payments (million $) Financial account balance (million $)

Balance of payments Financial account balance Current account balance 4,000 Direct investment 4,000 2,000 Capital account balance 2,000 Portfolio investment Financial account balance Financial derivatives Errors and omissions Other investment 1,500 1,500

2,000 2,000 1,000 1,000

500 500 0 0

0 0

-500 -500 -2,000 -2,000

-1,000 -1,000

-1,500 -1,500 -4,000 -4,000

2004Q1 2008Q2 2012Q3 2016Q4 2021Q1 2004Q1 2008Q2 2012Q3 2016Q4 2021Q1 18. Balance of Payments

Service exports (million $) Service imports (million $)

Total Total Other Other Other business services 800 Other business services 800 Telecommunications Telecommunication 400 Finance 400 Finance Insurance Insurance Construction Construction Travel and tourism Travel and tourism 600 600 Transport Transport 300 300

400 400 200 200

200 200 100 100

0 0 0 0

2004Q1 2008Q2 2012Q3 2016Q4 2021Q1 2004Q1 2008Q2 2012Q3 2016Q4 2021Q1

Travel services (million $) Travel service imports, by country (%, 2019Q1-2020Q4)

40 Health-related travel 40 Australia Tourism China Education-related travel Germany 20 20 UK Japan South Korea 4.9% 5.9% 12.3% Other 0 0 Russia 2.2% 5.4% USA

20 20 17.2%

40 40

33.0%

60 60 17.3%

80 80

100 100

2004Q1 2008Q2 2012Q3 2016Q4 2021Q1 18. Balance of Payments

Prmary income (million $) Primary income (million $, investment income) 0 0

250 250 0 0

500 500

-500 -500 750 750

1000 1000

-1,000 -1,000 1250 1250

1500 1500 -1,500 -1,500 Primary income Other investment Compensation of employees Portfolio investment Investment income 1750 Direct investment 1750 Other income Investment income

Y2000 Y2005 Y2010 Y2015 Y2021Q1 Y2000 Y2005 Y2010 Y2015 Y2021Q1

Secondary income (million $) Secondary income (million $, personal transfer, average 2016-2021Q1)

Personal transfer Recieved Financial aids Transferred

250 250

200 200

150 150

100 100

50 50

0 0 10 0 10 20 30 40 50 60 Y2000 Y2005 Y2010 Y2015 Y2021Q1 19. International Investment Position

International investment position (%, share of GDP) International investment position (billion $) 100 100 0 0

0 0 10 10

100 100 20 20

30 30 200 200

40 40 300 300 Foreign assets Position Foreign liabilities Foreign assets Position Foreign liabilities

2006Q4 2010Q2 2013Q4 2017Q2 2021Q1 2006Q4 2010Q2 2013Q4 2017Q2 2021Q1

Foreign assets (billion $, by instruments) Foreign liabilities (billion $, by instruments) 0 0 Foreign assets 8 Reserve 8 Other investment Financial derivatives 7 Financial derivatives 7 10 10 Direct investment

6 6

5 5 20 20

4 4

30 30 3 3

2 2 Foreign liabilities 40 Other investment 40 1 1 Financial derivatives Portfolio investment Direct investment 0 0

2006Q4 2010Q2 2013Q4 2017Q2 2021Q1 2006Q4 2010Q2 2013Q4 2017Q2 2021Q1 20. Foreign Direct Investment

FDI position (million $, by economic sector, 2021.Q1) FDI position (billion $, by country, 2021.Q1)

FDI Debt instrument Other UK Equity and investment fund shares Agriculture South Korea Information & comms Australia Transportation, storage Singapore Real estate Netherlands Administrative

Professional, scientific Luxembourg

Accomodation USA

Manufacturing Hong Kong Other service activities Japan Construction Other Financial activities Canada Wholesale and retail trade

Mining China

0 5,000 10,000 15,000 0 2 4 6 8 10

FDI position (billion $, by instrument

25 Debt instrument 25 Equity and investment fund shares

20 20

15 15

10 10

5 5

0 0

2006Q1 2009Q4 2013Q3 2017Q2 2021Q1 21. Foreign Portfolio Investment

Portfolio investment position (million $) Portfolio investment position (million $, by country, 2021.Q1)

Assets Assets UK Liabilities Liabilities 5,000 Luxembourg

Singapore 4,000

Australia

3,000 Japan

Switzerland

2,000 Germany

Hong Kong 1,000 USA

Secondary market 0

Other

Y2011 Y2013 Y2015 Y2017 Y2021Q1 0 500 1,000 1,500 2,000 2,500

Bond on issue in international market (million $) Bond repayment (million $)

1,000 Government 1,000 1,000 Government 1,000 Development banks Development banks Commercial banks Commercial banks Corporate Corporate MMC MMC 800 800 800 800

600 600 600 600

400 400 400 400

200 200 200 200

0 0 0 0

2012M9 2013M12013M3 2014M12015M52015M62016M42017M32017M5 2019M12019M4 2021M2 2015M9 2017M12017M3 2018M12018M62019M42020M52021M4 2022M1 2023M5 2024M22024M32024M42026M4 2010M102010M11 2012M12 2013M12 2017M112018M10 2020M10 2013M10 2015M11 2017M12 2021M10 2022M12 2023M102023M12 21. Foreign Portfolio Investment

Government Foreign Bond Yields (%)

12 12

10 10

8 8

6 6

4 4

2006Q1 2009Q4 2013Q3 2017Q2 2021Q1 22. External Debt

Total external debt of Mongolia (million $) Private sector external debt (million $, by economic sector)

Direct investment: Intercompany lending Real estate activities Other sectors Mining and quarrying 20,000 20,000 30,000 Depository Corporations (except central bank) 30,000 Transportation and storage Central bank Financial and insurance activities Government Information and communication 17,500 17,500 Hotels, apartments and houses 25,000 25,000 Wholesale and retail trade Manufacturing 15,000 15,000

20,000 20,000 12,500 12,500

15,000 15,000 10,000 10,000

7,500 7,500 10,000 10,000

5,000 5,000

5,000 5,000 2,500 2,500

0 0 0 0

2004Q1 2008Q2 2012Q3 2016Q4 2021Q1 2011Q1 2013Q3 2016Q1 2018Q3 2021Q1

Public sector external debt (%, government and central bank) Total external debt (million $, by country)

CNY Other 43 countries SDR USD MNT Luxembourg AED CHF France 13.0% EUR 17.8% JPY Switzerland KRW 2.8% KWD USA SEK

Singapore 18.0%

Hong Kong

Japan 46.6% China

Netherlands

Multiple borrowers participated

0 2,500 5,000 7,500 10,000 12,500