Mongolian modern telecommunication history started in 1898 when the first telephone communication line was laid to connect Khyahta with Da Khuree (present Ulanbator) and made the first international call in 1930. Nowadays Mongolia uses satellite service for overseas calls.
Archive for the 'Mongolian Economy' Category
The History of Mongolian communication is started 13th century. In 1234, the Mongol Empire of Chinggis Khaan set up the world’s first long-distance postal transmission system, known as “Morin urtuu” (Horse relay station). Morin urtuu continued until 1900’s. Mongolia joined the World Post Organization in 1963. The Postal Law of Mongolia was approved by the Parliament of Mongolia in May, 2003.
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Each year, Mongolia harvests 2900 tons of raw cashmere from 13 millions goats, and produces 25 percent of the total raw cashmere of world. The fiber length of Mongolian cashmere is the attribute for the premier quality cashmere products and produces yarn with the best spinning ability.
{mosimage}In Mongolia, herders hand comb goats in the spring, when the goats begin to naturally shed their cashmere undercoat. For first combing, cashmere is usually only harvested from the neck and belly of the goat, leaving the body covered for warmth. The herder will comb the same goats again as the weather warms, continuing to collect cashmere as the goats shed.
Due to economic growth decline during the transition period, unemployment has been rising continually. The average unemployment rate from 1996 to 2001 was 5.6 per cent. At the end of 2002 the unemployment rate reached 3.6 per cent, decreasing by 2 percent compared with the average of 1996-2001.
The reform measures undertaken by the Government at the initial stage of the transition has led to the stabilization of the economic situation and recovery of the economy since 1993. The GDP growth rate increased to 2.3 per cent in 1994.
As a result of successive and decisive policies of the Government, the
private sector has become a prevailing sector in the economy since
1995. Due to restructuring and privatization programs the private
sector expanded.
Tight monetary policy has been continuously pursued aimed at providing
an appropriate growth of monetary aggregates, to reduce the inflation rate, and to ensure a stable tugrug rate. Interest rates are used as one of the key tools of monetary policy in Mongolia.
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