Archive for the 'Mongolian Economy' Category

Cashmere Production

Cashmere Production

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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. 

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Cashmere Processing

Cashmere Processing

{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.

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Unemployment

Unemployment
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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.

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Economic Indicators

Economic Indicators

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.

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Private Sector

Private Sector
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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.

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Monetary Policy

Monetary Policy
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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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Fiscal Policy

Fiscal Policy
The budgetary and tax policy of the Government in recent years has aimed at the stabilization of the macro economy.

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Trade and Investment

Trade and Investment
Foreign trade is an important sector of the country's economy . The main partners for export and import are the USA, Germany, Italy, Great Britain, Canada, Japan, Russia, China, Republic of Korea, Switzerland, Singapore and others.

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Taxation

Taxation
The fiscal federalism of Mongolia composes a two tier system as its banking sector, namely, central and local government levels.The intergovernmental transfer system, from the central to the local governments.

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Financial Sector Development

Financial Sector Development
Sixteen commercial banks, more than eighty non-banking financial in­stitutions, around 200 savings and credit cooperatives, 34 broker and security firms, four leasing compa­nies, and sixteen insurance compa­nies are active in the financial sector.

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    Flight
    By Mongolian Airline
    Valid within
    One Way 
    Round 
    UB-TOKYO 3 months
    440$
    680$
    UB-BEIJING 1 month
    174$
    280$
    UB-SEOUL  3 months
    350$
    460$
    UB-MOSCOW 1 month
    315$
    504$

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