Abstract
Mongolia has made impressive progress in developing its economy over the past ten years. Medium-term prospects are promising as mining output is projected to expand by more than 20 percent per annum, on average, over the next five years. However, the prospects for sustained, rapid and inclusive non-mineral growth depend on the implementation of the stability-oriented fiscal framework that has been adopted in the aftermath of the 2008/09 balance of payments (BOP) crisis. This framework was designed to dampen volatility, mitigate risks to economic and financial stability, and strengthen long-term natural resource management. The expansionary fiscal policy of the past year is causing double-digit inflation and BOP pressures. Public spending needs to be reined in, in order not to risk undermining stability and growth prospects, and in view of Mongolia’s vulnerability to a downturn in commodities exports.
Fund Relations
(As of September 30, 2012)
Membership Status: Joined February 14, 1991; Article VIII
General Resources Account
| SDR Million | Percent Quota | |
|---|---|---|
| Quota | 51.10 | 100.00 |
| Fund holdings of currency (exchange rate) | 164.03 | 320.99 |
| Reserve tranche position | 0.14 | 0.27 |
| SDR Million | Percent Quota | |
|---|---|---|
| Quota | 51.10 | 100.00 |
| Fund holdings of currency (exchange rate) | 164.03 | 320.99 |
| Reserve tranche position | 0.14 | 0.27 |
SDR Department
| SDR Million | Percent Allocation | |
|---|---|---|
| Net cumulative allocation | 48.76 | 100.00 |
| Holdings | 44.41 | 91.09 |
| SDR Million | Percent Allocation | |
|---|---|---|
| Net cumulative allocation | 48.76 | 100.00 |
| Holdings | 44.41 | 91.09 |
Outstanding Purchases and Loans
| SDR Million | Percent Quota | |
|---|---|---|
| Stand-by Arrangements | 113.06 | 221.25 |
| ECF Arrangements | 1.63 | 3.19 |
| SDR Million | Percent Quota | |
|---|---|---|
| Stand-by Arrangements | 113.06 | 221.25 |
| ECF Arrangements | 1.63 | 3.19 |
Financial Arrangements (In SDR Million)
Projected Obligations to Fund 2
(SDR Million; based on existing use of resources and present holdings of SDRs)
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2012 | 2013 | 2014 | 2015 | 2016 | |
| Principal | 11.50 | 61.03 | 40.24 | 1.92 | 0.00 |
| Charges/interest | 0.31 | 0.89 | 0.28 | 0.02 | 0.00 |
| Total | 11.80 | 61.92 | 40.52 | 1.93 | 0.00 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2012 | 2013 | 2014 | 2015 | 2016 | |
| Principal | 11.50 | 61.03 | 40.24 | 1.92 | 0.00 |
| Charges/interest | 0.31 | 0.89 | 0.28 | 0.02 | 0.00 |
| Total | 11.80 | 61.92 | 40.52 | 1.93 | 0.00 |
Safeguards Arrangements
An update safeguards assessment of the Bank of Mongolia (BOM) finalized in June, 2009 found that the BOM has continued to improve its safeguards framework since the previous assessment. The BOM’s financial reporting and audit practices generally comply with international standards. The assessment made recommendations to (i) strengthen certain aspects of the BOM’s oversight mechanism, (ii) remove external audit qualifications caused by lack of access to central bank’s vaults, and (iii) improve the timeliness of audit completion and publication of the bank’s financial statements. The authorities have since confirmed that the auditors were granted access to its vaults at end-2009 to end-2011, and the timing of audit completion has improved.
Exchange Arrangement
On March 24, 2009, the BOM instituted a foreign exchange auction allowing the determination of the exchange rate mainly by market forces. The de facto and de jure exchange rate arrangements are currently both classified as floating.
Mongolia accepted the obligations of Article VIII, Sections 2, 3, and 4 on February 1, 1996. Mongolia maintains two multiple currency practices (MCPs) subject to Fund jurisdiction. First, the modalities of the multi-price auction system give rise to an MCP since there is no mechanism in place that ensures that exchange rates of accepted bids at the multi-price auction do not deviate by more than 2 percent. The Executive Board approved the multi-price auction MCP until June 22, 2010 (Decision No. 14365 of June 23, 2009), and its further extension until March 15, 2012 or the next Article IV consultation whichever is earlier (Decision No. 14669 of June 23, 2010 and Decision No. 14365 of March 16, 2011). The MCP, however, could not be resolved by March 15, 2012, and would be continued as long as the multiple price foreign exchange auction mechanism remains in place. Therefore the MCP is unapproved, and since the criteria for approval of this MCP are not in place, staff does not recommend Executive Board approval of said measure. In addition, Mongolia has an official exchange rate (reference rate) that is mandatorily used for government transactions (as opposed to the commercial market rate). Therefore, by way of official action, the authorities have created a market segmentation. While Order #699 of the BOM issued on December 3, 2010, sets forth that the reference rate is determined based on the weighted average of market rates used from 4 PM of the previous day to 4 PM of the current day, staff is of the view that this Order does not eliminate the market segmentation and the multiplicity of effective rates arising from it. Accordingly, in the absence of a mechanism to ensure that the commercial rates and the reference rate do not deviate by more than 2 percent, the way the reference rate is used in government transaction gives rise to an MCP subject to Fund approval. Since the criteria for approval of this MCP are not in place, it remains unapproved. Mongolia imposes exchange restrictions for security reasons in accordance with United Nations Security Council Resolution No. 92/757 concerning certain transactions with the Federal Republic of Yugoslavia (Serbia and Montenegro) that have been notified to the Fund under Decision 144 (11/4/94).
Article IV Consultation
The 2011 Article IV consultation (IMF Country Report No. 11/76) was concluded by the Executive Board on March 16, 2011. Mongolia is on a 12–month cycle.
ROSC Assessments
The following ROSC assessments have been undertaken: Data Dissemination (May 2001), Fiscal Transparency Module (November 2001), Fiscal update (May 2005), Data Dissemination (April 2008), Monetary and Fiscal Policy Transparency (September 2008), Banking Supervision (September 2008).
Recent Financial Arrangements
An 18-month Stand-by Arrangement in an amount of equivalent to SDR 153.3 million (300 percent of quota) was approved on April 1, 2009. The Executive Board successfully completed the final review on September 8, 2010.
FSAP Participation
Mongolia participates in the Financial Sector Assessment Program (FSAP). The first, second and third FSAP missions took place in May 2007, September 2007 and November 2010, respectively. The latest report (IMF Country Report No. 11/107) was published in May 2011.
Technical Assistance Missions since 2011
AML/CFT (LEG), October 2012
Taxation (LEG), April–May 2012
Mining/Petroleum Taxation (FAD), March–April 2012
National Accounts Statistics (STA), March, April 2012
Tax administration (FAD), February–March, May-June, August–Sept. 2012
Macroprudential Policy Implementation (MCM), January 2012
Strengthening Debt and Financial Asset Management (FAD), November 2011
Fiscal Regimes (TTF MNRW) (FAD), October–November 2011
Tax administration (FAD), August- September, November 2011
Monetary and Financial Statistics (STA), July–August 2011
Taxation (LEG), June 2011
Monetary policy (MCM), April 2011
IBL (FAD), January, March, June, 2011
Strengthening LTO operations (FAD), February–April 2011
Resident Advisors
Budget Planning (FAD), June 2009–June 2012
Resident Representative
Since September 2011, the Fund no longer has a resident representative in Mongolia. The local office is being managed from the Regional Office for Asia and Pacific in Tokyo, Japan.
World Bank-IMF Collaboration
1. The Bank and the Fund country teams maintain a close working relationship. The teams, led by Ms. Chorching Goh (Lead Economist, EASPR) and Mr. Gerard Almekinders (Mission Chief) collaborate on a range of macroeconomic and structural issues.
2. Cooperation and coordination is exemplary. It pertains to the following:
Stand-by Arrangement (SBA) and post-program monitoring. The World Bank participated in virtually all the negotiating missions’ meetings with the authorities. This facilitated the discussions, especially as regards policies in areas of mutual interest such as bank restructuring, social welfare reform, and fiscal policy. The teams have also jointly participated in media events. After the completion of the SBA, Bank staff has continued to actively participate in post-program monitoring missions.
Development Policy Credits (DPC) and Country Partnership Strategy (CPS). In turn, Fund staff participated in the design and review of the Bank’s DPCs and was kept informed about the development of the Bank’s new CPS for FY13-17.
Banking system issues. Both country teams have been active in this area, including fielding numerous technical assistance missions. The teams coordinate closely to provide the authorities with consistent advice while avoiding unnecessary duplication of efforts. The two teams also continue to educate the public and parliamentarians on banking sector issues to build support for reforms.
Structural fiscal reforms. Fund staff and the World Bank team have worked together successfully to provide technical assistance in expenditure management, the recently adopted fiscal responsibility law, the integrated budget law, the social welfare law, and mineral sector taxation.
3. Based on the intensive collaboration, the Bank and the Fund share a common view about Mongolia’s macroeconomic and structural reform priorities. These include:
Promoting long-term growth. Managing the mineral wealth to ensure strong, sustainable, and equitable growth with low inflation. This includes the importance of avoiding the “resource curse” and minimizing “Dutch disease” effects.
Macro-economic stability. This includes ensuring that the boom-bust policies of the past are not repeated. The recently adopted fiscal responsibility law is a key step, and it is critical that it be strictly adhered to. At the same time, fiscal policy also has to be mindful of the macroeconomic policy mix and not over-burden monetary policy.
Monetary policy. The central bank should continue to gear monetary policy to controlling inflation. The flexible exchange rate regime is working well and should be maintained. Monetary and exchange rate policy could be strengthened by giving the central bank more independence.
Protecting the poor. The imminent introduction of a targeted poverty benefit under the recently adopted Social Welfare Law represents a big step forward in strengthening the social safety net and increasing fiscal flexibility.
Strengthening the banking system. Key steps include continued improvement in bank regulation and supervision, and eventual introduction of deposit insurance to replace the blanket guarantee.
4. The teams agreed to continue the close cooperation going forward. Table 1 details the specific activities planned by the two country teams over the period September 2012 – August 2013 along with their expected deliveries. It was also agreed that further details on collaboration, as necessary, would be agreed at the technical level as work progresses.
Mongolia: Bank and Fund Planned Activities in Macro-Critical Structural Reform Areas, September 2012–August 2013
Mongolia: Bank and Fund Planned Activities in Macro-Critical Structural Reform Areas, September 2012–August 2013
| Products | Expected Delivery Date | |
|---|---|---|
| Bank Work Program |
Analytical and Advisory Services
Operational
|
|
| Fund Work Program |
|
|
Mongolia: Bank and Fund Planned Activities in Macro-Critical Structural Reform Areas, September 2012–August 2013
| Products | Expected Delivery Date | |
|---|---|---|
| Bank Work Program |
Analytical and Advisory Services
Operational
|
|
| Fund Work Program |
|
|
Relations With The Asian Development Bank 1
Mongolia became a member of the Asian Development Bank (AsDB) in February 1991. AsDB has been Mongolia’s largest source of official development assistance, playing a key role in the country’s transformation to a market based economy. Going forward, AsDB’s assistance will be scaled-up to meet urgent and large-scale financing needs, particularly in infrastructure, and will support innovative financing mechanisms including public-private partnerships.
Between 1991 and 2011, Mongolia received loans from AsDB for 46 projects totaling $825.17 million in agriculture and natural resources, education, energy, financial, health and social protection, industry and trade, public sector management, transport, information and communication technology, water, other municipal infrastructure and services sectors. In addition, 12 Asian Development Fund (ADF) grant projects totaling $172.2 million were approved from 2007, when Mongolia became eligible for ADF grant financing. Including other trust fund sources, Mongolia received 33 grants amounting to $210.7 million. Current assistance to Mongolia is guided by the Country Operations Business Plan for 2012-14.
With enhanced creditworthiness and significant progress in economic development, Mongolia was reclassified as a Group B country in August 2011, making it eligible for funding from AsDB’s ordinary capital resources, while maintaining access to concessional financing from the ADF.
The Mongolia Country Partnership Strategy 2012-16 was approved by AsDB management in March 2012. During this period, assistance will focus on transport, energy, and water; education and health services; and regional economic cooperation.
Subject to regional ADF allocation and country performance-based allocation, a total indicative sovereign lending program of $138.0 million for 2013–2014 is envisaged, of which $75.0 million would be provided from ADF country allocation, $63.0 million provided from OCR financing, and some $30.0 million is envisaged to be financed through AsDB’s ADF regional program of assistance. An average of $4.7 million in TA resources is to be provided annually. Private sector operations are expected to play a growing financial and catalytic role as progress is made in fostering PPPs. Larger interventions, especially in power, heating, and other municipal infrastructure, will improve service delivery and create opportunities for private sector participation
AsDB’s operations will concentrate on the following sectors in next 5 years:
Transport. Under the Central Asia Regional Economic Cooperation program, Mongolia is harmonizing cross-border transport procedures, and developing key economic corridors, including the Western Regional Road Corridor, which will link the relatively isolated western region to its neighboring economies. AsDB is also developing a public transport system for Ulaanbaatar, and will construct logistics infrastructure and systems—initially in Zamyn Uud at the People’s Republic of China border and thereafter in Ulaanbaatar.
Energy. Insufficient and unreliable power and heating are becoming bottlenecks to growth and threaten livelihoods. AsDB is improving energy efficiency and capacity in Ulaanbaatar, through the country’s first major public–private partnership in constructing a new energy efficient combined heating and power plant in Ulaanbaatar with proper emission reduction equipment. AsDB has been piloting the application of renewable energies, and is supporting Mongolia to access multilateral climate change funds.
Urban Development. AsDB is helping to meet basic infrastructure needs in small towns, including those playing a central role in the mineral-rich Gobi area, where communities are coping with a large population influx in response to new mining operations. At the same time, AsDB is preparing a program to develop services and economic opportunities in poor areas of Ulaanbaatar.
Education. Since the mid-1990s AsDB has supported the Government of Mongolia in strengthening basic and secondary education, which succeeded in maintaining Mongolia’s high levels of access and education achievements. To meet pressing labor market demands, AsDB is also supporting reform of higher education and will help modernize vocational training.
Health. AsDB has made major investments to improve primary health services and health insurance, and is supporting policy reforms and investments in the hospital sector and in drug safety.
Statistical Issues
(As of August 31, 2012)
| I. Assessment of Data Adequacy for Surveillance | |
|---|---|
| General: Data provision to the Fund is broadly adequate for surveillance. The priority areas for improvement are national accounts and government finance statistics. | |
| National Accounts: The national accounts statistics compiled by the National Statistics Office (NSO) are broadly in line with the guidelines of the 1993 system of national accounts (SNA). They have improved the quality of national accounts data, but weaknesses remain, including in the estimation of capital formation, estimation of GDP price deflators, and coverage of the informal sector and small-scale activity (especially in the services sector). The compilation of constant price expenditure-based national accounts, in line with the pilot done in 2008, would serve as a useful check for the production side estimates. NSO disseminates annual expenditure-based GDP series both in value terms and in real terms, and to pilot quarterly estimates of GDP by expenditure currently while not yet disseminated. | |
| Price Statistics: The consumer price index (CPI) was rebased in January 2008 with expenditure-derived weights from the 2005 Household Income and Expenditure Survey. NSO has published a national CPI for Ulaanbaatar and 21 aimags (provinces) since January 2008, and a housing price index since October 2008. Priority areas for improvement are data on wages and earnings. NSO plans to disseminate a producer price index and a retail price index in early 2013. | |
| External Sector Statistics: The Bank of Mongolia (BOM) follows the concepts and methods in the Balance of Payment Manual fifth edition and is expected to begin implementing the recommendations of the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) in 2012. The BOM disseminates the data according to the IMF standard presentation table. The coverage of the balance of payments statistics has been broadened by extending the International Transaction Reporting System (ITRS) to nonbank financial institutions and by increasing the number of direct reporting private enterprises. Priorities for improvement are in the analysis of balance of payments and the quarterly survey of foreign investment enterprises. The BOM compiled an experimental International Investment Position (IIP) for 2007, and started to publish IIP in 2011 covering data from 2010. | |
| Monetary and Financial Statistics: BOM’s monetary and financial statistics conform to the concepts and definitions of the MFSM methodology as the authorities implemented majority of recommendations of the latest MFS missions. In particular, the monetary data were improved by the proper classification of repurchase agreements, accrued interest, and financial derivatives. The coverage of monetary statistics was expanded beginning in February 2010 to include data of Savings and Credit Cooperatives (SCCs) that collect deposits and since May 2010 data for some other financial institutions (OFIs) have been disseminated in the BOM monthly statistical bulletin. Monetary data based on the standardized report forms are disseminated in International Financial Statistics beginning in November 2009. The July/August 2011 mission discussed the quality of data of the nonbank financial institutions (NBFIs), insurance companies, and securities companies that are reported to the Financial Regulatory Commission (FRC) and recommended their use in the compilation of monetary statistics. However, due to a pure cooperation received from the FRC, this recommendation has not been implemented yet. The BOM is taking steps to improve the quality of its monetary data with respect to the proper sectorization of other depository corporations’ accounts. Such improved data will be available towards the end of 2012. | |
| Government Finance Statistics: Currently, the concepts, classifications, and definitions used to compile sub-annual and annual fiscal statistics reported to the Fund fiscal statistics generally follow the guidelines of the GFSM 1986. While no formal decision has yet been taken on adopting a migration path to the GFSM 2001 methodology, Mongolia also compiles annual GFSM 2001-based Statement of government Operations, Statement of Sources and Uses of cash, and a complete Balance Sheet for the consolidated general government. | |
| II. Data Standards and Quality | |
| Mongolia participates in the General Data Dissemination System (GDDS), and maintains its efforts to subscribe the Special Data Dissemination Standards (SDDS). | A data ROSC mission visited Mongolia in September 2007 to update the May 2000 assessment of the macroeconomic statistics, complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework. The report was published in April 2008. |
| I. Assessment of Data Adequacy for Surveillance | |
|---|---|
| General: Data provision to the Fund is broadly adequate for surveillance. The priority areas for improvement are national accounts and government finance statistics. | |
| National Accounts: The national accounts statistics compiled by the National Statistics Office (NSO) are broadly in line with the guidelines of the 1993 system of national accounts (SNA). They have improved the quality of national accounts data, but weaknesses remain, including in the estimation of capital formation, estimation of GDP price deflators, and coverage of the informal sector and small-scale activity (especially in the services sector). The compilation of constant price expenditure-based national accounts, in line with the pilot done in 2008, would serve as a useful check for the production side estimates. NSO disseminates annual expenditure-based GDP series both in value terms and in real terms, and to pilot quarterly estimates of GDP by expenditure currently while not yet disseminated. | |
| Price Statistics: The consumer price index (CPI) was rebased in January 2008 with expenditure-derived weights from the 2005 Household Income and Expenditure Survey. NSO has published a national CPI for Ulaanbaatar and 21 aimags (provinces) since January 2008, and a housing price index since October 2008. Priority areas for improvement are data on wages and earnings. NSO plans to disseminate a producer price index and a retail price index in early 2013. | |
| External Sector Statistics: The Bank of Mongolia (BOM) follows the concepts and methods in the Balance of Payment Manual fifth edition and is expected to begin implementing the recommendations of the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) in 2012. The BOM disseminates the data according to the IMF standard presentation table. The coverage of the balance of payments statistics has been broadened by extending the International Transaction Reporting System (ITRS) to nonbank financial institutions and by increasing the number of direct reporting private enterprises. Priorities for improvement are in the analysis of balance of payments and the quarterly survey of foreign investment enterprises. The BOM compiled an experimental International Investment Position (IIP) for 2007, and started to publish IIP in 2011 covering data from 2010. | |
| Monetary and Financial Statistics: BOM’s monetary and financial statistics conform to the concepts and definitions of the MFSM methodology as the authorities implemented majority of recommendations of the latest MFS missions. In particular, the monetary data were improved by the proper classification of repurchase agreements, accrued interest, and financial derivatives. The coverage of monetary statistics was expanded beginning in February 2010 to include data of Savings and Credit Cooperatives (SCCs) that collect deposits and since May 2010 data for some other financial institutions (OFIs) have been disseminated in the BOM monthly statistical bulletin. Monetary data based on the standardized report forms are disseminated in International Financial Statistics beginning in November 2009. The July/August 2011 mission discussed the quality of data of the nonbank financial institutions (NBFIs), insurance companies, and securities companies that are reported to the Financial Regulatory Commission (FRC) and recommended their use in the compilation of monetary statistics. However, due to a pure cooperation received from the FRC, this recommendation has not been implemented yet. The BOM is taking steps to improve the quality of its monetary data with respect to the proper sectorization of other depository corporations’ accounts. Such improved data will be available towards the end of 2012. | |
| Government Finance Statistics: Currently, the concepts, classifications, and definitions used to compile sub-annual and annual fiscal statistics reported to the Fund fiscal statistics generally follow the guidelines of the GFSM 1986. While no formal decision has yet been taken on adopting a migration path to the GFSM 2001 methodology, Mongolia also compiles annual GFSM 2001-based Statement of government Operations, Statement of Sources and Uses of cash, and a complete Balance Sheet for the consolidated general government. | |
| II. Data Standards and Quality | |
| Mongolia participates in the General Data Dissemination System (GDDS), and maintains its efforts to subscribe the Special Data Dissemination Standards (SDDS). | A data ROSC mission visited Mongolia in September 2007 to update the May 2000 assessment of the macroeconomic statistics, complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework. The report was published in April 2008. |
Mongolia—Table of Common Indicators Required for Surveillance As of August 31, 2012
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, and rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I), Not Available (NA).
Reflects the assessment provided in the data ROSC or the Substantive Update (published in April 2008, and based on the findings of the mission that took place during September 1–28) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).
Same as footnote 7, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
Mongolia—Table of Common Indicators Required for Surveillance As of August 31, 2012
| Date of Latest Observation | Date Received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | Memo Items | ||
|---|---|---|---|---|---|---|---|
| Data Quality – Methodological soundness7 | Data Quality – Accuracy and Reliability8 | ||||||
| Exchange rates | 8/31/12 | 8/31/12 | D | M | D | ||
| International reserve assets and reserve liabilities of the Monetary Authorities1 | 8/31/12 | 8/31/12 | D | M | M | ||
| Reserve/base money | 7/2012 | 8/20/12 | M | M | M | O, LO, LO, LO | O, O, O, O, LNO |
| Broad money | 7/2012 | 8/20/12 | M | M | M | ||
| Central bank balance sheet | 7/2012 | 8/20/12 | M | M | M | ||
| Consolidated balance sheet of the banking system | 7/2012 | 8/20/12 | M | M | M | ||
| Interest rates2 | 7/2012 | 8/20/12 | M | M | M | ||
| Consumer price index | 7/2012 | 8/20/12 | M | M | M | O, LO, O, O | LO,LO,LO,O,O |
| Revenue, expenditure, balance and composition of financing3 – general government4 | 7/2012 | 8/20/12 | M | M | M | LO, LNO, LO, O | LO, O, LO, LO, LNO |
| Revenue, expenditure, balance and composition of financing3 – central government | 7/2012 | 8/20/12 | M | M | M | ||
| Stocks of central government and central government-guaranteed debt5 | 2011 | 8/2012 | A | A | A | ||
| External current account balance | 7/2012 | 8/2012 | M | M | M | O, O, O, LO | LO, O, LO, LO, LO |
| Exports and imports of goods | 7/2012 | 8/2012 | M | M | M | ||
| GDP/GNI | Q2/2012 | 7/2012 | Q | Q | Q | O, LNO, O, LO | O, LO, LO, LO, LNO |
| Gross external debt | Q2/2012 | 7/2012 | Q | Q | Q | ||
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, and rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I), Not Available (NA).
Reflects the assessment provided in the data ROSC or the Substantive Update (published in April 2008, and based on the findings of the mission that took place during September 1–28) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).
Same as footnote 7, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
Mongolia—Table of Common Indicators Required for Surveillance As of August 31, 2012
| Date of Latest Observation | Date Received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | Memo Items | ||
|---|---|---|---|---|---|---|---|
| Data Quality – Methodological soundness7 | Data Quality – Accuracy and Reliability8 | ||||||
| Exchange rates | 8/31/12 | 8/31/12 | D | M | D | ||
| International reserve assets and reserve liabilities of the Monetary Authorities1 | 8/31/12 | 8/31/12 | D | M | M | ||
| Reserve/base money | 7/2012 | 8/20/12 | M | M | M | O, LO, LO, LO | O, O, O, O, LNO |
| Broad money | 7/2012 | 8/20/12 | M | M | M | ||
| Central bank balance sheet | 7/2012 | 8/20/12 | M | M | M | ||
| Consolidated balance sheet of the banking system | 7/2012 | 8/20/12 | M | M | M | ||
| Interest rates2 | 7/2012 | 8/20/12 | M | M | M | ||
| Consumer price index | 7/2012 | 8/20/12 | M | M | M | O, LO, O, O | LO,LO,LO,O,O |
| Revenue, expenditure, balance and composition of financing3 – general government4 | 7/2012 | 8/20/12 | M | M | M | LO, LNO, LO, O | LO, O, LO, LO, LNO |
| Revenue, expenditure, balance and composition of financing3 – central government | 7/2012 | 8/20/12 | M | M | M | ||
| Stocks of central government and central government-guaranteed debt5 | 2011 | 8/2012 | A | A | A | ||
| External current account balance | 7/2012 | 8/2012 | M | M | M | O, O, O, LO | LO, O, LO, LO, LO |
| Exports and imports of goods | 7/2012 | 8/2012 | M | M | M | ||
| GDP/GNI | Q2/2012 | 7/2012 | Q | Q | Q | O, LNO, O, LO | O, LO, LO, LO, LNO |
| Gross external debt | Q2/2012 | 7/2012 | Q | Q | Q | ||
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, and rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I), Not Available (NA).
Reflects the assessment provided in the data ROSC or the Substantive Update (published in April 2008, and based on the findings of the mission that took place during September 1–28) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).
Same as footnote 7, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
Millennium Development Goals
| 1995 | 2000 | 2005 | 2010 | ||
|---|---|---|---|---|---|
| Goal 1: Eradicate extreme poverty and hunger | |||||
| Employment to population ratio, 15+, total (%) | 54 | 56 | 54 | 57 | |
| Employment to population ratio, ages 15-24, total (%) | 37 | 37 | 33 | 32 | |
| GDP per person employed (constant 1990 PPP $) | .. | .. | .. | .. | |
| Income share held by lowest 20% | 7 | 7 | .. | 7 | |
| Malnutrition prevalence, weight for age (% of children under 5 | .. | 12 | 5 | .. | |
| Poverty gap at $1.25 a day (PPP) (%) | .. | .. | .. | .. | |
| Poverty headcount ratio at $1.25 a day (PPP) (% of population) | .. | .. | .. | .. | |
| Vulnerable employment, total (% of total employment | .. | 57 | 62 | 58 | |
| Goal 2: Achieve universal primary education | |||||
| Literacy rate, youth female (% of females ages 15-24 | .. | 9 | .. | 97 | |
| Literacy rate, youth male (% of males ages 15-24 | .. | 9 | .. | 95 | |
| Persistence to last grade of primary, total (% of cohort | .. | 89 | 84 | .. | |
| Primary completion rate, total (% of relevant age group) | 74 | 86 | 96 | .. | |
| Total enrollment, primary (% net) | 86 | 92 | 91 | 100 | |
| Goal 3: Promote gender equality and empower women | |||||
| Proportion of seats held by women in national parliaments (%) | 8 | 8 | 7 | 4 | |
| Ratio of female to male primary enrollment (%) | 105 | 101 | 100 | 98 | |
| Ratio of female to male secondary enrollment (%) | 137 | 122 | 111 | 108 | |
| Ratio of female to male tertiary enrollment (% | .. | 172 | 154 | 148 | |
| Share of women employed in the nonagricultural sector (% of total nonagricultural employment) |
46.2 | 48.6 | 51.2 | 51.1 | |
| Goal 4: Reduce child mortality | |||||
| Immunization, measles (% of children ages 12-23 months) | 85 | 92 | 97 | 97 | |
| Mortality rate, infant (per 1,000 live births) | 61 | 47 | 35 | 26 | |
| Mortality rate, under-5 (per 1,000) | 83 | 61 | 44 | 32 | |
| Goal 5: Improve maternal health | |||||
| Adolescent fertility rate (births per 1,000 women ages 15-19) | 33 | 26 | 21 | 20 | |
| Births attended by skilled health staff (% of total | .. | 97 | 99 | 100 | |
| Contraceptive prevalence (% of women ages 15-49) | 57 | 67 | 66 | 55 | |
| Maternal mortality ratio (modeled estimate, per 100,000 live births) | 110 | 96 | 84 | 63 | |
| Pregnant women receiving prenatal care (% | .. | 97 | 99 | 100 | |
| Unmet need for contraception (% of married women ages 15-49 | .. | .. | 14 | .. | |
| Goal 6: Combat HIV/AIDS, malaria, and other diseases | |||||
| Children with fever receiving antimalarial drugs (% of children under age 5 with fever) | .. | .. | .. | .. | |
| Condom use, population ages 15-24, female (% of females ages 15-24) | .. | .. | .. | .. | |
| Condom use, population ages 15-24, male (% of males ages 15-24) | .. | .. | .. | .. | |
| Incidence of tuberculosis (per 100,000 people) | 314 | 254 | 225 | 224 | |
| Prevalence of HIV, female (% ages 15-24) | .. | .. | .. | 0.1 | |
| Prevalence of HIV, male (% ages 15-24 | .. | .. | .. | 0.1 | |
| Prevalence of HIV, total (% of population ages 15-49) | 0.1 | 0.1 | 0.1 | 0.1 | |
| Tuberculosis case detection rate (all forms) | 38.0 | 51.0 | 80.0 | 72.0 | |
| Goal 7: Ensure environmental sustainability | |||||
| CO2 emissions (kg per PPP $ of GDP) | 2 | 2 | 1 | 1 | |
| CO2 emissions (metric tons per capita) | 3 | 3 | 3 | 4 | |
| Forest area (% of land area | .. | 8 | 7 | 7 | |
| Improved sanitation facilities (% of population with access) | 50 | 49 | 50 | 51 | |
| Improved water source (% of population with access) | 56 | 65 | 75 | 82 | |
| Marine protected areas (% of territorial waters) | .. | .. | .. | .. | |
| Goal 8: Develop a global partnership for development | |||||
| Net ODA received per capita (current US$) | 91 | 90 | 86 | 110 | |
| Debt service (PPG and IMF only, % of exports, excluding workers’ remittances) | 10 | 6 | 3 | 4 | |
| Internet users (per 100 people) | 0 | 1 | .. | 13 | |
| Mobile cellular subscriptions (per 100 people) | 0 | 6 | 22 | 91 | |
| Telephone lines (per 100 people) | 3 | 5 | 6 | 7 | |
| 1995 | 2000 | 2005 | 2010 | ||
|---|---|---|---|---|---|
| Goal 1: Eradicate extreme poverty and hunger | |||||
| Employment to population ratio, 15+, total (%) | 54 | 56 | 54 | 57 | |
| Employment to population ratio, ages 15-24, total (%) | 37 | 37 | 33 | 32 | |
| GDP per person employed (constant 1990 PPP $) | .. | .. | .. | .. | |
| Income share held by lowest 20% | 7 | 7 | .. | 7 | |
| Malnutrition prevalence, weight for age (% of children under 5 | .. | 12 | 5 | .. | |
| Poverty gap at $1.25 a day (PPP) (%) | .. | .. | .. | .. | |
| Poverty headcount ratio at $1.25 a day (PPP) (% of population) | .. | .. | .. | .. | |
| Vulnerable employment, total (% of total employment | .. | 57 | 62 | 58 | |
| Goal 2: Achieve universal primary education | |||||
| Literacy rate, youth female (% of females ages 15-24 | .. | 9 | .. | 97 | |
| Literacy rate, youth male (% of males ages 15-24 | .. | 9 | .. | 95 | |
| Persistence to last grade of primary, total (% of cohort | .. | 89 | 84 | .. | |
| Primary completion rate, total (% of relevant age group) | 74 | 86 | 96 | .. | |
| Total enrollment, primary (% net) | 86 | 92 | 91 | 100 | |
| Goal 3: Promote gender equality and empower women | |||||
| Proportion of seats held by women in national parliaments (%) | 8 | 8 | 7 | 4 | |
| Ratio of female to male primary enrollment (%) | 105 | 101 | 100 | 98 | |
| Ratio of female to male secondary enrollment (%) | 137 | 122 | 111 | 108 | |
| Ratio of female to male tertiary enrollment (% | .. | 172 | 154 | 148 | |
| Share of women employed in the nonagricultural sector (% of total nonagricultural employment) |
46.2 | 48.6 | 51.2 | 51.1 | |
| Goal 4: Reduce child mortality | |||||
| Immunization, measles (% of children ages 12-23 months) | 85 | 92 | 97 | 97 | |
| Mortality rate, infant (per 1,000 live births) | 61 | 47 | 35 | 26 | |
| Mortality rate, under-5 (per 1,000) | 83 | 61 | 44 | 32 | |
| Goal 5: Improve maternal health | |||||
| Adolescent fertility rate (births per 1,000 women ages 15-19) | 33 | 26 | 21 | 20 | |
| Births attended by skilled health staff (% of total | .. | 97 | 99 | 100 | |
| Contraceptive prevalence (% of women ages 15-49) | 57 | 67 | 66 | 55 | |
| Maternal mortality ratio (modeled estimate, per 100,000 live births) | 110 | 96 | 84 | 63 | |
| Pregnant women receiving prenatal care (% | .. | 97 | 99 | 100 | |
| Unmet need for contraception (% of married women ages 15-49 | .. | .. | 14 | .. | |
| Goal 6: Combat HIV/AIDS, malaria, and other diseases | |||||
| Children with fever receiving antimalarial drugs (% of children under age 5 with fever) | .. | .. | .. | .. | |
| Condom use, population ages 15-24, female (% of females ages 15-24) | .. | .. | .. | .. | |
| Condom use, population ages 15-24, male (% of males ages 15-24) | .. | .. | .. | .. | |
| Incidence of tuberculosis (per 100,000 people) | 314 | 254 | 225 | 224 | |
| Prevalence of HIV, female (% ages 15-24) | .. | .. | .. | 0.1 | |
| Prevalence of HIV, male (% ages 15-24 | .. | .. | .. | 0.1 | |
| Prevalence of HIV, total (% of population ages 15-49) | 0.1 | 0.1 | 0.1 | 0.1 | |
| Tuberculosis case detection rate (all forms) | 38.0 | 51.0 | 80.0 | 72.0 | |
| Goal 7: Ensure environmental sustainability | |||||
| CO2 emissions (kg per PPP $ of GDP) | 2 | 2 | 1 | 1 | |
| CO2 emissions (metric tons per capita) | 3 | 3 | 3 | 4 | |
| Forest area (% of land area | .. | 8 | 7 | 7 | |
| Improved sanitation facilities (% of population with access) | 50 | 49 | 50 | 51 | |
| Improved water source (% of population with access) | 56 | 65 | 75 | 82 | |
| Marine protected areas (% of territorial waters) | .. | .. | .. | .. | |
| Goal 8: Develop a global partnership for development | |||||
| Net ODA received per capita (current US$) | 91 | 90 | 86 | 110 | |
| Debt service (PPG and IMF only, % of exports, excluding workers’ remittances) | 10 | 6 | 3 | 4 | |
| Internet users (per 100 people) | 0 | 1 | .. | 13 | |
| Mobile cellular subscriptions (per 100 people) | 0 | 6 | 22 | 91 | |
| Telephone lines (per 100 people) | 3 | 5 | 6 | 7 | |
Main Websites of Data
National Statistics Office (www.nso.mn)
National Accounts
Consumer Price Inflation
Agricultural and Industrial Production
Petroleum Imports
Electricity Production and Consumption
Coal Production
Retail Prices
Employment
Exports and Imports
Bank of Mongolia (www.mongolbank.mn)
Monetary Survey
Consolidated Balance Sheet of Commercial Banks
Distribution of Bank Credit to the Nongovernment Sector
Net Credit to Government
Interest Rates
Balance of Payments
Services and Income Accounts
Official Reserves of the Bank of Mongolia
Selected Indicators of Commercial Bank Foreign Exchange Operations
Nominal and Real Exchange Rates
Securities Market Data
Government Budget Accounts
Ministry of Finance (www.mof.gov.mn)
Government Budgetary Operations
Ministry of Economic Development (www.med.gov.mn))
Long- and medium-term development strategy
Economic and social policies
Investment policy coordination
Development Bank of Mongolia
Financial Regulatory Commission (www.frc.mn)
FRC decisions
Total assets of regulated entities (insurance companies, securities and broker firms, non-bank financial institutions, savings and credit unions)
Consolidated income statements of regulated entities (insurance companies, securities and broker firms, non-bank financial institutions, savings and credit unions)