A: Coal: 163.2 billion tons, Copper: 37 million tons, and Gold: 1,431 tons. At current prices, the gold alone would be worth 70 billion dollars.
Archives: FAQs
Q: What is Mongolia’s greatest economic asset?
A: Its largely unexploited mineral wealth. There are approximately 6,000 known deposits of over 80 different minerals in the country, including coal, copper, and gold. Only 27% of Mongolia has been surveyed to a scale of 1:50,000.
Q: Who is Mongolia’s most important trading partners?
A: In 2015, 86.3% of Mongolia’s exports were sent to China, 5% to UK, and 1.9% to Russia.
Q: What percentage of Mongolia’s population lives in Ulaanbaatar?
A: Currently, just under 50%.
Q: What are some of the factors leading to increasing urbanization?
A: Mongolia’s extraordinarily harsh winters (‘Dzud’) are a major cause. There are three types of Dzud: Black, White and Ice. A ‘Black Dzud’ occurs after an exceptionally hot, dry summer, leaving low-lying grasses weak. This makes it difficult for herd animals to find fodder, and many starve. A ‘White Dzud’ from unusually heavy snowfall which prevents animals from reaching fodder. An ‘Ice Dzud’ is when freezing rain covers the ground, making grazing impossible. In 2009/2010 a Dzud killed
Q: What are Mongolia’s leading political parties?
A: Major Political Parties in Mongolia are the Democratic Party and the Mongolian People’s Party. The Democratic Party tends to have an international and free market outlook, welcoming foreign direct investment. The Mongolian People ’s Party encourages “resource nationalism” and greater regulation and taxation of foreign companies.
Q: What are Mongolia’s prospects for future political stability?
A: Excellent. The Mongolian political system provides for “separation of powers”: the Ikn Khural’s members select the Prime Minister to preside over the Cabinet, while the Mongolian people directly elect the President, who serves as Head of State and Commander-in-Chief of the Armed Forces. He has veto power over new laws, which requires a super majority to override. He serves a maximum of two four year terms.
Q: What is Mongolia’s political system?
A: Since 1990, Mongolia has been a multi-party democracy. It has a unicameral parliament (the Ikn Khural) with 76 members.
Q: How do Mongolian taxes compare with those of other countries in the region?
A: Very favorably. Mongolia’s personnel income tax is a flat 10%. In China the rate ranges from 3% to 45%, and in Russia the flat tax is 30%. The Mongolian corporate tax rate ranges from 10% to 25% for firms incorporated in Mongolia; 20% otherwise. The Chinese and Russian rates are 25% and 20% respectively.
Q: Where are most of the banks in Ulaanbaatar located?
A: One block to the left of Sukhbaatar Square lies the heart of the Mongolian banking system, where the majority of the country’s largest financial enterprises are headquartered. Here the central offices of Golomt Bank, Trade and Development Bank, Capital Bank, Ulaanbaatar Bank, Savings Bank and State Bank surround the imposing Central Bank of Mongolia. Buried amongst the financial institutions are an assortment of foreign embassies, including those of France, Germany, and Turkey.