Despite its relatively small size, retail banking in Mongolia has emerged as a key battleground for larger lenders in recent years. With some 77.7% of Mongolians holding an independently-obtained bank account in 2012, according to the World Bank, thanks to previous governments’ policies of cash handouts, the adult market is near saturated. The...
Some 22 years after holding its first multi-party elections, contemporary Mongolia has achieved much in the political arena, with a democratic culture established seeking peaceful means in the resolution of disputes and conflicts. In recent years, this has gone hand in hand with greater market openness, as foreign investment and participation in...
MINING Ramped up: The sector is poised for substantial expansion despite some early-stage issues Plentiful potential: Rare-earth minerals Precious metals: A major copper and gold project has caused controversy Desert deposit: Coal from the south is set to transform the sector Make it official: The government is working to update the licensing...
At the far end of Ulaanbaatar’s Peace Avenue, a 10-minute walk east from Sukhbaatar Square, stands a site of major national importance to Mongolia: the rotunda of Bokhiin Orgoo, the “Wrestling Palace”. On the carpeted wooden floor of its main hall, thousands of Mongolian wrestlers have fought for the coveted supreme title of “undefeated giant...
Derelict factories, a small and muddy market and scattered concrete blocks amid gers (traditional tents), log cabins and rickety wooden stockades surround tiny residential districts. Today’s Kharkhorin isn’t a great deal to look at, though the surrounding snow-flecked hills and the unique, bright Mongolian light do invest it with some beauty. However, this was once...
ETIQUETTE: There are a number of behavioural rules for foreigners to remember, although in the city people tend to be more tolerant and allow a wider margin of error. At a function, it is customary for a little bowl of liquor to make the rounds. As a guest in a ger ( traditional tent), do not knock...
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