63761
Mongolia Annuls Forex Regulation
Mongolia Annuls Forex Regulation

Mongolia Annuls Forex Regulation

Mongolia Annuls Forex Regulation

Mongolia’s legislature removed the main obstacle to an International Monetary Fund-led bailout for its crisis-ridden economy by annulling a controversial banking requirement for foreign-invested projects, state news agency Montsame said Friday. The IMF board had been expected to approve a $5.5 billion rescue package for Mongolia at a meeting on April 28, but delayed a decision amid concerns about a clause that required foreign projects such as Rio Tinto’s Oyu Tolgoi copper mine to channel sales revenues through local banks in order to boost Mongolia’s foreign exchange reserves. Heavy foreign debt, a collapse in its tugrik currency and a slowdown in growth in its biggest trading partner, China, have combined to push the economy into crisis. Analysts said the banking requirement had been a major sticking point for Rio Tinto and investors that lent $5.4 billion to finance the expansion of the Oyu Tolgoi mine.

 

Short URL : https://goo.gl/SjtmVG
  1. https://goo.gl/N2abJD
  • https://goo.gl/QtxDrz
  • https://goo.gl/2ZjE3z
  • https://goo.gl/XEkR2q
  • https://goo.gl/Vyz04P

You can also read ...

While the tariff conflict may still be in its infancy,  global trade growth rate has almost halved.
The global economy will continue to expand strongly in the...
Imran Khan Says Economic Revival a Priority
Pakistan Prime Minister Imran Khan on Thursday said that the...
Zimbabwe is in arrears of nearly $1.8 billion  to the World Bank and ADB .
The International Monetary Fund Thursday said it was ready to...
Poland to Maintain Solid Growth
Polish economy’s all significant macro fundamentals appear...
Premier Li Keqiang has  voiced confidence in China’s ability to overcome obstacles.
Chinese officials are shrugging off warnings that the trade...
Global Stocks Hit 6-Month High
World shares hit their highest levels in more than six months...
King Khaled International Airport
Saudi Aramco may have grabbed the biggest headlines, but the...
Wells Fargo Will Cut Workforce
Wells Fargo & Co said on Thursday it would reduce its...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus