Frontiers Capital

Monthly Economic Reports

Mongolian Economy, November 2016

Posted by cecilia.barradas | Posted on 03 Jan 2017

 

Inflation

In November 2016, the national consumer price index for across the country increased by 0.5 percent compared with the previous month and by 0.2 percent compared to the same period in 2015 and by 0.4 percent beginning of the year. The rise was due to an increase in prices of clothing, health services and education.

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Money Supply

According to a report of the Bank of Mongolia, money supply (broad money or M2) reached 11.6 trillion MNT (4.65 billion USD) at the end of November 2016, which increased by 112.7 billion MNT (45.24 million USD) or 1.0%, compared with the previous month and by 1.81 trillion MNT (725.6 million USD) or 18.4 % compared to the same period in 2015.

At the end of November 2016, currency issued in circulation reached 768.7 billion MNT (308 million USD) a decrease by 37.7 billion MNT (15.13 million USD) or 4.7% against the previous month and an increase by 58.2 billion MNT (23.35 million USD) or 8.2 % compared to the same period in 2015.

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Loans and security tradings

Loans outstanding amounted to 12.7 trillion MNT (5.1 billion USD) at end of November 2016, which increased by 149.9 billion MNT (60.11 million USD) or 1.2% from the previous month and by 815.1 billion MNT (327.15 million USD) or 6.8% compared to the same period in 2015.

Principals in arrears reached 963.3 billion MNT (386.7 million USD) at the end of November 2016, increased by 73.2 billion MNT (29.38 million USD) or 8.2% from the previous month and by 63.8 billion MNT (25.61 million USD) or 7.1% compared to the same period in 2015.

At the end of November 2016, the non-performing loans over the bank system reached 1.15 trillion MNT (462.07 million USD), which increased by 12 billion MNT (4.82 million USD) or 1.1% from the previous month and by 286.6 billion MNT (115.15 million USD) or 33.1% compared to the same period in 2015.

In the first 11 months of 2016, 58.8 million securities were traded at a value of 312.7 billion MNT (125.53 million USD) in the stock market. The securities value decreased by 527 billion MNT (211.56 million USD) or 62.8%, while in number, shares increased by 29.1 million or 2 times compared to the same period in 2015.

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Government revenue and expenditure

In the first 11 months of 2016, total equilibrated revenue and grants of the General Government Budget amounted 5.06 trillion MNT (2.03 billion USD) and total expenditure and net lending amounted to 7.73 trillion MNT (3.1 billion USD), representing a deficit of 2.67 trillion MNT (1.07 billion USD) in the equilibrated balance.

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Foreign trade

In the first 11 months of 2016, Mongolia traded with 157 countries resulting in a total external trade turnover of 7.35 million USD, of which 4.27 million USD were exports and 3.08 million USD were imports.

Total external trade turnover decreased 381.7 million USD or 4.9%. Imports decreased by 415.5 (11.9%) million USD compared to the same period in 2015.

In the first 11 months of 2016, surplus of external trade balance reached 1.197 billion USD, increased by 449.3 million USD from 747.8 million USD in the same period of 2015.

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Source: Mongolian National Statistics Office, 2016

Mongolian Economy, October 2016

Posted by cecilia.barradas | Posted on 03 Jan 2017

Inflation

In October 2016, the national consumer price index for across the country decreased by 0.7 percent compared with the previous month and 0.1 percent compared with the same period in 2015 and beginning of the year. Drops are due to decrease in prices in food, non-alcoholic beverages, transport, housing, water, electricity and fuels.

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Money Supply

According to a report of the Bank of Mongolia, money supply (broad money or M2) reached 11.5 trillion MNT (4.8 billion USD) at the end of October 2016, which increased by 54 billion MNT (22.5 million USD) or 0.5% compared with the previous month and by 1.6 trillion MNT (660.5 million USD) or 16.2 % against the previous month.

At the end of October 2016, currency issued in circulation reached 806.5 billion MNT (333 million USD), which increased by 10.7 billion MNT (4.4 million USD) or 1.3% against the previous month and by 66.7 billion MNT (27.5 million USD) or 9.0 % compared to the same period in 2015.

 

Loans and security tradings

Loans outstanding amounted to 12.5 trillion MNT (5.16 billion USD) at end of October 2016, which decreased by 6.4 billion MNT (2.64 million USD) or 0.1% from the previous month and increased by 565.5 billion MNT (233.43 million USD0 or 4.7% compared to the same period in 2015.

Principals in arrears reached 886.7 billion MNT (366.02 million USD) at the end of October 2016, increased by 97.6 billion MNT (40.29 million USD) or 12.4 % from the previous month and by 25.9 billion MNT (10.7 million USD) or 3.0 % compared to the same period in 2015.

At the end of October 2016, the non-performing loans over the bank system reached 1.13 trillion MNT (453.63 million USD), which increased by 16.9 billion MNT (6.78 million USD) or 1.5 % from the previous month and by 265 billion MNT (106.38 million USD ) or 30.4% compared to the same period in 2015.

In the first 10 months of 2016, 55.6 million securities were traded at a value of 266.5 billion MNT (107.08 million USD) in the stock market. The securities trading value has decreased by 530.2 billion MNT (213.04 million USD) or 66.5%, while in number, shares have increased by 27.5 million or 2 times compared to the same period in 2015.

 

Government revenue and expenditure

In the first 10 months of 2016, total equilibrated revenue and grants of the General Government Budget amounted to 4.5 trillion MNT (1.80 billion USD) and total expenditure and net lending amounted to 6.81 trillion MNT (2.73 billion USD), representing a deficit of 2.32 trillion MNT (931 million USD) in the equilibrated balance.

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Foreign trade

In the first 10 months of 2016, Mongolia traded with 157 countries resulting in a total external trade turnover of 6.99 billion USD, of which 3.72 trillion USD were exports and 2.77 billion USD were imports.

Total external trade turnover decreased 595.8 million USD or 8.4%. Exports decreased by 200.5 million USD or 5.1%, and imports decreased by 395.3 million USD or 12.5% compared to the same period in 2015.

In the first 10 months of 2016, surplus of external trade balance reached 957.7 million USD, increased by 194.8 million USD from 762.9 million USD in the same period in 2015.

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Source: Mongolian National Statistics Office, 2016

 

Mongolian Economy, September 2016

Mongolian Economy, September 2016

Posted by cecilia.barradas | Posted on 14 Nov 2016

Inflation

In September 2016, the national consumer price index for urban consumers decreased by 0.9 percent from previous month and by 0.7 percent each from the beginning of the year and from the same period in 2015. All drops due to a decrease of prices in food and non-alcoholic beverages.

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Money Supply

According to a report of the Bank of Mongolia, money supply (broad money or M2) reached 11.4 trillion MNT (4.6 billion USD) at the end of September 2016, which increased by 184.9 billion MNT (74.7 million USD) or 1.6% against the previous month and by 1.51 trillion MNT (610 million USD) or 15.3% against the same period in 2015.

At the end of September 2016, currency issued in circulation reached 795.8 billion MNT (321.5 million USD), which decreased by 21.4 billion MNT (8.6 million USD) or 2.6% against the previous month and increased by 27.9 billion MNT (11.8 million USD) or 3.6 % compared to the same period in 2015.

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Loans and security tradings

Loans outstanding amounted to 12.4 trillion MNT (5 billion USD) at end of September 2016, which increased by 50.5 billion MNT (20.4 million USD) or 0.4% from the previous month and by 470.3 billion MNT (190 million USD) or 3.9% compared to the same period in 2015.

Principals in arrears reached 782.2 billion MNT (316.2 million USD) at the end of September 2016, decreased by 45.8 billion MNT (18.5 million USD) or 5.5 % from the previous month and by 46.4 billion MNT (18.8 million USD) or 5.6 % compared to the same period in 2015.

At the end of September 2016, the non-performing loans over the bank system reached 1.04 billion MNT (418.6 million USD), which decreased by 20.8 billion MNT (8.4 million USD) or 2.0 % from the previous month and increased by 183.8 billion MNT (74.26 million USD) or 21.6% compared to the same period in 2015.

In the first 9 months of 54.6 million securities were traded at a value of 214.8 billion MNT (86.8 million USD) in the stock market. The securities trading value has decreased by 543.3 billion MNT (219.5 million USD) or 71.7 %, while in number they have increased by 29.8 million shares or 2.2 times compared to the same period in 2015.

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Government revenue and expenditure

In the first 9 months of 2016, total equilibrated revenue and grants of the General Government Budget amounted to 4.01 trillion MNT (1.62 billion USD) and total expenditure and net lending amounted to 6.06 trillion MNT (2.45 billion USD), representing a deficit of 2.05 trillion MNT (829 million USD) in the equilibrated balance.

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Foreign trade

In the first 9 months of 2016, Mongolia traded with 155 countries resulting in a total external trade turnover of 5.78 billion USD, of which 3.33 billion USD were exports and 2.44 billion USD were imports.

Total external trade turnover decreased 616.9 million USD or 9.6%. Exports decreased by 208.1 million USD or 5.9% and imports decreased by 408.8 million USD or 14.3% compared to the same period of last year.

In the first 9 months of 2016, the external trade balance reached a surplus of 884.8 million USD, increased by 200.7 million USD compared to the same period in 2015.

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Source: National Statistics Office of Mongolia, 2016

Mongolian Economy, August 2016

Mongolian Economy, August 2016

Posted by cecilia.barradas | Posted on 20 Sep 2016

Inflation

In August 2016, the National Consumer Price Index rose by 1.2 percent compared to the beginning of the 2015. However, if compared to August 2015, it shows a slight drop by 0.2 percent due to volatility of prices for food and non-alcoholic beverages.

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Money Supply 

According to a report of the Bank of Mongolia, money supply (broad money or M2) reached 11.3 trillion MNT (5.04 billion USD) at the end of August 2016, which decreased by 56.2 billion MNT (25.07 million USD) or 0.5 % compared to the previous month and increased by 1.29 trillion MNT (575.64 million USD) or 12.9 percent compared to the same period last year.

At the end of August 2016, currency issued in circulation reached 817.2 billion MNT (364 million USD) which decreased by 900 million MNT (401,616 USD) or 0.1% compared to the previous month and increased by 42.8 billion MNT (19.1 million USD) or 5.5 % compared to the same period last year.

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Loans and security tradings

Loans outstanding amounted to 12.4 trillion MNT (5.5 billion USD) at end of August 2016, which increased by 333.3 billion MNT (148.5 million USD) or 2.8 % from previous month and increased by 585.6 billion MNT (260.84 million USD) or 4.9 % compared to the same period of previous year.

Principals in arrears reached 857.2 billion MNT (381.83 million USD) at the end of August 2016, increased by 20.3 billion MNT (9 million USD) or 2.4 % from previous month, and by 76.9 billion MNT (34.25 million USD) or 9.9 % compared to the same period of previous year.

At the end of August 2016, the non-performing loans over the bank system reached 1.06 trillion MNT (471.36 million USD), which increased by 28.6 billion MNT (12.73 million USD) or 2.8 % from the previous month and by 192.8 billion MNT (85.9 million USD) or 22.3 % compared to the same period of previous year.

In the first 8 months of 2016, 50.3 million securities were traded at a value of 161.2 billion MNT (71.8 million USD) in the stock market. The securities trading value has decreased by 530.6 billion MNT (236.4 million USD) or 76.7 %, while in number, they have increased by 28 million shares or 2.3 times compared to same period of previous year.

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Government revenue and expenditure

In the first 8 months of 2016, total equilibrated revenue and grants of the General Government Budget amounted to 3.56 trillion MNT (1.6 billion USD) and total expenditure and net lending amounted to 5.37 trillion MNT (2.4 billion USD), representing a deficit of 1.8 trillion MNT (804.3 billion USD) in the equilibrated balance.

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Foreign trade

In the first 8 months of 2016, Mongolia traded with 140 countries resulting in a total external trade turnover of 5.16 billion USD, of which 2.99 billion USD were exports and 2.17 billion USD were imports.

Total external trade turnover decreased 631.5 million USD or 10.9%. Exports decreased by 258.3 million USD or 7.9% and imports decreased by 373.3 million USD or 14.7% compared to same period of last year.

In the first 8 months of 2016, the external trade balance reached a surplus of 819.9 million USD, increased by 115.1 million USD from the surplus of 704.8 million USD shown in the first 8 months of 2015.    screen-shot-2016-09-15-at-11-09-32 screen-shot-2016-09-15-at-11-09-50

 

Source: National Statistics Office of Mongolia, 2016

 

Mongolian Economy, July 2016

Mongolian Economy, July 2016

Posted by cecilia.barradas | Posted on 24 Aug 2016

Inflation

In July 2016 the national consumer price index decreased by 0.6 percent compared to the previous month, increased by 2.3 percent from beginning of the year and by 0.9 percent compared to same period last year.

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Money Supply

According to report of the Bank of Mongolia, money supply (broad money or M2) reached to 11.3 trillion MNT (5 billion USD) at the end of July 2016, it has increased by 120.1 billion MNT (53 million USD) or 1.1 percent from the previous month, by 1.45 trillion MNT (641.61 nillion USD) or 14.7 percent compared to the same period last year.

At the end of July 2016, currency issued in circulation reached 818.2 billion MNT (362 million USD) decreased by 21.1 billion MNT (9.34 million USD) or 2.5 percent from the previous month and increased by 59.2 billion MNT (26.2 million USD) or 7.8 percent compared to the same period last year.

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Loans and security tradings

Loans outstanding amounted to 12.1 trillion MNT (5.4 billion USD) at end of July 2016, increased by 75 billion MNT (33.18 million USD) or 0.6 percent from previous month and increased by 100.6 billion MNT (44.5 million USD) or 0.8 percent compared to the same period of previous year.

Principals in arrears reached 836.2 billion MNT (370 million USD) at the end of July 2016, increased by 4.4 billion MNT (1.95 million USD) or 0.5 percent from previous month, by 119.6 billion MNT (52.9 million USD) or 16.7 times compared to the same period of previous year.

At the end of July 2016, the non-performing loans over the bank system reached 1.03 trillion MNT (455.78 million USD), decreased by 5.6 billion MNT (2.5 million USD) or 0.5 percent from the previous month, increased by 205.1 billion MNT (90.8 million USD) or 24.9 percent compared to the same period of last year.

In the first 7 months of 2016, 49.6 million securities were traded at a value of 160.2 billion MNT (70.9 million MNT) in the stock market. The securities trading value has decreased by 474.8 billion MNT (210 million USD) or 74.8 percent, while in number they have increased by 28 million shares or 2.3 times compared to same period last year.

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Government revenue and expenditure

In the first 7 months of 2016, total equilibrated revenue and grants of the General Government Budget amounted to 3.04 trillion MNT(1.34 billion USD) and total expenditure and net lending amounted to 5.01 trillion MNT (2.21 billion USD), representing a deficit of 1.97 billion MNT (871.7 million USD) in the equilibrated balance.

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Foreign trade

In the first 7 months of 2016, Mongolia traded with 136 countries resulting in a total external trade turnover of 4.37 billion USD, of which 2.54 billion USD were exports and 1.83 billion USD were imports.

Total external trade turnover decreased 647.4 million USD or 12.9 percent. This due to exports decreasing by 271.2 million USD or 9.6 percent and imports decreasing by 376.2 million USD or 17.0 percent compared to same period last year.

In the first 7 months of 2016, the external trade balance reached a surplus of 709 million USD, increased by 105 million USD, from the 604 million USD shown in the first 7 months of 2015.

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Source: National Statistics office of Mongolia, 2016

Mongolian Economy, June 2016

Mongolian Economy, June 2016

Posted by cecilia.barradas | Posted on 16 Aug 2016

Inflation

 

In June 2016 the national consumer price index decreased by 0.3 percent compared to the previous month, increased by 2.9 percent from beginning of the year and by 1.6 percent compared to same period of the previous year.

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Money Supply

 

According to report of the Bank of Mongolia, money supply (broad money or M2) reached to 11.3 trillion MNT (5.09 billion USD) at the end of June 2016, increased by 634.4 billion MNT (285.91 million USD) or 6 percent from the previous month and by 1.25 trillion MNT (564.25 million USD) or 12.5 percent compared to the same period of the previous year.

 

At end of June 2016, currency issued in circulation reached 839.2 billion MNT (378.1 million USD) increased by 50.9 billion MNT (22.93 million USD) or 6.5 percent from the previous month and by 83.4 billion MNT (37.57 million USD) or 11 percent compared to the same period of previous year.

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Loans and security tradings

 

Loans outstanding amounted to 12 trillion MNT (5.45 billion USD) at the end of June 2016, increased by 580.4 billion MNT (263.5 million USD) or 5.1 percent from previous month and by 70.3 billion USD (31.91 million USD) or 0.6 percent compared to the same period of previous year.

 

Principals in arrears reached 831.8 billion MNT (377.57 million USD) at the end of June 2016, decreased by 53.9 billion MNT (24.5 million USD) or 6.1 percent from previous month, increased by 228 billion MNT (103.5 million USD) or 37.7 percent compared to the same period of previous year.

 

At the end of June 2016, the non-performing loans over the bank system reached 1.04 billion MNT (469 million USD), decreased by 27.1 billion MNT (12.30 million USD) or 2.6 percent from the previous month, increased by 261.7 billion MNT (118.80 million USD) or 33.8 percent compared to the same period of previous year.

 

In the first half of 2016, 48 million securities were traded at a value of 156.9 billion MNT (71.22 million USD) in the stock market. The securities trading value has decreased by 430.5 billion MNT (195.41 million USD) or 73.3 percent, while in number ir has increased by 28.4 million shares or 2.4 times compared to same period of previous year.

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Government revenue and expenditure

 

In the first half of 2016, total equilibrated revenue and grants of the General Government Budget amounted to 2.54 trillion MNT (1.14 billion USD) and total expenditure and net lending amounted to 3.66 billion MNT (1.65 billion USD), representing a deficit of 1.12 billion MNT (50.4 million USD) in the equilibrated balance.

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Foreign trade

 

In the first half of 2016, Mongolia traded with 132 countries resulting in a total external trade turnover of 3.69 billion USD, of which 2.19 billion USD were exports and 1.5 billion USD were imports.

 

Total external trade turnover decreased by 516.9 million USD or 12.3 percent due to a decrease in exports of 177.3 million USD or 7.5 percent and a decrease in imports of 339.6 million USD or 18.5 percent compared to the same period of the previous year.

 

External trade balance showed a surplus of 693.8 million USD in the first half of 2016, compared with a surplus of 531.5 million USD in the first half of 2015.

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Source: National Statistics Office of Mongolia, 2016

Mongolian Economy, May 2016

Mongolian Economy, May 2016

Posted by cecilia.barradas | Posted on 15 Jun 2016

Inflation

 In May 2016 the national consumer price index increased by 0.1 percent compared to the previous month, by 3.3 percent from beginning of the year and by 1.8 percent compared to same period of the previous year.

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Money Supply

According to report of the Bank of Mongolia, money supply (broad money or M2) reached to 10.7 trillion MNT (5.44 billion USD) at the end of May 2016, increased by 218.8 billion MNT (111.26 million USD) or 2.1 percent from the previous month and by 891.7 billion MNT(453.44 million USD) or 9.1 percent compared to the same period of the previous year.

At end of May 2016, currency issued in circulation reached 788.3 billion MNT (401.4 million USD) decreased by 43.2 billion MNT (21.97 million USD) or 5.8 percent from the previous month and by 5.4 billion MNT (2.75 million USD) or 0.7 percent compared to the same period of previous year.

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Loans and security tradings

Loans outstanding amounted to 11.4 trillion MNT (5.8 billion USD), at the end of May 2016, decreased by 197.6 billion MNT (100.5 million USD) or 1.7 percent from previous month and by 744.4 billion MNT (378.5 million USD) or 6.1 percent compared to the same period of previous year.

Principals in arrears reached 888.6 billion MNT (451.9 million USD) at the end of May 2016, decreased by 22.7 billion MNT (11.54 million USD) or 2.5 percent from previous month, increased by 288 billion MNT (146 million USD) or 47.9 percent compared to the same period of previous year.

At the end of May 2016, the non-performing loans over the bank system reached 1.06 trillion MNT (541 million USD), decreased by 8.7 billion MNT (4.4 million USD) or 0.8 percent from the previous month, increased by 326.1 billion MNT (165.83 million USD) or 44.1 percent compared to the same period of previous year.

In the first 5 months of 2016, 46.9 million securities were traded, valued at 151.4 billion MNT (77 million USD) in the stock market. The securities trading value has decreased by 330.5 billion MNT (168 million USD) or 68.6 percent, while in number it has increased by 30.3 million shares or 2.8 times compared to same period of previous year.

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Government revenue and expenditure

In the first 5 months of 2016, total equilibrated revenue and grants of the General Government Budget amounted to 2.09 trillion MNT (1.06 million USD) and total expenditure and net lending amounted to 2.96 trillion MNT (1.5 million USD), representing a deficit of 877 billion MNT (446 million USD) in the equilibrated balance.

Total expenditure and net lending of the General Government Budget reached 2.96 trillion MNT (1.5 million USD), it has increased by 516.6 billion MNT (262.7 million USD) or 21.1 percent compared to same period of the previous year. Compared to same period of the previous year, tax revenue has decreased by 9.1 billion MNT (4.62 million USD) or 0.5 percent.

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Foreign trade

In the first 5 months of 2016, Mongolia traded with 123 countries resulting in a total external trade turnover of 2.95 billion USD, of which 1.77 billion USD were exports and 1.17 million USD were imports.

Total external trade turnover decreased by 369.7 million USD or 11.1 percent, due to a decrease in exports of 94.7 million USD or 5.1 percent and a decrease in imports of 275 million USD or 19.0 percent compared to same period of the previous year.

External trade balance showed a surplus of 602.6 million USD in the first 5 months of 2016, compared with the surplus of 422.3 million USD in the first 5 months of 2015.

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Source: Mongolian National Statistics Office. 2016

Founder and CEO of Sokotra Capital Ltd (Dubai), Founding Partner and CEO of FrontCap Asia LLC (Hong Kong), CEO of Frontiers Capital LLC (Mongolia), Director MICC LLC, (Mongolia) Dornod Shim Agro LLC (Mongolia)

Seasoned investment banker with over 26 years of experience in the financial services industry, working for various prestigious financial institutions including HSBC, Credit Suisse First Boston and Crédit Agricole CIB. Most recently, Albert spent almost three years with UBS AG, heading up the bank’s Ultra High Net Worth (“UHNW”) and Corporate Advisory Group businesses for the Middle East & Africa (“MEA”) region. In this role, Albert was responsible for a team of over 55 professionals across Zurich, Geneva and the Dubai International Financial Center (“DIFC”) During his career, Albert has advised various blue-chip clients into and out of the MEA region on several landmark transactions and has developed extensive relationships at all levels with government officials, CEOs and CFOs in the region. Albert holds a Master in International Finance, with Honors from the University of Paris Dauphine (France). He isfluent in English, Arabic and French.

Founding Partner, President and CEO of MICC LLC (Mongolia), Founder and CEO of Dornod Shim Agro LLC (Mongolia), Director of Frontiers Capital SAS (France) and FrontCap Asia Ltd (Hong Kong)

Achit-Erdene has consistently distinguished himself as a pioneer within the Mongolian financial sector. In 2005, he founded MICC, the first investment firm in Mongolia. Achit-Erdene launched the first bond offer
ings on the local stock exchange by major Mongolian companies such as MCS and Gobi Corporation. He has also advised leading Mongolian companies, such as Monnis, Tavan Bogd, Nomin, and Shunkhlai on capital raising and mergers and acquisition transactions. Recently, MICC, led by Achit-Erdene, advised the Mongolian government on the formation and structuring of Erdenes-Tavan Tolgoi in preparation for its immediate privatization and development of the world-class Tavan Tolgoi coking coal deposit. Achit-Erdene has completed dozens of high profile cross border transactions and raised several hundred million dollars for his clients.
Achit-Erdene serves on the board of the Business Council of Mongolia. He is fluent in Mongolian, English, and Russian, and proficient in Japanese and Korean.

Director, Direct Investments, Sokotra Capital Ltd (Dubai), Consultant FrontCap Asia Ltd (Hong Kong)

Rami Barazi joined SOKOTRA Capital in April 2014, after having spent over 7 years working in the Middle East & Africa investment banking teams of international financial institutions including UBS AG and Crédit Agricole CIB. During his career, Rami has advised various regional and international clients on both M&A (buy-side and sell-side) and ECM (IPOs and private placement) transactions in a wide range of sectors such as TMT, Mining, Infrastructure, Manufacturing and Retail. Rami graduated with a BSc (Hons) in Banking and International Finance from Cass Business School in London and is fluent in English, French as well as being conversationally proficient in Arabic.

Associate, COO, Frontiers Capital SAS (France), Frontiers Capital LLC (Mongolia) and FrontCap Asia Ltd (Hong Kong)

Mexican born, Cecilia holds a Double Masters degree in International Economic Development and Economic History by Sciences Po Paris and the London School of Economics and bachelor’s degree in International Relations. Cecilia worked previously at the Mexican Embassy in Brussels in the Economics Department, at the Ministry of Economic Development of the State of Veracruz-Mexico as an adviser to the Minister in themes of international political economy and at the World Heritage Centre-UNESCO.

Director, Direct Investments, Sokotra Capital Ltd (Dubai), Consultant FrontCap Asia Ltd (Hong Kong)

Pravin Chelluri is an investment banker with over 7 years of experience in advising clients on a broad range of corporate finance transactions in the MEA region. During his career, Pravin has worked in the Middle East offices of various international financial institutions including Crédit Agricole CIB and UBS AG. Pravin has advised clients on both buy-side and sell-side M&A transactions as well as Equity Capital Markets (“ECM”) transactions, covering sectors such as Telecoms, Infrastructure, Manufacturing, Technology, Power, Oil & Gas and Retail. Pravin holds a BS (Hons) in Finance from the American University of Sharjah. He is fluent in English, Hindi and conversationally proficient in Telugu.

Direct Investments, Sokotra Capital Ltd (Dubai), Consultant FrontCap Asia Ltd (Hong Kong)

George Ashkar has previous experience in the wealth management division at UBS AG where he worked within the UHNW segment servicing the Middle East & North Africa (“MENA”) region. Having spent many years living in Nigeria, George has acquired comprehensive knowledge, both economically and politically, and has established an extensive network within the West Africa region. George holds a BSc in Economics from the American University of Beirut. He is fluent in English, French, Nigerian colloquial English (Nigerian Pidgin) and proficient in Arabic.

Senior Advisor Frontiers Capital SAS (France) and Frontiers Capital LLC (Mongolia)

Alexandre is the Chairman and CEO of Forward SAS and the co-founder of Frontiers Capital in France and Mongolia.

Alexandre was Special Advisor to the French Minister of Education and Youth and Government Spokesperson; Deputy Chief of Staff of the Minister of Industry and Consumer Affairs, and Chief of Staff of the Government Spokesperson.

Previously, he was Head of Strategy at Crédit Agricole-Corporate and Investment Banking, secretary of the Credit Crisis Committee (at the time of the global financial crisis), the Management Committee and the Investment Committee.

Prior to Crédit Agricole-Corporate and Investment Banking, Alexandre was Deputy Chief of Staff of the Parliament Majority Leader; Advisor to the French Minister for Budget and State Reform and Government Spokesperson. Alexandre started his career in a Real Estate Investment Fund in Paris.

Alexandre has been lecturer at the University of Montpellier on Graduate seminars in the Law and Communication Departments. He currently holds board positions at the Fonds pour le Numérique à l’Ecole and the French American Foundation for Education.

Alexandre graduated from both SciencesPo Paris and the University of Paris. He holds a Master in Finance and another in European and International Business Law.

Senior Advisor Frontiers Capital SAS (France)

Founder of Schroders New Finance Capital, a wholly owned subsidiary of Schroders responsible for its Fund of Hedge Fund business with assets under management of $4.6 billion.

Previously, Marc worked at JP Morgan, Citibank, Bankers Trust and Credit Suisse First Boston, where he was Head of Fixed-Income and Emerging Markets, and a member of the Executive Board of the Group. Marc is an expert in bond trading, sales and origination, high yield debt, emerging markets, foreign exchange and money markets, commodities, real estate finance and fixed income research and he is responsible for the incubation of a family of hedge funds, several of which continue to grow and perform very successfully.

Belgian born, Marc graduated from the Solvay Business School of Brussels.