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107 billion MNT (82 million USD) to be injected into the economy as social transfers to senior and

According to major Mongolian portal gogo.mn on April 10,2012  Chairman of Welfare and Service Section of Labor, Welfare and Service Agency of Mongolia D.Choijilsuren clarified  regarding 1 million MNT TT shares/cash hand out

  • The distribution work is basically starting. Last Friday we have received approved procedures. According to them, first part of monies that are divided in three parts will be issued this month, 330 thousand MNT per senior or developmentally challenged citizen
  • There are 205 thousand senior citizens and 120 thousand developmentally challenged citizens in Mongolia
  • Government will finalize issue of 10 thousand MNT for poor families. There are preliminary estimates for 1000MNT per child and 7000 MNT per adult during receipt and confirmation of monies devoted for service to be implemented since July 1, 2012

The portal sums up

  • In coming June, 500 thousand MNT of 1.5 million MNT promised by political parties during elections will be finished to be distributed. Those are monthly 21 thousand MNT issued to every citizen. Student have taken already 1 million MNT in a form of tuition credit. Senior and developmentally challenged citizens will get 1 million MNT cash in three parts. In this way, in total over 300 thousand citizens or one quarter of the population are receiving the promised 1.5 million MNT. Government will decide in what form the rest of the population will receive the 1.5 million MNT . Citizens can choose to own shares.

The portal interviews a senior citizen of 17th committee of Sukhbaatar district  of city of Ulaanbaatar D. Dulmaa who says

  • “I am waiting for time when state will give the million MNT. We, seniors, what need do we have for the shares. If money will be given, we have many needs such as for medications and so on.”

The answer is in line with Frontier Securities forecast of immediate spending of social transfers as mentioned first in the update of February 18,2012 “TT SHARES/ONE MILLION MNT CASH HAND OUT WILL BE STARTED TO BE ISSUED SINCE APRIL 1,2012”