After series of meetings with Government officials and business leaders in the last few weeks in UB, we have confirmed that the economic activity in Mongolia is slowing down significantly in 2016. Therefore, we have decided to lower our economic forecast for last year to 0%. However, we have also confirmed that the business environment in Mongolia will not deteriorate further. That is mainly because of the anticipation that the new money will be injected either from China or by IMF in a near future.
Therefore, we have decided to increase risk weight of assets in Mongolia. However, we are not fully convinced of the friendly policies taken by the Government yet as the initiatives taken by the new Government is still early stage. We wish to see more positive signs before we wish to take more risk on Mongolia.
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