Submitted by MONTSAME on

In a scope of working visit of the Russian President Mr Putin to Mongolia, the Development banks of Mongolia and of Russia agreed on trades with national currencies and signed an obligatory contract, addressing other cooperation as well.
This document covers issues about advanced cooperation in economic sector, financing of bilateral trade projects and use of tugric and rouble, national currencies of the two countries when trading certain range of items. “One of the advantages of trade with the national currencies is a tendency of increased export from Mongolia to Russia” said Mr B.Munkhbat, a director of Development Bank of Mongolia.
According to the Obligatory contract, Development Bank of Russia is to provide USD 74 million of investment for the extension of Thermal Power Station-4 in Ulaanbaatar. This project is funded by Development Bank of Mongolia, with no involvement from the government, and is distinctive as it is a cost-recovery project.

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