mining-to-pull-mongolia-out-of-economic-doldrums

Mining to pull Mongolia out of economic doldrums

Peter Morrow, CEO of Khan Bank, explains how commodities could ease MongoliaÆs financial problems, while highlighting the potential risks involved.

Wedged between China and Russia, Mongolia has undergone an economic boom in recent years. Since 2000 GDP has grown between 8% and 10% annually, though this figure would be even higher if remittances and other grey market activities were taken into account. Over the past year, however, development has slowed.
 
Our economic problems are different to the problems in many places, says Peter Morrow, CEO of Mongolia's largest bank, Khan Bank. We don't have a financial crisis -- our banks are generally OK. Khan Bank doesn't own any toxic assets, no mortgage-backed securities, complicated derivatives, or foreign exchange futures. We don't have any financial assets outside of Mongolia.
 
In a recent...

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