Background
The Mongols gained fame in the 13th century when under Chinggis KHAAN they established a huge Eurasian empire through conquest. During the early 1990s, the ex-Communist Mongolian People's Revolutionary Party (MPRP) gradually yielded its monopoly on power to the Democratic Union Coalition (DUC), which defeated the MPRP in a national election in 1996. In 2008, MPRP formed a coalition government with the Democratic Party and voted to retake the name of the Mongolian People's Party (MPP) in 2010. The prime minister and most cabinet members are MPP members.
Economic activity in Mongolia has traditionally been based on herding and agriculture - Mongolia's extensive mineral deposits, however, have attracted foreign investors. The country holds copper, gold, coal, molybdenum, fluorspar, uranium, tin, and tungsten deposits, which account for a large part of foreign direct investment and government revenues. Growth averaged nearly 9% per year in 2004-08 largely because of high copper prices and new gold production. In 2008 Mongolia experienced a soaring inflation rate with year-to-year inflation reaching nearly 30% - the highest inflation rate in over a decade. By late 2008, as the country began to feel the effects of the global financial crisis, falling commodity prices helped lower inflation, but also reduced government revenues and forced cuts in spending. In early 2009, the International Monetary Fund reached a $236 million Stand-by Arrangement with Mongolia and the country has started to move out of the crisis. Although the banking sector remains unstable, the government is now enforcing stricter supervision regulations. In October 2009, the government passed long-awaited legislation on an investment agreement to develop Mongolia's Oyu Tolgoi mine, considered to be one of the world's largest untapped copper deposits. The economy grew 6.1% in 2010, largely on the strength of exports to nearby countries, and international reserves reached $1.6 billion in September, an all time high for Mongolia. Mongolia joined the World Trade Organization in 1997 and seeks to expand its participation in regional economic and trade regimes.
Holidays
Jan 1 - New Year's Day
Feb 9-11* - Tsagaan Sar (Lunar New Year)
Jun 1 - Mothers and Children's Day
Jul 11-13 - Naadam
Nov 26 - Independence Day
Ps: The festival's date(*)given above is approximation which is subject to change every new year.
Phone Codes
Country Code: 976
International calls can be made from telephone exchanges in Ulaanbaatar
Area Codes:
Ulaanbaatar: 11
Darkhan: 01-372
Erdenet: 01-352
Khovd: 01-432
Resources
Market Research
CIA - The World Factbook - Mongolia
This website indicates a wide range of detail information about Mongolia by introducing under 8 different fields as its geography, people, government, economy, communications, transportation, military, transnational issues.
About Mongolia
There is available to find out Mongolian general outlook on the issues of its social and business profile, passport/visa, money, accommodation, government, duty free, health and so forth.
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