State Great Hural (Parliament) of Mongolia finalized and adopted the draft resolution entitled “On Certain Measures to Reduce Loan Interest Rates” and elected Chairs of several Standing Committees

Amendments to the Law on Reducing Traffic Congestion and Redeveloping Ger Areas in Ulaanbaatar

Final discussion and vote completed. Introduces digital handling of minor traffic accidents without police or insurance agents if both drivers agree and no injury is involved. Establishes a transparent Land Clearance Fund to finance redevelopment of “ger” areas using revenue from housing sales in new residential projects. Several housing projects funded by concessional loans nearing completion; fund intended to be self-sustaining. Other funds for public transport development and urban maintenance equipment also reported as financially viable.

Amendments to the Law on Fiscal Stability

Moved forward to final discussion after majority support. Budget Standing Committee tasked with preparing for final review.

Draft Laws on Public Property and Road Traffic Safety

Approved to proceed to initial committee discussions.

Resolution on Human Rights and Prevention of Torture

Based on the 24th report by the National Human Rights Commission. Includes measures on judicial transparency, election finance, equal competition, and child victims’ rights. Supports establishing Family and Child Courts. Passed by majority vote.

Resolution on Accelerating Public Service Process Re-engineering

Focuses on streamlining government services, reducing bureaucracy, and enhancing digitalization. Supported by MPs and adopted.

Resolution on Measures to Reduce Loan Interest Rates

Returned for further review with amendments requiring:

- Study on effects of higher interest on term deposits.

- Transparent disclosure of loan rates for low-risk borrowers.

- Improved collateral valuation regulations.

Implementation to be overseen by the Bank of Mongolia, Financial Regulatory Commission, and finance authorities. Ongoing discussions on pension loan interest rates.