Annual Report 2022 Annual Report 2023
GREETINGS
Warm greetings to all commemorating the 33rd anniversary of the establishment and evolution of the Mongolian capital market and the "Mongolian Stock Exchange."
Formally instituted on January 18, 1991, through Resolution No. 22 of the Government of Mongolia, the Mongolian Stock Exchange (MSE) was conceived to catalyze the privatization of state-owned assets, fostering the ongoing development of the capital market. The MSE has achieved noteworthy milestones over the years, with the year 2023 marking particularly significant accomplishments.
The approval of the "Mongolian Stock Exchange" JSC for inclusion in the "Frontier Market" category by FTSE Russell was a noteworthy international recognition for the Mongolian capital market. Concurrently, the domestic capital market capitalization soared to 11 trillion MNT, representing 20.8 percent of Mongolia's gross domestic product.
Aligned with amendments to the Banking Law, the five system banks—Khan Bank, Trade Development Bank, Khas Bank, State Bank, and Golomt Bank—adhered to their obligations to transition into open companies before June 30, 2023. This strategic move facilitated the successful public offering of shares, resulting in a substantial capital infusion of 302.5 billion MNT. Furthermore, the Mongolian Stock Exchange witnessed successful trading of domestic companies' shares, asset-backed securities, and debt instruments, totaling over 140 billion MNT on the primary market.
The scope of mining products traded on the Mongolian Stock Exchange has expanded, encompassing iron ore concentrates, while preparations are underway to introduce copper and other products in 2024.
In the pursuit of international collaboration, events were orchestrated in South Korea, Hong Kong, and China in 2023 to promote the Mongolian capital market. Building on this, the Mongolian Stock Exchange (MSE) formalized cooperation through memoranda with the Budapest Stock Exchange and the Shanghai Stock Exchange.
As "The Mongolian Stock Exchange" commemorates its 33rd year, it has been notably recognized, securing the Best IPO nomination at the "Grand Bull Awards-2023," an accolade acknowledging excellence in the Mongolian capital market industry. The MSE remains committed to public education through initiatives such as "The Fundamental Training of the capital market" and collaborative efforts like Capital Markets Day.
Looking ahead to 2024, we express confidence that the dedicated team at "Mongolian Stock Exchange" JSC will build upon past successes, play a pivotal role in advancing Mongolia's capital market, and achieve continued success. To the professional organizations, issuers, and investors contributing to the Mongolian capital market, we extend our heartfelt wishes for a joyous 33rd anniversary.
Interim CEO 
J.Tsogtbayar
Mongolian Stock Exchange
