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Fitch downgrades Mongolia’s ratings PDF Print E-mail
Tuesday, 20 January 2009
ImageFitch Ratings downgraded Mongolia's Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'B' from 'B+' on Monday. Further, the company said Mongolia’s outlook remains negative.  

Fitch notes that the decision to downgrade Mongolia's ratings is based on continued pressures on the country's finances and ongoing problems with what it called economic policy continuity. The agency believes it is becoming more probable that Mongolia will need to rely on external financing support from sources outside the country.  

Serious problems in Mongolia’s banking sector were seen when the Bank of Mongolia took over the management of Anod Bank, one of Mongolia's five largest banks, in December 2008. 

Further, the unexpected resignations of the president of the Bank of Mongolia and the head of the Financial Regulatory Committee have escalated uncertainty. 
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During the Stalinist purges of the 1930's almost every monastery in Mongolia was destroyed. In 1979 an atlas was published in Ulaanbaatar by Mr. Rinchen with an overview of more than 900 religious sites that used to exist in Mongolia. However a lot the information listed seems to be not accurate. A research has been initiated to get a better idea of all the buddhist buildings that once stood in Mongolia.