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reserves is reducing the country's near-term vulnerability to external financial shocks, the rating agency said.As a share of GDP, government debt fell considerably between 2009 and 2011, but the pace of reduction has since slowed and debt is higher than most similarly rated peers.Debt affordability is also constrained. Interest payments as a share of revenues are among the highest of all countries that Moody's rates, the agency said, adding that the risks are somewhat mitigated by relatively long tenors and a captive investor base."Should the recent moderation in treasury yields be sustained, interest expenditure would fall, easing a key financing constraint," Moody's said. <div
Moody's Downgrades Mongolia Sending Its Currency to Record LowBy Boby MichaelJuly 17, 2014 16:11 BSTMongolia's national parliament building at Sukhbaatar squareReutersMoody's has cut Mongolia's foreign currency bond rating,Nike Air Max 2015 Black White, citing the country's strained external liquidity position and saying that foreign exchange reserves would further deplete unless the country takes help from its big neighbour China.The Mongolian tughrik, which has been on a declining trend since 2011, has touched a new record low of 1840 against the US dollar following the rating action.The tughrik has fallen more than 10% so far this year and weakened more than 35% since April 2011, indicating the severity of the foreign exchange crisis Mongolia is facing. See the chart below.The foreign currency government bond rating has been downgraded to B2 from B1 with outlook negative. The government's issuer rating as well as senior unsecured rating have also been downgraded to B2.Moody's has also downgraded the rating of the government-owned Development Bank of Mongolia to B2 from B1 with outlook remaining negative."Reserves would most likely be lower,Nike Air Max 90 Gray Green, were it not for the Bank of Mongolia drawing down on a bilateral swap facility with the People's Bank of China," the statement showed.Expansionary monetary and fiscal policies have added to demand pressures, fuelled inflation, and heightened spillover risks to the banking system and the balance of payments, the rating agency said.Liquidity PositionMongolia's total foreign reserves have fallen rapidly, to $1.6bn in May 2014 from $2.2bn at the start of the year, in spite of a narrowing current-account deficit, Moody's said.The rating agency notes that the sharp pace of deterioration comes as foreign direct investment (FDI) has more than halved from levels last year."The investment regime remains unpredictable, suggesting that FDI will remain subdued at least over this year. Further ahead, instability in the investment regime threatens to dampen the development of the mining sector."External DebtMongolia's rising external debt repayment burden was compounded by the decline of official foreign-exchange reserves to a low level. The development of Mongolia's mineral resources will play an increasingly important role in this context.Moody's External Vulnerability Indicator ?? which gauges the adequacy of reserves with respect to maturing external debt obligations over the next year ?? has risen to an estimated 130% in 2014 and will increase further to 196% in 2015, significantly above a prudent 100% threshold for systems that are heavily dependent on foreign creditors, the rating agency said.Expansionary PoliciesThe central bank's pursuit of expansionary monetary policies since 2013, including liquidity injections to banks, low-cost mortgage loans,Nike Air Max 2014 UK, and support to the construction and real estate sectors, has boosted demand, Moody's said.Inflationary pressures continue to build in the country, while credit is still growing at a rapid pace, the rating agency said."This increases pressure on the balance of payments, raising the risk of capital flight, and further weakens the external payments position. Given regulatory forbearance in the provision of credit and weakening asset quality, there could also be spillover risks for the banking system."Mongolia's currency falls to record lowXE.com <div
Moon Landing 45th Anniversary: How to Spot Apollo Landing Sites from EarthBy Kabita MaharanaJuly 19, 2014 08:53 BSTJuly 20, 1969: Buzz Aldrin walks on the surface of the moon. Neil Armstrong, taking the photo,Nike Air Max 2013 Black Green, is reflected in his visor.NasaSunday marks the 45th anniversary of the first Moon Landing when two humans landed on the lunar surface while their colleagues moved along its trajectory.On 20 July, 1969, the Apollo 11 mission made history when three astronauts, Neil Armstrong, Buzz Aldrin and Michael Collins, took their first steps on the rocky lunar land.Mission Control, which was monitoring the Apollo 11 mission, recorded the astronauts' excitement on reaching near the moon's surface."What a spectacular view!" exclaimed Armstrong when he saw the moon, 100 kilometres above its orbit."God, look at that moon! Fantastic. Look back there behind us, sure looks like a gigantic crater; look at the mountains going around it. My gosh, they're monsters,Nike Air Max 2013 Chocolate Mens," said Collins while trying to figure out the lunar geography.To celebrate one of the biggest space achieveme |
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