f mission: Ambassador Ravdan BOLD
chancery: 2833 M Street NW, Washington, DC 20007
telephone: [1] (202) 333-7117
FAX: [1] (202) 298-9227

Diplomatic representation from the US:
chief of mission: Ambassador Mark C. MINTON
embassy: Big Ring Road, 11th Micro Region, Ulaanbaatar
mailing address: PSC 461, Box 300, FPO AP 96521-0002; P.O. Box 1021,
Ulaanbaatar-13
telephone: [976] (11) 329095
FAX: [976] (11) 320776

Flag description:
three equal, vertical bands of red (hoist side), blue, and red;
centered on the hoist-side red band in yellow is the national emblem
("soyombo" - a columnar arrangement of abstract and geometric
representation for fire, sun, moon, earth, water, and the yin-yang
symbol)

Economy Mongolia

Economy - overview:
Economic activity in Mongolia has traditionally been based on
herding and agriculture. Mongolia has extensive mineral deposits.
Copper, coal, molybdenum, tin, tungsten and gold account for a large
part of industrial production. Soviet assistance, at its height
one-third of GDP, disappeared almost overnight in 1990 and 1991 at
the time of the dismantlement of the USSR. The following decade saw
Mongolia endure both deep recession due to political inaction and
natural disasters, as well as economic growth because of
reform-embracing, free-market economics and extensive privatization
of the formerly state-run economy. Severe winters and summer
droughts in 2000-2002 resulted in massive livestock die-off and zero
or negative GDP growth. This was compounded by falling prices for
Mongolia's primary sector exports and widespread opposition to
privatization. Growth was 10.6% in 2004, 5.5% in 2005, and 7.5% in
2006, largely because of high copper prices and new gold production.
Mongolia's economy continues to be heavily influenced by its
neighbors. For example, Mongolia purchases 80% of its petroleum
products and a substantial amount of electric power from Russia,
leaving it vulnerable to price increases. China is Mongolia's chief
export partner and a main source of the "shadow" or "grey" economy.
The World Bank and other international financial institutions
estimate the grey economy to be at least equal to that of the
official economy, but the former's actual size is difficult to
calculate since the money does not pass through the hands of tax
authorities or the banking sector. Remittances from Mongolians
working