Market overview & Insight
Mongolia’s economy, its growth drivers and the opportunity for private capital — presented with data.
Why Mongolia
Mongolia is one of Asia’s fastest-growing economies, driven by its world-class mineral resources. Alongside mining, a growing financial sector and a large pipeline of energy and infrastructure projects are creating rising demand for private capital, and with it new opportunities for investors.
Mongolia at a glance
Key facts. Source: National Statistics Office of Mongolia, 2025.
1.56 million km²
Land area
One of the largest countries in Asia by area.7,064 USD
GDP per capita
2025 · ▲5.5%28 years
Median age
One of the youngest populations in the region.Key growth drivers
Structural strengths behind Mongolia’s long-term investment case.
World-class natural resources
Among the world’s top 10 resource reserves, estimated at around USD 2 trillion.Renewable energy potential
Abundant solar and wind resources with potential to become a regional energy leader.Agricultural resources
A strategic supplier of livestock, cashmere and food products to China and beyond.Growth track record
The world’s fastest-growing economy in 2011, with 17.3% real GDP growth.Mongolia’s economic growth
The economy is resilient, with projected annual GDP growth of 6–8% over the next five years, fuelled by large-scale mining, infrastructure development and ongoing diversification.
GDP, current USD
25.4B USD
2025
| Year | bn USD |
|---|---|
| 2015 | 11.62 |
| 2016 | 11.14 |
| 2017 | 11.48 |
| 2018 | 13.18 |
| 2019 | 14.2 |
| 2020 | 13.31 |
| 2021 | 15.29 |
| 2022 | 17.12 |
| 2023 | 20.33 |
| 2024 | 23.79 |
| 2025 | 25.37 |
Policy rate
12.0%
2025
| Year | % |
|---|---|
| 2015 | 13 |
| 2016 | 14 |
| 2017 | 11 |
| 2018 | 11 |
| 2019 | 11 |
| 2020 | 6 |
| 2021 | 6 |
| 2022 | 13 |
| 2023 | 13 |
| 2024 | 10 |
| 2025 | 12 |
USD/MNT, end of year
3,557
2025
| Year | MNT |
|---|---|
| 2015 | 1996 |
| 2016 | 2490 |
| 2017 | 2427 |
| 2018 | 2644 |
| 2019 | 2734 |
| 2020 | 2850 |
| 2021 | 2849 |
| 2022 | 3445 |
| 2023 | 3411 |
| 2024 | 3420 |
| 2025 | 3557 |
Inflation, end of year
7.5%
2025
| Year | % |
|---|---|
| 2015 | 1.9 |
| 2016 | 1.3 |
| 2017 | 6.4 |
| 2018 | 8.1 |
| 2019 | 5.2 |
| 2020 | 2.3 |
| 2021 | 13.8 |
| 2022 | 13.2 |
| 2023 | 7.9 |
| 2024 | 9 |
| 2025 | 7.5 |
Source: National Statistics Office of Mongolia; Bank of Mongolia. Data as of 2025.
Capital Markets
Mongolia’s capital market is deepening — from government and corporate bonds to equity listings and bank IPOs.
13.9 trn
MSE market capitalization
MNT, Dec 2025906 bn
Total value traded
MNT, 202554,478
MSE TOP-20 index
Year-end 202519.5 bn
Registered stocks
Shares, Dec 2025Mongolia’s capital market
Key indicators of the Mongolian Stock Exchange and domestic bond market.
MSE market capitalization
13.9 trn MNT
2025
| Year | trn MNT |
|---|---|
| 2015 | 1.263 |
| 2016 | 1.474 |
| 2017 | 2.436 |
| 2018 | 2.508 |
| 2019 | 2.69 |
| 2020 | 3.027 |
| 2021 | 5.979 |
| 2022 | 6.888 |
| 2023 | 11.62 |
| 2024 | 12.974 |
| 2025 | 13.879 |
Total value traded
906 bn MNT
2025
| Year | bn MNT |
|---|---|
| 2019 | 143.2 |
| 2020 | 65.3 |
| 2021 | 1414 |
| 2022 | 580.5 |
| 2023 | 726 |
| 2024 | 1406 |
| 2025 | 906.3 |
MSE TOP-20 index
54,478
Year-end 2025
| Year | points |
|---|---|
| 2019 | 19625 |
| 2020 | 19286 |
| 2021 | 44412 |
| 2022 | 37566 |
| 2023 | 41437 |
| 2024 | 51296 |
| 2025 | 54478 |
Registered stocks
19.5 bn shares
2025
| Year | bn shares |
|---|---|
| 2024 | 20.472 |
| 2025 | 19.493 |
Source: FRC / MSE via NSO; Mongolian Stock Exchange annual reports. Data as of 2025.
OTC Market
Mongolia’s over-the-counter bond market — a growing source of MNT and USD fixed-income opportunities.
3.2 trn
OTC bonds outstanding (MNT)
MNT, 2025USD 132M
USD bonds outstanding
202520%
Median MNT coupon
Corporate, 2025 issues11%
Median USD coupon
Corporate, 2025 issuesOTC bond market
Issuance, outstanding volume and yields of bonds registered on the OTC market.
MNT bonds outstanding
3.2 trn MNT
2025
| Year | trn MNT |
|---|---|
| 2024 | 2.352 |
| 2025 | 3.177 |
USD bonds outstanding
USD 132M
2025
| Year | M USD |
|---|---|
| 2025 | 132 |
Median coupon, MNT
20%
2025
| Year | % |
|---|---|
| 2022 | 12.7 |
| 2023 | 19 |
| 2024 | 19 |
| 2025 | 20 |
OTC investors
5,697
2025
| Year | investors |
|---|---|
| 2024 | 3764 |
| 2025 | 5697 |
Source: Financial Regulatory Commission (FRC); MICC calculations. Data as of 2025 / Q2 2026.
Monthly insights
Research and commentary from our investment team.
Explore Opportunities
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