In 1990, the Communist Party relinquished control over the government, paving the way for a new constitution in 1992 that abolished the People's Republic and created a hybrid parliamentary/presidential state.
Until June 27, 2004 the predominant party in Mongolia was the Mongolian People's Revolutionary Party or MPRP, which was formed by Mongolia's communist leaders after the end of the Cold War. The main opposition party was the Democratic Party or DP, which controlled a governing coalition from 1996 to 2000. As of the 2004 elections, the MPRP was relegated to minority party status after being dealt a crushing defeat in the highest voter turnout in Mongolia's history.
The state employs a dual executive system with an elected president as head of state and a prime minister as head of government. The legislature, or State Great Hural, has one chamber with 76 seats.
The Mongolian heartland consists of relatively flat steppes. The southern portion of the country is taken up by the Gobi Desert, while the northern and western portions are mountainous.
Most of the country is hot in the summer and extremely cold in the winter, with temperatures dropping as low as -30°C (-22°F).
Mongolia's economy is centered on oil, coal, and copper, with smaller industries in molybdenum, tungsten, and phosphate mining. Following decades of state-run enterprise, the economy has undergone an often-painful transition to capitalism. There are currently over 10,000 independent businesses in Mongolia, chiefly centered around the capital city. Outside the cities, most Mongolians engage in sustenance herding.
GDP per capita is about $1,780. Although GDP has risen steadily since 2002, the state is still working to overcome a sizable trade deficit and a massive ($11 billion) foreign debt to Russia. Mongolia joined the World Trade Organization in 1997 and now exports cashmere and food products to Russia, China, Japan, and other countries.
Most Mongolians are Mongol in descent: there are also smaller populations of Kazakh and Tungusic people. The predominant religion is Tibetan Buddhism. Like many developing countries, Mongolia suffers from a young and very rapidly growing population, which has put great strains on its economy.
Petroleum Authority of Mongolia An organization authorized to enter into agreements related to exploration, protection, production, processing, transportation, storage and marketing of petroleum within Mongolia. http://www.pam.mn/
Anod Bank Privately owned commercial bank. http://www.anod.mn/
Eco-Minex International Dedicated to exploring for gold, tin, tantalite and mining these minerals deposits in an ecologically friendly manner. http://www.geocities.com/ecominexint
Agricultural Bank Formerly state-owned bank, maintaining the largest network of branches in rural Mongolia. http://www.agbank.mn/
Gobi Business News Bimonthly and bilingual e-journal aiming to inform Gobi citizins about the market economy and how to make a living in it. http://www.gbn.mn/language.php?sel=eng
ASME of MGL Aerial surveying and mapping enterprise http://www.angelfire.com/mn2/asme
Mongolia Real Estate Mongolian Properties, the leading real estate agency and property management company in Mongolia. Rental and property investment in Ulaanbaatar. http://www.mongolianproperties.com
World Bank in Mongolia The local office of this global financial organization http://www.worldbank.org.mn
Mongolian International Economic Policy Provides access to photos and research on "The Mongolian International Economy: 1990 - 2002." Paper recently published in the Journal of the Southwest Conference on Asian Studies. http://hometown.aol.com/dorsenjc/pages/mongoliapictures.html
Mongolia's mini-boom As international aide and western entrepreneurs flood Mongolia, a rare business boom is sweeping the steppes, Ron Gluckman reports in this article in Newsweek Magazine. http://www.gluckman.com/MongoBiz.html
Lehman Law Commercial law firm based in Mongolia http://www.lehmanlaw.mn
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