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| The world's worst performing currency right now is Mongolia's | The world's worst performing currency right now is Mongolia's |
| (35 minutes later) | |
| Even Genghis Khan himself might find it hard to conquer this battle. | Even Genghis Khan himself might find it hard to conquer this battle. |
| Mongolia's currency is on its longest losing streak on record as the government grapples to contain an economic crisis. | Mongolia's currency is on its longest losing streak on record as the government grapples to contain an economic crisis. |
| Back in 2011, a mining boom helped make it the world's fastest-growing economy with a gross domestic product of around 17.5%. | Back in 2011, a mining boom helped make it the world's fastest-growing economy with a gross domestic product of around 17.5%. |
| But the tugrik lost about 7.8% of its value this month, making it the world's worst-performing currency, says Bloomberg data. | |
| It's been a rapid descent from grace for the central Asian nation, which neighbours China and Russia. | It's been a rapid descent from grace for the central Asian nation, which neighbours China and Russia. |
| The landlocked country has substantial untapped reserves of valuable minerals like gold, copper and coal. | The landlocked country has substantial untapped reserves of valuable minerals like gold, copper and coal. |
| But then commodity prices collapsed. And so did demand from China, which buys 90% of Mongolia's exports. | But then commodity prices collapsed. And so did demand from China, which buys 90% of Mongolia's exports. |
| The government has since admitted that the country is "in a deep state of economic crisis". | The government has since admitted that the country is "in a deep state of economic crisis". |
| Finance Minister Choijilsuren Battogtokh said in a nationally televised address last week that they weren't able to afford to pay civil servants or the military. | Finance Minister Choijilsuren Battogtokh said in a nationally televised address last week that they weren't able to afford to pay civil servants or the military. |
| Debt crisis | Debt crisis |
| Making matters worse has been the government's inconsistent approach to investment laws and mining agreements, causing many foreign firms to rush for the exit. | Making matters worse has been the government's inconsistent approach to investment laws and mining agreements, causing many foreign firms to rush for the exit. |
| Foreign direct investment in Mongolia plummeted by 85% since 2011 to the first quarter of last year, according to the US State Department. | Foreign direct investment in Mongolia plummeted by 85% since 2011 to the first quarter of last year, according to the US State Department. |
| The populist Mongolian People's Party won power in elections earlier this year after the public lost confidence in the long-ruling Democratic Party over its mishandling of the economy. | The populist Mongolian People's Party won power in elections earlier this year after the public lost confidence in the long-ruling Democratic Party over its mishandling of the economy. |
| However it looks like a hard road ahead for Prime Minister Erdenebat Jargaltulgameans. | However it looks like a hard road ahead for Prime Minister Erdenebat Jargaltulgameans. |
| Due to its cash shortage, Mongolia has borrowed massively and now owes dinosaur-sized interest payments of a debt load of nearly $23bn. | Due to its cash shortage, Mongolia has borrowed massively and now owes dinosaur-sized interest payments of a debt load of nearly $23bn. |
| This has fuelled speculation that Mongolia could face a sovereign default or need a bailout. | This has fuelled speculation that Mongolia could face a sovereign default or need a bailout. |
| Funnily enough, a delegation from the International Monetary Fund arrived in the capital Ulaanbaatar today. | Funnily enough, a delegation from the International Monetary Fund arrived in the capital Ulaanbaatar today. |