Lil'bit about forex fluctuation in mongoliaInteresting facts...MNP auditors chosen MNT - mongolian national currency as functional. But Ernst & Young audit firms renewed their guidance...https://assets.ey.com/content/dam/ey-sites/ey-com/en_mn/news/2019/04/ey-mongolia-new-accounting-and-auditing-laws.pdf
On page 9 "...In rare situations, there may be cases where companies operating in Mongolia determine that their functional currency is other than the Mongolian tugrug...In our experience, Mongolian companies, including subsidiaries of international companies, operating in the natural resources sector and selling into export markets may determine that their functional currency in not the tugrug. In such cases, they will need to apply to the Ministry of Finance for permission to record their accounts in their functional currency in order that they can comply with IFRS."...... That's the difference between local audit firm & Big4. E&Y gave clear guidance for FDI mining companies.
So how it looks like mongolian forex rate? Almost 5 more rates same time. BoM - Bank of mongolia rate, commercial bank's internal rate for cash & non-cash transactions.
https://www.mongolbank.mn/eng/dblistofficialdailyrate.aspx
https://tdbm.mn/en/exchange?dt=2021%2F05%2F04
https://www.capitronbank.mn/p/exchange?lang=en&type=corporate
I don't think they play & going "shorts" on forex rates ;) But how they recognizing forex realized gain/loss? Interesting,... again "virtual" cost for shareholders same as reval. of debentures?
Something wrong in their financial data.....