Prime Minister Tsakhiagiin Elbegdorj appointed a working group of professionals to develop a project to build a new city at the site of the ancient capital Karakorum.
Incumbent President Tsakhiagiin Elbegdorj, candidate of Democratic Party won at 2013 Mongolian presidential election on June 26, 2013 with 50.23 percent of total votes while Mongolian People's Party candidate Badmaanyambuugiin Bat-Erdene got 41.97 percent, and Natsagiin Udval got 6.5 percent of total votes.
Tsakhiagiin Elbegdorj became the new Prime Minister of Mongolia in April 1998, and in one of his first decisions he sold the state-owned Reconstruction Bank to the private Golomt Bank, which was owned by Mongolian Democrats.