Mongolian Road and Transport Development Minister Yangu Sodbaatar has submitted his resignation over a scandal involving financial irregularities, authorities said on Monday.

"Sodbaatar has submitted his resignation letter voluntarily," head of the Mongolian cabinet secretariat Gombojav Zandanshatar told reporters.

Members of the Mongolian parliament and government and other high-ranking officials were reported late October to have obtained a number of loans with low interest rates from a fund that serves small and medium-sized enterprises.

Sodbaatar, who was appointed as minister of road and transport development just two months ago, owns a company named Epato Anarvaan that allegedly obtained a low-interest loan of 1.2 billion Mongolian Tugriks (about 457,000 U.S. dollars) from the fund last year.

Zandanshatar also said Monday that Mongolian Prime Minister Ukhnaa Khurelsukh has submitted a proposal to the country's president on opening a discussion to dismiss the country's Minister of Education, Science and Sport Tsedenbal Tsogzolmaa.

A month ago, the country's Food, Agriculture and Light Industry Minister Batjargal Batzorig resigned from his post due to the scandal, whose wife is allegedly among those who obtained loans from the fund.