The opposition Mongolian People's Party has won a decisive victory in parliamentary elections in the landlocked nation where a fall in commodity prices has sent the economy into a sharp decline.

The head of the national election commission said Thursday that the MPP won 65 out of 76 seats in the national legislature, formally titled the State Grand Khural. The ruling Democratic Party won just nine seats while independents and smaller parties won two seats.

The MPP is the former communist party that ruled Mongolia for 70 years before the country's transition to democracy and a free market economy after the collapse of the former Soviet Union.

Under Mongolian law, the majority party in parliament forms a new government and appoints the prime minister and speaker of the legislature.