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Bank of Mongolia makes selling gold items easy www.news.mn
On 13 April, the President of the Bank of Mongolia issued a decree to establish a simplified ‘single window service’ for the purchase of gold items from locals across the provinces. The Bank of Mongolia purchased 2.3 tons of gold from legal entities and individuals in the first quarter of 2018, up 2.1 percent on the same period last year.
As of March, the central bank's average gold purchase rate (gold price) was 101.822.3 tugrik (42.56 U.S. dollars) per gram, which corresponds to a low rate on the London Metal Exchange, according to Bank of Mongolia experts.
It is expected that the gold purchase will increase with the start of the peak of gold mining period in August, September and October.
The gold producers in cooperation with the government of Mongolia have carried out a number of measures directed at enriching the treasury fund and improving the legal environment on foreign exchange over the past five years. As a result, gold miners provided 20.01 tons of gold to the central bank in 2017, contributing 800 million dollars to the state treasury.
Annual gold production had not surpassed 20 tons since 2005 when it reached its record high of 25 tons.
Published Date:2018-05-02
