The increase of precious metal purchase was caused by price growth of gold on the world market and that until the adoption of amendments to the related law, 10 percent royalty was imposed in the same period of last year. Moreover, the central bank’s purchase of 1.7 tons of white silver from domestic entities since the arrival of the year also affected to the increase.

Throughout February, the average price for a gram of gold stood at MNT 140.292.94. While the announced rate by the BoM on March 11 was MNT 147,096.92 for a gram of gold and MNT 1,492.43 for a gram of silver respectively.

The Central Bank has been ensuring its preparation to sell one ounce of silver bar, which is made from white silver extracted in Mongolia, as well as 1000 gram of silver bar, gold pellet packed in 4 kg and certified precious metals starting from April by the request of individuals and organizations. It will allow to launch trade of certified precious metal on the domestic market, to use them with the purpose of souvenir and small and medium business runners and craftsmen to craft jewelry items made of white silver whose origin is clear.