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BoM purchases 22 tons of precious metal www.montsame.mn
Ulaanbaatar /MONTSAME/. As of December 23, the Bank of Mongolia purchased 22 tons of precious metal, showing an increase of 6.8 tons compared with the same period of previous year.
The BoM has purchased about 100 tons of precious metals over the past five years, increasing the country's foreign exchange reserves by USD 3.7 billion.
In order to intensify the "Gold-2" program, the BoM has provided gold mining companies with down payment and long-term financing with gold repayment terms. As a result, gold miners' production capacity has improved, and gold export in November increased fivefold compared with the same period of previous year, reaching USD 1.7 billion. This result has made a significant contribution to increasing Mongolia's export earnings and improving the balance of payments.
The BoM has gradually taken measures to ease the procedure in the trading of precious metals for businesses and individuals, such as issuing licenses, establishing branches in Darkhan-Uul and Bayankhongor aimags, making electronic transitions in some services, etc.
The BoM is working together with other relevant organizations to develop the precious metal sector by supporting and intensifying the extraction of precious metals, reducing illegal cross-border trade, and improving the volume of precious metals being traded in the domestic market.
Published Date:2020-12-24
