Mongolia's central bank increases gold reserve to stabilize economy www.xinhuanet.com
Mongolia's central bank said Tuesday that it had purchased 15 tons of gold from entities and individuals so far this year, registering a 1 percent increase on an annual basis.
As of August, the Bank of Mongolia's average gold purchase price had been 184,565 Mongolian tugriks (55 U.S. dollars) per gram, the bank said in a statement.
Purchasing gold is one of the key ways for the central bank to increase foreign currency reserves and ensure the country's economic stability, it said, noting that the country's forex reserves had shrunk because of such factors as the COVID-19 pandemic and the Russia-Ukraine conflict.
Central banks across the world typically hold gold as part of their foreign exchange reserves.
The Mongolian central bank plans to purchase at least 24 tons of gold in 2022.