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Mongolia's central bank purchases 8.5 tons of gold in 7 months www.xinhuanet.com
Mongolia's central bank purchased a total of 8.5 tons of gold in the first seven months of this year from legal entities and individuals.
As of July, the Bank of Mongolia's average gold purchase price had been 215,352.28 Mongolian tugriks (62 U.S. dollars) per gram, the bank said in a statement on Monday.
Purchasing gold is one of the key ways for the central bank to ensure the country's economic stability by consistently increasing foreign currency reserves, said the bank.
Mongolia's foreign exchange reserves stood at 3.9 billion dollars in mid-June, according to the central bank.
The country's forex reserves stood at 4.9 billion dollars at the end of April 2021, hitting an all-time high.
The Bank of Mongolia aims to obtain at least 22 tons by the end of this year. It bought 22.9 tons of gold in 2022.
Published Date:2023-08-07
