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Foreign Exchange Reserves of Mongolia Exceed USD 4.9 Billion www.montsame.mn
As of November 25, 2024, the official foreign exchange reserves of Mongolia exceeded USD 4.9 billion, an increase of USD 38.8 million or 0.8 percent compared to the beginning of this year. This is the amount that satisfies the country's foreign exchange-paid import needs for 5.1 months, according to the Bank of Mongolia.
The increase in foreign exchange reserves was mainly due to the improvement in the USD flow into Mongolia, including export revenues and foreign direct investment. Specifically, export revenues reached USD 13.4 billion at the end of October, an increase of about USD 800 million from the previous year. The total export is constituted of:
• 55 percent hard coal,
• 19.8 percent copper concentrate,
• 6 percent gold export.
Exports of mining and mineral products are expected to continue to grow by the end of the year. International credit ratings agencies such as Fitch and Moody's have upgraded Mongolia's credit rating outlook to "B Stable." Due to the improvement in the country's credit rating, the ratings of commercial banks have also improved, and they are starting to attract affordable business and green loans from international markets.
Due to major projects to be implemented by the Government, investment in Mongolia is anticipated to increase. Official sources have reported that the country's foreign exchange reserves are expected to exceed USD 5 billion by the end of 2024.
Published Date:2024-11-28
