Mongolia’s central bank increases gold reserve to stabilise economy
Mongolia’s central bank on Tuesday said it had purchased 15 tonnes of gold from entities and individuals so far this year, registering a one per cent increase annually.
As of August, the Bank of Mongolia’s average gold purchase price had been 184,565 Mongolian tugriks ($55) per gram, the bank said in a statement.
It said purchasing gold was one of the key ways for the central bank to increase foreign currency reserves and ensure the country’s economic stability.
The bank noted that the country’s forex reserves had shrunk because of factors such as the COVID-19 pandemic and the Russia-Ukraine conflict.
Central banks worldwide typically hold gold as part of their foreign exchange reserves.
The Mongolian central bank plans to purchase at least 24 tonnes of gold in 2022.
(Xinhua/NAN)
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