Sunday, August 14, 2022

Mongolia’s forex reserves drop to $2.8 billion

Mongolia’s foreign-exchange reserves fell to $2.8 billion, down $1.7 billion from the beginning of this year.

• July 28, 2022
Bank of Mongolia
Bank of Mongolia

Mongolia’s foreign-exchange reserves fell to $2.8 billion, down $1.7 billion from the beginning of this year.

The press office of the country’s parliament on Thursday said the significant decrease in forex reserves was largely related to the surge in gasoline and fuel prices.

The Bank of Mongolia said the average price of the gasoline brand AI-95 per litre rose to 4,210 Mongolian tugriks ($1.3) from 2,770 tugriks ($0.87) in February.

According to the country’s Mineral Resources and Petroleum Authority, a litre of diesel fuel is priced at $1.28 currently, up from $0.9 in February.

Currently, the landlocked Asian country has no oil refineries and relies heavily on neighbouring Russia for gasoline and diesel fuel. 

(Xinhua/NAN)

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Sport

Awoniyi on target as Nottingham Forest end 23-year drought 

Awoniyi latched on to a loose ball in the box and hit a paved shot into the bottom left corner for Forest’s first goal.

Father Godfrey Gopep

Faith

2023: Christians must take deliberate actions not just wait on God, Catholic priest charges 

The priest challenged the people to put ethnic, regional and religious sentiments aside and vote for persons that meant well for the country.

NationWide

Illegal Mining: Ministry short-staffed, underfunded, says official

Mr Muhammed said more staff, such as mining engineers, geologists among others, are also needed to reach all the hinterland where mining activities are going on.

NDLEA spokesman Femi Babafemi

Lagos

Crystal Meth concealed in smoked fish consignment intercepted at Lagos airport

Mr Babafemi said that the drugs were concealed in heads of fishes packed in cartons for export to Dubai, the United Arab Emirate.

Hot news Home top

Customs to deploy drones for surveillance at Nigeria’s borders: Spokesman 

Customs Spokesman Timi Bomodi said the technology would help tackle the menace of smuggling.

Nigerian Customs Officers display confisticated drugs

States

Customs intercepted 234.5 tonnes of fertiliser, other contrabands at Cameroon border: Comptroller

The comptroller listed other items to include 22 vehicles; 1,500 sachets of Tramadol tablet, 392 bags of foreign rice and 70 bags of unpeeled foreign rice.