Mongolia's central bank purchases 11 tons of gold so far this year

0 Comment(s)Print E-mail Xinhua, August 7, 2021
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ULAN BATOR, Aug. 7 (Xinhua) -- Mongolia's central bank said that it had purchased 11 tons of gold from legal entities and individuals so far this year, according to local media on Saturday.

As of July, the bank's average gold purchase price was 164,862.22 Mongolian tugriks (around 58 U.S. dollars) per gram, the Bank of Mongolia said in a statement.

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.

The Asian country's foreign exchange reserves reached 4.9 billion U.S. dollars at the end of April, hitting an all-time high, it said.

Central banks across the world typically hold gold as part of their foreign exchange reserves. Enditem

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