Mongolia's central bank purchases 22.9 tons of gold in 2022
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E-mail Xinhua, January 4, 2023
ULAN BATOR, Jan. 4 (Xinhua) -- Mongolia's central bank purchased a total of 22.9 tons of gold in 2022 from legal entities and individuals, up 10 percent from the previous year.
As of December, the central bank's average gold purchase price had been 207,625 Mongolian tugriks (60 U.S. dollars) per gram, the Bank of Mongolia said in a statement on Wednesday.
Purchasing gold is one of the key ways for the central bank to ensure economic stability by consistently increasing foreign currency reserves, it said.
Mongolia's foreign exchange reserves stood at 2.9 billion dollars at the end of November, up 5.3 percent from a month earlier, but down 29.5 percent from a year earlier, said the bank.
Central banks across the world typically hold gold as part of their foreign exchange reserves. Enditem
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