ULAN BATOR, March 18 (Xinhua) -- Mongolia's foreign exchange reserves exceeded 5 billion U.S. dollars for the first time, the country's central bank reported on Monday.

As of Friday, the forex reserves stood at 5.016 billion dollars, the Bank of Mongolia said, adding that the figure is an increase of 95 million dollars compared to the beginning of this year.

The growth of forex reserves will support the financial activities of the private sector by positively affecting the credit rating of the country, strengthen public confidence in the Mongolian national currency, the Tugrik, and promote the country's economic stability, said the bank.

Due to the deepening of a current account deficit caused by external and internal economic conditions, Mongolia's forex reserves had shrunk to 2.6 billion dollars in August 2022, hitting the lowest level since 2017. Enditem

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