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Mongolia's central bank buys 14.4 tons of gold in first 11 months this year

Tue Dec 03 2019


Mongolia's central bank announced on Tuesday that it has bought a total of 14.4 tons of gold from legal entities and individuals in the first 11 months of this year.


As of November, the bank's average gold purchase price was 128,002.45 Mongolian tugriks (over 47 U.S. dollars) per gram, the Bank of Mongolia said in a statement.


Purchasing gold is said to be one of the key instruments for the Asian country's central bank to increase its official foreign exchange reserves.


The Bank of Mongolia has been striving to ensure economic stability by consistently increasing its foreign currency reserves.


The country's foreign exchange reserves reached 4 billion dollars at the end of July. The central bank aims to increase the reserves to at least 6.5 billion dollars in the medium term.