Mongolia's central bank purchases 6 tons of gold in first 5 months
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E-mail Xinhua, June 8, 2022
ULAN BATOR, June 8 (Xinhua) -- The Bank of Mongolia said Wednesday that it had purchased six tons of gold from legal entities and individuals in the first five months of this year.
The bank's average gold purchase price was 193,114 Mongolian tugriks (61.8 U.S. dollars) per gram as of May, the central bank said in a statement.
Due to the COVID-19 pandemic and the Russia-Ukraine conflict, Mongolia's forex reserves fell to 3.3 billion dollars in April, down 32.2 percent from the same period last year, according to the central bank.
Buying gold is one of the key ways for the central bank to ensure the country's economic stability by consistently increasing foreign currency reserves, it said.
The central bank purchased 20.9 tons of the precious metal last year and plans to buy at least 24 tons of gold in 2022. Enditem
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