ULAN BATOR, Jan. 3 (Xinhua) -- Mongolia's foreign exchange reserves hit a record high of 5.5 billion U.S. dollars by the end of 2024, according to official data released by the country's central bank on Friday.

The figure represents an 11.81 percent increase compared to the previous year, the Bank of Mongolia said.

Mongolia's forex reserves had significantly dwindled to 2.6 billion dollars in August 2022, the lowest level since 2017, due to a deepening current account deficit driven by challenging internal and external economic conditions.

In March 2024, the reserves surpassed the 5-billion-dollar mark for the first time in the country's history, marking a turning point in Mongolia's financial recovery, the central bank noted. Enditem

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