3,381.24
The Mongol Bank hasbought 1.7 tons of gold from mining companies until the end of September, less
than the 2.3 tons in the same period last year. Leaving Boroo Gold aside, the
other mining companies extracted two tons or 54% less gold in this period than
last year. This means that while the global gold price has been going up,
Mongolia’s output has fallen by more than half.
The Mongol Bank sold seven tons of gold in the world market in both 2008
and 2009. Central banks in several countries have bought gold to augment their
foreign currency reserves but the Mongol Bank seems to have not enough to sell.
A bank official refused to reveal how much gold the bank held and what
percentage the gold formed in its foreign currency reserve, saying these were
state secrets.
