The Central Bank of Mongolia (Mongol Bank) purchased 3.4 tonnes of gold from legal entities and individuals in October; an increase of 34 percent on the same month in 2017. Furthermore, the total gold purchase reached 17.7 percent in the first ten months of 2018; an increased of three percent on last year. As of mid-October, the Central Bank of Mongolia was purchasing gram a of gold for MNT 99,911.55.

The bank is aiming to increase gold purchases to 22 tonnes in 2018 and, thereby,  raise the foreign currency reserve to USD 700 million from gold purchases. The bank has opened two laboratories in Darkhan-Uul and Bayankhongor provinces for testing precious metals in an effort to increase the country’s gold reserves. Two more laboratories are expected to open in 2019.