Sharp decrease in Mongolian gold purchase - News.MN

Sharp decrease in Mongolian gold purchase

Thursday

2019/11/13

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Sharp decrease in Mongolian gold purchase

The purchase of gold by the Mongolian Central Bank dropped 22 percent from January to September 2019. In total it acquired 11.2 tons of gold from legal entities and individuals.

The bank explained that the drop can be attributed to the expiration of the effective period of low royalty taxes on gold with the 2014 adjustments to the Minerals Law.

Effective from 1 January, a discounted royalty on gold mining of 2.5 percent was terminated ahead of the slapping on of 5-10 percent royalty taxes on the sector.

During the first quarter of this year, a plunge by 71.6 percent was registered in gold acquisitions by the central bank.

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