The Central Bank of Mongolia or Mongol Bank bought a total of 14.4 tonnes of gold from legal entities and individuals in the first 11 months of this year. As of November, the bank’s average gold purchase price was MNT 128,002.45 (over 47 U.S. dollars) per gram, the Bank of Mongolia said.

Gold Reserves in Mongolia decreased to 17.92 tonnes in the fourth quarter of 2019 from 20.08 tonnes in the third quarter of 2019. Gold Reserves in the country averaged 4.04 tonnes from 2000 until 2019, reaching an all-time high of 20.08 tonnes in the third quarter of 2019.

Purchasing gold is said to be one of the key instruments for the central bank to increase its official foreign exchange reserves. The Bank of Mongolia has been striving to ensure economic stability by consistently increasing its foreign currency reserves.

Mongolia’s foreign exchange reserves reached USD 4 billion at the end of July. The central bank aims to increase the reserves to at least USD 6.5 billion in the medium term.