As of July, the bank’s average gold purchase price was 164,862.22 Mongolian tugriks (around $58) per gram, the Bank of Mongolia said in a statement.

Purchasing gold is one of the key ways for the central bank to ensure the country’s economic stability by consistently increasing foreign currency reserves, said the bank.

The Asian country’s foreign exchange reserves reached 4.9 billion U.S. dollars at the end of April, hitting an all-time high, it said.

Central banks across the world typically hold gold as part of their foreign exchange reserves.