The central bank of Mongolia or Mongolbank purchased a total of 22.9 tonnes of gold in 2022 from legal entities and individuals, up 10 percent from the previous year.

As of December, the central bank’s average gold purchase price had been MNT 207,625 per gram.

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

Mongolia’s foreign exchange reserves stood at USD 2.9 billion t the end of November, up 5.3 percent from a month earlier, but down 29.5 percent from a year earlier.

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