Mongolia’s central bank reported today (7 November) it purchased a total of 14.2 tons of gold in the first 10 months of this year from legal entities and individuals.
As of October, the Bank of Mongolia’s average gold purchase price had been MNT 211,513.01 Mongolian (around USD 61) per gram, the bank said in a statement.
Purchasing gold is one of the key ways for the central bank to ensure the country’s economic stability.
Mongolia’s foreign exchange reserves stood at 4.124 billion dollars by the third quarter of this year.
The Asian country’s forex reserves amounted to 4.9 billion dollars at the end of April 2021, hitting an all-time high.