Mongolia’s capital account had a profit of USD 116.14 million from January to December 2023. According to the Bank of Mongolia, the balance of payments amounted to a profit of USD 963.5 million at the end of November 2023. This is 2.2 times more than in 2022. The balance of payments deficit stood at USD 1.19 billion at the end of November 2022.

The current account added USD 481 million in 2023 due to an increase in foreign trade turnover and a sharp increase in exports of basic raw materials. The goods account made a profit of USD 4 billion, while the service account loss decreased to USD 2.37 billion because of an increase in the number of foreign tourists. This is due to spending USD 745 million on transportation services, USD 634 million on travel services and USD 990 million on other services.

Capital account earnings amounted to USD 116.14 million, a slight decrease of about 16 percent compared to the same period in 2022.

The government of Mongolia and the Development Bank made payments on the bonds in 2023. There was an outflow of USD 620.31 million from the financial account, according to the Bank of Mongolia.

Foreign-invested enterprises operating in Mongolia made direct investments worth USD1.29 billion between January and November 2023. The Bank of Mongolia noted that most of this amount comes from investments in the Oyu Tolgoi project.