The Bank of Mongolia announced on Wednesday it purchased over 3.2 tons of gold from legal entities and individuals in the first four months of the year.

This represents a gold purchase rise by 257.6 kg on the same period last year. As of April, the central bank’s average gold price was 102.096 tugrik (42.52 U.S. dollars) per gram, which corresponds to a low rate on the London Metal Exchange, according to the Bank of Mongolia. Miners in the country provided 20.01 tons of gold to the central bank in 2017, contributing USD 800 million to the state budget.

It is expected that the gold purchase will increase with the start of the peak gold mining period in August, September and October.

The gold producers in cooperation with the government of Mongolia have carried out a number of measures directed at enriching the treasury fund and improving the legal environment on foreign exchange over the past five years. As a result, gold miners provided 20.01 tons of gold to the central bank in 2017, contributing USD 800 million to the state treasury.

Annual gold production had not surpassed 20 tons since 2005 when it reached its record high of 25 tons.