Mongolia’s central bank purchases precious metals to increase forex reserve

ULAN BATOR (XINHUA) – Mongolia’s central bank bought a total of 4.3 tonnes of precious metals in the first two months of this year as it strives to ensure economic stability by consistently increasing foreign currency reserves, it said in a statement released yesterday.More than half of the total precious metals purchased from legal entities and individuals is gold, the Bank of Mongolia said.

Purchasing precious metals, especially gold, is said to be one of the key instruments for the central bank to increase its official foreign exchange reserves.

The country’s forex reserves stood at USD4.35 billion at the end of last year, hitting an all-time high, according to the central bank.