Mongolia’s foreign exchange reserves reach USD 3 billion


On Tuesday, the Bank of Mongolia, which is the country’s central bank, reported that as of December 27th, 2017, Mongolia’s foreign exchange reserves reached three billion U.S. dollars, which has increased three times in the past twelve months.

This growth has been attributed to the implementation of the first two phases of the IMF’s Extended Fund Facility program in Mongolia, which show a significant increase in gold purchases by the Bank of Mongolia. The bank’s gold reserves of 20 tonnes increased by 9% from the same time in 2016. Also, Mongolia has successfully launched ‘Khuraldai’ and ‘Gerege’ bonds as well as receiving the first package of USD 700 million under the IMF aid programme.

Source: news.mn


January 4, 2018
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