Mongolia stockpiled around 25 tonnes of gold last year

Densmaa 2023-04-06 03:04

Economy

The central bank of Mongolia or Mongolbank purchased a total of roughly 25 tonnes of gold in 2022 from legal entities and individuals, up 10 percent from the previous year.

The central bank of Mongolia or Mongolbank purchased a total of roughly 25 tonnes of gold in 2022 from legal entities and individuals, up 10 percent from the previous year. As of December, of last year, the central bank’s average gold purchase price had been about 60 US Dollars per gram. Purchasing gold is one of the key ways for the central bank to ensure economic stability by consistently increasing foreign currency reserves. Mongolia’s foreign exchange reserves stood at around 3 billion US Dollars at the end of November, up 5 percent from a month earlier. Additionally, central banks across the world typically hold gold as part of their foreign exchange reserves.