Ulaanbaatar /MONTSAME/ In the period between September 1 and 15, the Bank of Mongolia bought 1.4 tons of gold from individuals and private entities. This indicates 1.1 tons of increase compared to the same period of last year.
The total amount of gold reached 13.6 tons in the first nine months in this year. When selling gold to BoM, the gold mining organization or individual must pay 2.5 per cent of tax on use of mineral resource, which is doubled if exported.
The average purity of gold in Mongolia is around 85 per cent. Therefore, it must be refined into 99.99 percent to sell in the international market. Expenses of customs tax, transportation, insurance and protection are required to purify gold abroad. By selling them at BoM, the gold could be sold at London precious metals market price with low risk and no extra cost.
Selling gold at BoM is a significant contribution to increase foreign exchange reserve and help maintain sustainability of Mongolian Tugriks.