Ulaanbaatar
BoM purchases 597kg gold in January
Economy
Ulaanbaatar /MONTSAME/ The Bank of Mongolia has purchased 597 kg of gold in January 2019, which was 531 kg or 47% decrease from the previous year's purchase of 1.1 tons of gold.
The BoM's Darkhan-Uul aimag branch purchased 13 kg of gold, and Bayankhongor aimag branch purchased 3kg of gold.
The decrease in gold purchase was due to the expiration of the amendment on "Minerals Law", which took effect on January 24th, 2014. Until January 1st, 2019 the law effectively decreased the state tax on gold sales and in January, the average gold price stood at MNT 109,728.25 on per gram.
The BoM’s average gold price (MNT/gram)
