Ulaanbaatar
Foreign exchange reserve reaches USD 4.5 billion
Economy
Ulaanbaatar /MONTSAME/ Mongolia’s foreign exchange reserves exceeded USD 4.5 billion, the Bank of Mongolia reports.
It is due to delay in short-term foreign debt as positive changes have been made in external environment from the first half of 2020, large amount of financing made from donor organizations to Mongolia, the increase in gold purchase of the BoM and rise in coal export.
USD 4.5 billion is enough to cover Mongolia’s imports for 10 months. Increased volume of gold purchased by the central bank affected to achieve it.
With implementation of “Gold-2” program, the BoM bought 18.6 tons of precious metal in 2016, 21.9 tons in 2018, 15.2 tons in 2019 and the highest volume or 23 tons of precious metal in 2020, increasing foreign exchange reserves by USD 880 million.
