Ulaanbaatar
Foreign Exchange Reserve Reaches USD 3.4 Billion
Politics
Ulaanbaatar
/MONTSAME/. During its regular meeting today, the Cabinet heard reports on the
measures being taken to increase the foreign exchange reserve. According to
Minister of Economy and Development Ch. Khurelbaatar, the country’s foreign
exchange reserve increased to USD 3.4 billion as of the end of 2022, avoiding
certain risks that could’ve negatively affected Mongolia’s economy.
“In October 2022, the Government established a working group to expedite the works to increase the country’s foreign exchange reserve. The activities and measures carried out by the working group gave positive results. Now, the preparations are underway to organize the trading of coal through an exchange in line with the temporary resolution recently approved by the Government”.
Trading coal through an exchange will bring benefits such as boosting Mongolia’s earnings from coal, making the trading of coal transparent, and increasing its price.
In addition to the foreign exchange reserve, foreign exchange rate-related risks have also been reduced. There was MNT 200-300 gap between official and unofficial foreign exchange rates. Now, this gap is stabilized at MNT 20.
The
Minister emphasized that the conditions have been created to reduce inflation
and stabilize the macroeconomy as the country has managed to increase its foreign
exchange reserves.
