Ulaanbaatar
Foreign Exchange Reserves of Mongolia Increases to USD 4 Billion
Politics
Ulaanbaatar, October 5, 2023 /MONTSAME/. Foreign exchange reserves of Mongolia increased to USD 4 billion in this
September, an increase of 48 percent over the same period in 2022.
Minister of Economy and Development Ch. Khurelbaatar reported to the
Cabinet the results since the adoption of Resolution No. 362 on Measures for Increasing
Foreign Currency Reserves on October 5, 2022, and measures to be taken in 2024.
In accordance with the
Resolution, extensive measures have been taken to boost exports and
transportation, set up an automatic system for customs clearance and tax
collection, and improve control and mining product exchange. The exports
reached USD 11 billion by September 2023, higher by USD 2 billion compared to the same period of the previous year.
Also, coal exports of Mongolia reached a
historical record of 47 million tons, which is 28 million tons more than in the
same period of the previous year. As part of improving customs control, automatic
systems for customs and tax clearance have been introduced.
Under the goal of open and transparent trade of minerals, a mining products exchange
was introduced, and by October 2, a total of 7.5 million tons of coal and 101
thousand tons of iron concentrate were publicly traded.
As part of improving transportation and export operations, mining companies
were authorized to issue category “C” permits for regular freight transport
across the border. As a
result, by the end of September 2023, the foreign exchange reserves of
Mongolia reached USD 4 billion 124 million, an increase of 48 percent or USD 1.3 billion compared to the same period of 2022.
During a briefing to the press Minister of Economy and Development Ch.
Khurelbaatar said, “We reflected in the Bill on State Budget to export 60
million tons of coal next year and we will work hard to achieve this goal.”
