Ulaanbaatar
Foreign Exchange Reserves Exceed USD 5 Billion
Economy
Ulaanbaatar, March 18, 2024 /MONTSAME/ As of March
15, 2024, Mongolian foreign exchange reserves hit a record high of USD 5.016.3 million.
The surge was driven by a sustained trade surplus and improvement
in foreign exchange inflow through the banking system following the increase in
the foreign exchange reserves by USD 95 million or 1.9 percent compared to the
beginning of this year.
Also, the amount of precious metal purchased by the Bank of
Mongolia from the domestic market in the first two months reached 2.3 tons, an
increase of 1.1 tons or 88 percent in comparison to the same period in the
previous year.
The successful loan management of the Government of
Mongolia to refinance the foreign bond that was scheduled to be paid in 2024, has
reduced the foreign transaction pressure on the foreign exchange
reserves.
The growth of foreign exchange reserves will strengthen
public confidence in the Mongolian national currency, the Tugrik, promote the
country's economic stability, and support the financial activities of the
private sector by positively affecting the credit rating of the country, reported the
central bank.
