Ulaanbaatar
Export Revenue Increases by Nine Percent Over the Past Week
Politics
Ulaanbaatar, March 27, 2025 /MONTSAME/. During the regular session of the Cabinet of Mongolia on March 26, 2025, Minister of Finance Javkhlan Bold presented the current situation of the export of mining products and foreign exchange reserves of Mongolia.
The Government of Mongolia decided to raise foreign exchange reserves by
generating USD 550 million using swap agreements between the Bank of Mongolia
and the People’s Bank of China, USD 300 million from foreign banks and
financial institutions with repayment terms from gold income, and USD 283.4
million through trading the foreign government securities held by the Deposit
Insurance Corporation and the State Bank of Mongolia.
Total export revenues reached USD 268 million over the past
week, March 18-24, 2025, an increase of nine percent from the previous week. The
growth was mainly driven by an increase in mining product exports, including 1.9
million tons of coal exports (an increase of 31 percent), 57,000 tons of copper
concentrate (an increase of 31 percent), and 176,000 tons of iron ore exports,
which rose by 13 percent. Meanwhile, imports rose by USD 3 million from the
previous week, reaching USD 225 million, mainly due to higher imports of diesel
and gasoline.
In line with the increase in export earnings, the country's
foreign exchange reserves stand at USD 4.7 billion, an increase of USD 291 million
from the previous week, which is sufficient to cover more than four months
of imports.
