Mongolia’s gold and foreign exchange reserves reach $5.1 billion

AKIPRESS.COM – Mongolia’s gold and foreign exchange reserves reached $5.183 billion by the end of May 2024, the country’s Ministry of Economy and Development said on Wednesday.

“The reserves increased by $1 billion 287 million compared to last year. This will have a significant impact on ensuring the stability of the national currency and reducing inflation,” the official statement says.

The increase in gold and foreign exchange reserves was influenced by the growth in exports of mineral resources, including coal and copper concentrate, and the purchase of gold by the Central Bank from prospectors and gold mining enterprises, the experts note.

The Central Bank of Mongolia aims to increase its gold and foreign exchange reserves to $10 billion in the future.

Mongolia’s gold and foreign exchange reserves grew to $4.8 billion by the end of 2023.