Mongolia’s central bank purchases over 12 tons of gold in 3 quarters

ULAN BATOR, Oct. 2 (Xinhua) — The Bank of Mongolia, the country’s central bank, purchased 12.3 tons of gold from legal entities and individuals during the first three quarters of this year, according to data released by the bank on Wednesday.
The figure marks a 7.9 percent decrease compared to the same period in 2023, the bank said.
As of the end of the third quarter, the average price of gold purchased by the Bank of Mongolia was 278,226.21 Mongolian tugriks (about 82 U.S. dollars) per gram.
The central bank emphasized that purchasing gold remains a crucial strategy for maintaining economic stability by consistently strengthening the country’s foreign exchange reserves.
Mongolia’s foreign exchange reserves stood at 4.7 billion U.S. dollars at the end of August, a 19.6 percent increase compared to the same period in 2023, according to the bank. ■