Mongolia's central bank purchases over 11 tons of gold so far this year

Source: Xinhua | 2020-08-06

Mongolia's central bank said Wednesday that it had purchased a total of 11.3 tons of gold in the first seven months of this year.

Purchasing gold is one of the key tools for the Bank of Mongolia to ensure the country's economic stability by consistently increasing foreign currency reserves, the central bank said in a statement.

Mongolia's foreign exchange reserves stood at 3.6 billion U.S. dollars at the end of the first half of this year, enough to cover imports for nine months, the bank said.

Central banks across the world typically hold gold as part of their foreign exchange reserves because of its historic long-term returns and high liquidity.