ULAN BATOR, Aug 8 (NNN-MONGOLIAWEB) – Mongolia’s central bank said that, it had purchased 11 tonnes of gold from legal entities and individuals, so far this year, according to local media yesterday.
As of July, the bank’s average gold purchase price was 164,862.22 Mongolian tugriks (around 58 U.S. dollars) per gram, the Bank of Mongolia said in a statement.
Purchasing gold is one of the key ways for the central bank to ensure the country’s economic stability by consistently increasing foreign currency reserves, said the bank.
The Asian country’s foreign exchange reserves reached 4.9 billion U.S. dollars, at the end of Apr, hitting an all-time high, it said.
Central banks across the world typically hold gold as part of their foreign exchange reserves.– NNN-MONGOLIAWEB
