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Mongolia’s Gold and Foreign Exchange Reserves Reach $5.1 Billion

by Barbara Miller

Mongolia’s gold and foreign exchange reserves surged to $5.183 billion by the end of May 2024, according to a statement released by the country’s Ministry of Economy and Development on Wednesday.

“The reserves increased by $1.287 billion compared to last year. This will have a significant impact on ensuring the stability of the national currency and reducing inflation,” the ministry’s statement noted.

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Experts attribute the rise in reserves to a boost in exports of mineral resources, particularly coal and copper concentrate, as well as increased gold purchases by the Central Bank from prospectors and mining enterprises.

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The Central Bank of Mongolia has set an ambitious goal to raise its gold and foreign exchange reserves to $10 billion in the future.

By the end of 2023, Mongolia’s reserves had grown to $4.8 billion.

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