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.
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.
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.
Dailygoldprice provides you with live gold prices so that you can always understand the changes in the price of gold and better invest in gold.