As of September, Mongolia’s average gold purchase price had been 213,818.68 Mongolian tugriks (about 62 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 forex reserves stood at 4.124 billion dollars at the end of September, marking a third straight monthly rise, according to the central bank.
Due to the deepening of a current account deficit caused by external and internal economic conditions, the country’s forex reserves shrank to 2.695 billion dollars at the end of August 2022, hitting the lowest level since 2017.
The country’s forex reserves hit an all-time high of 4.892 billion dollars at the end of April 2021.
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