Mongolia buys 13.2 tons of gold

By: XINHUA 1 min read
Mongolia buys 13.2 tons of gold
The commodity has also rocketed as investors seek to guard against rising inflation -- with many central banks injecting immense amounts of liquidity into the financial system to counter virus fallout/COURTESY

ULAN BATOR, Oct. 10 (Xinhua) — Mongolia purchased 13.2 tons of gold in the first three quarters from legal entities and individuals, the central bank said Tuesday.

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.

XINHUA

XINHUA

Xinhua News Agency, founded on November 7, 1931, is China’s national news agency as well as a global news and information network. Xinhua has set up a global news and information gathering network, with headquarters in Beijing, 33 domestic bureaus in provinces, autonomous regions and municipalities plus the special administrative regions of Hong Kong and Macao, as well as 140 bureaus in the rest of the world. Xinhua is yet to set up a bureau in Taiwan, where it has posted resident correspondents. Xinhua provides its worldwide subscribers with news and financial information products in the forms of text, photo, graphics, audio, video, and mobile phone text messages 24 hours a day in eight languages: Chinese, English, French, Russian, Spanish, Arabic, Portuguese and Japanese.