Mongolia purchases 7 tons of gold
The bank's gold purchase is expected to increase with the start of the peak of the gold mining season in August, September and October.
The Bank of Mongolia had purchased 7.1 tons of gold from legal entities and individuals in the first half of this year, up 6.0 percent year on year. The bank's gold purchase is expected to increase with the start of the peak of the gold mining season in August, September and October. Local gold producers in cooperation with the government have moved to enrich the treasury fund and improve foreign exchange rates over past five years. Gold miners submitted 20.01 tons of gold to the central bank in 2017, worth of over 800 million dollars. The central bank launched a five-month campaign "National Gold to the Fund of Treasures" beginning last month. The country's annual gold production has remained below 21 tons since 2005 when it reached its record high at 25 tons.
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