Mongolia's foreign exchange reserves reach USD 3 billion
Mongolia's foreign exchange reserves reached three billion U.S. dollars, which has increased three times in the past twelve months, as reported by the central bank of Bank of Mongolia.
Mongolia's foreign exchange reserves reach USD 3 billion. Mongolia's foreign exchange reserves reached three billion U.S. dollars, which has increased three times in the past twelve months, as reported by the central bank of Bank of Mongolia. This growth has been attributed to the implementation of the first two phases of the International Monetary Fund’s Extended Fund Facility program in Mongolia, which show a significant increase in gold purchases by the Bank of Mongolia. The bank’s gold reserve of 20 tones was increased by 9% from the same time in 2016. Also, Mongolia has successfully launched ‘Khuraldai’ and ‘Gerege’ bonds as well as receiving the first package of USD 700 million under the IMF aid programme. IMF three-year extended arrangement for Mongolia was approved in past May to support the country’s economic reform program.
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