Mongolia’s Central Bank Acquires 3.4 Tons of Gold

The Central Bank of Mongolia has disclosed its acquisition of 3.4 tons (equivalent to over 108 thousand ounces) of gold.

The Central Bank of Mongolia has revealed that it acquired 3.4 tons of gold (equivalent to more than 108 thousand ounces) from prospectors and gold mining companies during January-March 2024. This disclosure was made in statements issued by the regulator’s press service on Tuesday.

Gold procurement stands as a vital strategy for bolstering Mongolia’s gold and foreign exchange reserves, serving as a key instrument for the Central Bank.

As of March, the Central Bank’s gold purchasing rate stood at $69.1 per gram, reflecting a modest valuation in alignment with rates observed on the London Metal Exchange.

The current gold and foreign exchange reserves of Mongolia tally to $5.2 billion, according to figures from the Central Bank.

In 2023, the Mongolian Central Bank amassed a total of 17.8 tons of gold through similar acquisitions, underscoring the ongoing efforts to fortify the country’s financial reserves.


Back to top button