Mongolia’s central bank purchases nearly 20 tons of gold

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Mongolia’s central bank purchased a total of 19.9 tons of gold in the first 11 months of this year from legal entities and individuals.

As of November, the Bank of Mongolia’s average gold purchase price had been 197,545 Mongolian tugriks (57.7 U.S. dollars) per gram, the bank 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.

Mongolia’s foreign exchange reserves fell to 2.8 billion dollars at the end of October, down 36 percent from the beginning of this year, the bank said.—Xinhua