Mongolia's central bank purchases 3.8 tons of gold so far this year
Ulan Bator, May 4 (IANS) The Bank of Mongolia on Wednesday said it has purchased 3.8 tons of gold so far this year, reporting a decrease of 453 kg compared to the same period in 2021.
Due to the Covid-19 pandemic and the Russia-Ukraine conflict, Mongolia's forex reserves fell to $3.3 billion in mid-April, down $1.2 billion from the end of 2021, according to the central bank.
It purchased 20.9 tons of the precious metal in 2021 and plans to buy at least 24 tons of gold in 2022 to increase the country's forex reserves, Xinhua news agency reported.
Central banks typically hold gold as part of their foreign exchange reserves because of its long-term historical returns and high liquidity.