AKIPRESS.COM - Mongolian Central Bank’s foreign exchange reserves increased to $2.9 billion in 2017.
“In the beginning of this year, foreign reserves barely passed minimum level – the amount was enough to cover only 3.1 months’ import of products and services. Now, in December, it has risen to 6.1 months. While the reserves had deficit of USD 400 million last year, it has a surplus of USD 520 million as of the begginning of December. The future looks promising as well," said Director of Finance Department of the Bank of Mongolia D.Bayanzul.
The official foreign currency reserves have grown by USD 1 billion compared to the beginning of 2018.
Economists emphasize that Mongolian Gold project, “Khuraldai” and “Gerege” bonds played a major role in the hike.
The rise was additionally leveraged by 8.2 percent increase in gold purchase this year, Monstame reported.