AKIPRESS.COM - Mongolia will establish a sovereign wealth fund next year as part of its strategy to manage growing revenues from its resources, the government press office said on Friday, Xinhua reports.

"The government of Mongolia made the decision during a regular meeting on Friday in a bid to save money from revenues of natural resources for future generations," the press office said in a statement.

Mongolia plans to take 553 billion Mongolian tugrik (217.3 million U.S. dollars) from its resource revenues into the fund called "Future Heritage" in 2019. Afterward, one trillion Mongolian tugrik (392.9 million U.S. dollars) will be put into the fund every year.

Mongolia is rich in natural resources such as gold, silver, iron, coal, copper, molybdenum, tungsten, phosphates, tin, nickel, zinc, and fluorspar.

The country's economy is heavily dependent on mining and commodity exports. Currently, mineral products account for over 90 percent of the landlocked country's total exports.