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