ULAN BATOR, June 9 (Xinhua) -- The Bank of Mongolia said Friday that it had purchased 5.6 tons of gold from legal entities and individuals in the first five months this year, down by 4.9 percent from a year earlier.
However, in May alone, the central bank purchased 2.4 tons of gold, up by 12.3 percent year on year.
As of May, the central bank's average gold purchase price was 221,229.60 Mongolian tugriks (64 U.S. dollars) per gram.
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.
Central banks across the world typically hold gold as part of their foreign exchange reserves.
Mongolia's foreign exchange reserves stood at 3.8 billion dollars at the end of May, according to the central bank.
The country's forex reserves stood at 4.9 billion dollars at the end of April 2021, hitting an all-time high.
The Bank of Mongolia, which bought 22.9 tons of gold in 2022, aims to obtain at least 22 tons by the end of this year. ■
