ULAN BATOR, Sept. 23 (Xinhua) -- Mongolia's foreign exchange reserves have shrunk to 2.6 billion U.S. dollars at the end of August, down around 1.9 billion dollars from the beginning of this year, the country's central bank said Friday.
The significant decrease in the forex reserves is largely related to a current account deficit of the payment balance, the Bank of Mongolia said in a statement.
Current account of the payment balance had a deficit of 2.2 billion dollars at the end of the second quarter, 2.1 times higher than the same period last year, Mongolia's National Statistics Office said.
The country's forex reserves stood at 4.9 billion dollars at the end of April 2021, hitting an all-time high, said the central bank.
In recent days, Mongolian commercial banks have limited foreign-exchange transactions amid dwindling forex reserves. ■