ULAN BATOR, Sept. 5 (Xinhua) -- The Bank of Mongolia, the nation's central bank, announced on Thursday that it has acquired a total of 10.3 tons of gold from legal entities and individuals during the first eight months of this year.
This figure represents a 1.6 percent decrease compared to the same period in 2023, according to a statement from the bank.
As of August, the average price of gold purchased by the Bank of Mongolia was 267,835.69 Mongolian tugriks (approximately 79 U.S. dollars) per gram.
The central bank highlighted that purchasing gold is a crucial strategy for maintaining economic stability by consistently bolstering the country's foreign exchange reserves.
Mongolia's foreign exchange reserves stood at 4.7 billion U.S. dollars at the end of August, marking a 19.6 percent increase compared to the same period in 2023, according to the central bank.
Central banks in the world commonly hold gold as part of their foreign exchange reserves. ■