ULAN BATOR, Aug. 6 (Xinhua) -- Mongolia's foreign exchange reserves reached a record high of 7.9 billion U.S. dollars at the end of July, local media reported on Thursday, citing the nation's central bank, the Bank of Mongolia.
The reserves increased by 13.67 percent from the beginning of the year and 4.0 percent from the previous month, reflecting continued growth in the Asian country's forex reserves, according to the central bank.
The Bank of Mongolia said that an adequate level of foreign exchange reserves is generally considered sufficient to cover three to six months of the country's imports. It added that the current level of reserves is more than adequate to meet this benchmark.
According to the central bank, Mongolia aims to increase its foreign exchange reserves to 10 billion U.S. dollars over the long term. ■