Foreign Exchange Reserves Exceed USD 5 Billion

Ulaanbaatar, March 18, 2024 /MONTSAME/ As of March 15, 2024, Mongolian foreign exchange reserves hit a record high of USD 5.016.3 million.

The surge was driven by a sustained trade surplus and improvement in foreign exchange inflow through the banking system following the increase in the foreign exchange reserves by USD 95 million or 1.9 percent compared to the beginning of this year.

Also, the amount of precious metal purchased by the Bank of Mongolia from the domestic market in the first two months reached 2.3 tons, an increase of 1.1 tons or 88 percent in comparison to the same period in the previous year.

The successful loan management of the Government of Mongolia to refinance the foreign bond that was scheduled to be paid in 2024, has reduced the foreign transaction pressure on the foreign exchange reserves. 

The growth of foreign exchange reserves will strengthen public confidence in the Mongolian national currency, the Tugrik, promote the country's economic stability, and support the financial activities of the private sector by positively affecting the credit rating of the country, reported the central bank.