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FOREIGN EXCHANGE RESERVES REACH USD2.9 BILLION

FOREIGN EXCHANGE RESERVES REACH USD2.9 BILLION
28
Dec

FOREIGN EXCHANGE RESERVES REACH USD2.9 BILLION

This year, the Central Bank’s foreign exchange reserves have surged to USD 2.9 billion. The reserves are crucial factor to sustain value of domestic currency and stability of financial and macroeconomic sector. It is also significant to improve asset liquidity in a time of economic crisis, reassure and provide confidence to foreign investors, ensure that the country meets its external obligations and most importantly, guarantees national security.  The official foreign currency reserves have grown by USD 1 billion compared to the beginning of 2018. Economists emphasize that Mongolian Gold project, “Khuraldai” and “Gerege” bonds played a major role in the hike. The rise was additionally leveraged by 8.2 percent increase in gold purchase this year.