Central bank’s gold purchases expected to rise by 10 percent

The American Chamber of Commerce in Mongolia

2018-08-28 15:49 GMT+8

In 2018, the Bank of Mongolia aims to purchase 10 percent more gold than it did in 2017, to bring the total amount of gold purchased this year to 22 tons.

Central bank analysts say that 20 tons of gold can generate approximately 700 million USD in foreign currency reserves. According to Bank of Mongolia officials, the amount of gold being purchased by the central bank has been continually increasing over the last several years, mainly due to a reduced mineral royalty tax. Since the gold royalty abatement period is scheduled to end in 2019, Bank of Mongolia has submitted a proposal to Cabinet to extend the period through 2024.  

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