Mon­gol Bank bought 15.1 tons of gold in 2017

The UB Post - - BUSINESS & ECONOMICS -

As of Oc­to­ber 2017, gold sold to Mon­gol Bank has reached 15.1 tons, re­ported the cen­tral bank.

The bank re­ported a 1.3 ton or 10 per­cent in­crease com­pared to last year, which was at­trib­uted to 182 in­di­vid­u­als and 106 pri­vate busi­nesses sell­ing gold to Mon­gol Bank this year.

In the first eight months of 2017, 6.94 tons of gold were ex­ported for 342 mil­lion USD. This is a 12 per­cent de­crease com­pared to the same pe­riod last year.

The ex­port of gold ac­counts for eight per­cent of to­tal min­ing ex­ports. As of Au­gust, the pro­duc­tion of gold reached 12 tons in the coun­try, a four-ton in­crease com­pared to last year.

The United King­dom im­ported half pro­cessed gold worth 341.55 mil­lion USD from Mon­go­lia.

Re­cently, Pres­i­dent Kh.Bat­tulga stressed the im­por­tance of gold to the econ­omy and en­cour­aged strict gov­ern­ment con­trol over gold pro­duc­tion.

“Be­cause gold is a spe­cial metal able to de­fine the value of national cur­rency, ap­proach­ing gold in a dif­fer­ent way is a ne­ces­sity,” he di­vulged.

The Pres­i­dent re­ported that he would soon in­tro­duce a bill to Par­lia­ment re­quir­ing all gold min­ers to sell gold to Mon­gol Bank. Ac­cord­ing to him, the gov­ern­ment should en­joy a priv­i­lege in gold min­ing and pur­chase.

“Gov­ern­ment’s priv­i­lege is ex­er­cised in our two neigh­bors [Russia and China] when it comes to gold. De­spite all pedantry, the state of Mon­go­lia should have full con­trol over its gold re­serve,” he added.

Mon­gol Bank has paid spe­cial at­ten­tion to in­creas­ing its gold re­serves as it bol­sters the for­eign ex­change re­serve of the na­tion.

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