Mongol Bank bought 15.1 tons of gold in 2017

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.