Central bank launches Mongol Alt campaign

Mongol Bank, the central bank of Mongolia, announced that it will be launching a three-month campaign titled “Mongol Alt” in an effort to increase gold reserve.

The core purpose of the campaign is to increase gold sales to Mongol Bank and provide information to individuals and companies that sell gold to the bank.

From August 1 to November 1, the campaign will be a nationwide effort.

“The campaign will include the distribution of certificates to individuals and businesses that sell gold to the central bank, informing the public about our gold operations as well as educating people about illegal gold smuggling,” said P.Erdenetuya, Director of the Treasury Fund at Mongol Bank.

“It is important to increase the gold reserves of Mongol Bank in order to strengthen the national foreign currency reserve. Gold is equitable to the dollar. We all know how integral the dollar has become in the Mongolian financial sector. Gold production has a major effect on the exchange rate of the MNT against the USD. Last year, Mongol Bank purchased 750 million USD worth of gold as a measure of intervention to stabilize the exchange rate. Even though gold might seem like it only affects a small segment of the population, it has a big impact on the price of everyday items that we all buy,” noted G.Munkh-Erdene, a gold dealer at Golomt Bank at the campaign launch event.