ULAN BATOR, July 25 (Xinhua) — The Bank of Mongolia, the country’s central bank, said on Thursday that the country’s foreign exchange reserves rose to 4 billion U.S. dollars as of July 24.
“This is the highest figure since Mongolia’s foreign exchange reserves reached 4 billion U.S. dollars for the first time in history in 2012,” Narantsogt Batjin, a senior economist at the Bank of Mongolia, told Xinhua.
The growth was mainly attributed to the implementation of the three-year Extended Funding Facility of the International Monetary Fund (IMF) in Mongolia and higher commodity prices in international markets, Batjin said.
Approved in 2017, The IMF program aimed to stabilize the Mongolian economy and establish the basis for a more sustainable and inclusive growth.
“Having sufficient foreign exchange reserves is important for ensuring economic stability. So, the central bank has set a goal to consistently increase its foreign currency reserves,” Batjin added.
The mineral-rich Asian country’s foreign exchange reserves reached 3.5 billion dollars by the end of 2018, up almost 20 percent from the previous year.