Gold export hits USD 758.4 million in 2016

2017-01-25 15:34:51

Ulaanbaatar /MONTSAME/ Last year, Mongolia exported USD 758.4 million worth of gold. According to National Statistical Office of Mongolia (NSO), 69.7 percent were exported to UK, 30.2 percent to Switzerland and the rest were exported to Nepal.

With the total volume of 19.2 tons, the export rate increased by 70 percent since 2015. Due to the policy to increase gold reserves held by the Bank of Mongolia, the Central Bank made decision to buy gold with London Metal Exchange (LME) rate. Previous rate was at USD 2 lower than LME. According to Mongol Bank, the submission rate of Central Bank hit the all time highest 17.6 tons in November of last year.

On the other hand, the Government implemented “Gold-2” national program to increase gold mining. “Gold-2” program will be implemented with stages until 2020 to restore the economy and to increase the volume by 2-3 tons per year and reaching 25 tons by 2020. Also, according to the government, it’s possible to increase the budget by approximately MNT 33-59 million per year as a royalty and the gold reserve ready for use by 100-150 tons after geological surveys.   

Source: Bloomberg TV Mongolia