Mongolbank’s gold purchase reaches all-time high

2017-07-26 12:35:14
Ulaanbaatar /MONTSAME/ The Bank of Mongolia made the regular press statement on Tuesday. Spokesperson D.Orgil highlighted in the beginning that the 7th Roundtable Meeting of Central Banks of Mongolia and China is arranged to take place on July 27 and 28 in Ulaanbaatar.

The sides have agreed to review the results of SWAP agreement on exchanging currencies and criteria and legal adjustments for a foreign bank to open a branch in Mongolia.

The Bank of Mongolia has organized a campaign for “Proper Use of National Paper Bills”, involving 14 commercial banks and local branches of the central bank. The campaign appealed people not to offer money for mountains and ovoo (stone cairns) during religious ceremonies. The campaign has been estimated to have reached over one million people.

The Bank of Mongolia is announcing the next campaign called “Gold”. In accordance with the President’s direction issued last December, gold buying price of the central bank has been designated in line with the global market price. At the moment, an ounce of gold costs MNT 333 thousand. Since the price regulation, the central bank’s gold purchase has hit the all-time high by reaching 18.6 tons. The amount of gold submitted to the Bank of Mongolia within the first half of 2017 showed increase of 5.5 percent against last year.