Ulaanbaatar
Mongolia's Forex Reserves Rise to USD 4.3 Billion
Economy
Ulaanbaatar, December 14, 2023 /MONTSAME/. During its Cabinet regular session on December 13, 2023, Minister of Economy and Development of Mongolia Ch. Khurelbaatar presented the progress of implementation of the Mongolian Government's Resolution No. 362 of October 2022, on Some Measures for Increasing Foreign Exchange (forex) Reserves at the Cabinet meeting. Under the Resolution, comprehensive measures have been implemented to enhance export and transportation, establish an automated customs and tax collection system, heighten monitoring capabilities, and trade mining products at commodity exchange, achieving certain results.
Exports reached USD 13.8 billion in the first 11 months of 2023, an increase of USD 2.7 billion from the same period of 2022. In addition, the physical volume of coal exports reached a historical high of 62.7 million tons, an increase of 35 million tons from the same period last year. As part of the open trade of minerals, the mining exchange system has facilitated the trading of 11.5 million tons of coal and 552 thousand tons of iron ore and concentrates on the open market throughout the first 11 months of 2023. As a result, Mongolia's forex reserves reached USD 4.3 billion as of the end of November 2023, an increase of USD 1.4 billion from the same period last year.
Minister Khurelbaatar presented the necessary measures to be taken in the framework of ensuring the implementation of the Government's resolution and supporting economic growth.
