ULAN BATOR, Nov. 25 (Xinhua) -- Mongolia's foreign exchange reserves have reached 4.96 billion U.S. dollars as of Nov. 22, the Bank of Mongolia announced on Monday.
The reserves have increased by 0.8 percent since the beginning of the year and recorded a growth of over 15 percent compared to the same period in 2023, according to a statement from the central bank.
This level of reserves is sufficient to cover at least five months of Mongolia's foreign exchange-paid import needs, the bank said, adding that the stability of the reserves was primarily attributed to a significant increase in export earnings, it added.
Looking ahead, the central bank expects the forex reserves to continue growing steadily, supported by external sector developments and sustained global demand for Mongolia's mining products.
Mongolia's forex reserves previously dipped to 2.6 billion dollars in August 2022, the lowest level since 2017, primarily due to a widening current account deficit driven by internal and external economic challenges. Earlier this year, the reserves surpassed 5 billion dollars for the first time in March, marking a significant recovery. ■
