ULAN BATOR, March 11 (Xinhua) -- Mongolia's foreign exchange reserves dropped to 4.7 billion U.S. dollars as of the end of February, local media reported on Tuesday, citing data from the country's central bank.
The figure decreased by 2.47 percent compared to the previous month and by 13.55 percent since the beginning of this year, the Bank of Mongolia said in a statement.
Experts said the recent decrease in forex reserves can be attributed to various factors, including an increase in imports, such as car purchases by citizens and an outbound tourism.
A significant decline in Mongolia's exports since the beginning of the year also led to a reduction in the inflow of foreign currency.
The central bank expects to increase the country's foreign exchange reserves to 6.5 billion dollars in the medium term and up to 10 billion dollars in the long term.
According to the regulator, Mongolia's foreign exchange reserves stood at 5.5 billion dollars by the end of December 2024. ■
