Mongolia's central bank launches campaign to increase gold reserves

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Published : June 08th, 2018
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Category : GoldWire

ULAN BATOR, Mongolia -- The Bank of Mongolia said today it has launched a campaign called "National Gold to the Fund of Treasures" within the framework of the "Gold-2" national program.

The five-month campaign is aimed at encouraging gold miners and individuals to sell their gold to the central bank and commercial banks, increasing the gold reserves, intensifying training and promotion on the process of gold purchase among the public, and introducing relevant laws and regulations, the Bank of Mongolia said in a statement.

The Bank of Mongolia purchased over 3.2 tons of gold from legal entities and individuals in the first four months of this year, which is an increase of 257.6 kilograms from the same period last year.

The government of Mongolia has carried out a number of measures directed at enriching the treasury fund and improving the legal environment on foreign exchange over the past five years. As a result, gold miners submitted 20.01 tons of gold to the central bank in 2017, contributing $800 million to the state budget.

Annual gold production had not surpassed 20 tons since 2005, when it reached its record high at 25 tons.

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