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Mongolia's forex reserves stand at 2.9 bln USD in November

ULAN BATOR
2022-12-07 16:02

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ULAN BATOR, Dec. 7 (Xinhua) -- Mongolia's foreign exchange reserves stood at 2.9 billion U.S. dollars at the end of November, up 5.3 percent from a month earlier, the country's Ministry of Economy and Development said Wednesday.

However, the volume was down 29.5 percent compared with the same period last year, according to the ministry.

Mongolia must make sovereign bond payments in the coming two years, the central bank has said, stressing the necessity to increase the forex reserves.

The country's forex reserves stood at 4.9 billion dollars at the end of April 2021, hitting an all-time high, according to the central bank.

In 2023 alone, the Asian country will have to repay sovereign debts worth 1.3 billion dollars.
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