Mongolia's foreign exchange reserves reach 3.7 bln USD by end of Q1

Source: Xinhua| 2019-04-09 14:50:10|Editor: mingmei
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ULAN BATOR, April 9 (Xinhua) -- Mongolia's foreign exchange reserves rose to 3.7 billion U.S. dollars by the end of March, the country's central bank said Tuesday in a statement carried by its website.

The amount increased by 200 million dollars from the end of 2018, said Atarbaatar Enkhjin, head of the Reserve Management and Financial Markets Department at the Bank of Mongolia.

Enkhjin noted that the increase was a result of several factors, including the implementation of the three-year Extended Funding Facility (EFF) of the International Monetary Fund (IMF) in Mongolia and higher commodity prices in the global market.

The three-year IMF program, approved in May 2017, is aimed at stabilizing the economy and establish a basis for more sustainable and inclusive growth.

The Asian country's foreign currency reserves have more than doubled since the start of the program, according to the Bank of Mongolia.

The Mongolian central bank has set a goal to increase its foreign exchange reserves to 4 billion dollars in the near future, Enkhjin said, noting that within the framework of the EFF, Mongolia will receive a total of 800 million dollars this year.