Mongolia’s foreign exchange reserves reach $4.8 billion by end of 2023

AKIPRESS.COM – Mongolia’s foreign exchange reserves stood at $4.8 billion at the end of 2023, the Nation reports, citing the country’s central bank.

The figure increased by $1.4 billion compared with the end of 2022, the Bank of Mongolia said in a statement.

Due to the deepening of a current account deficit caused by external and internal economic conditions, the country’s forex reserves had shrunk to $2.6 billion in August 2022, hitting the lowest level since 2017, according to the central bank.

The country’s forex reserves hit an all-time high of $4.9 at the end of April 2021.