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Mongolia’s gold purchase rises tenfold www.news.mn
The Central Bank of Mongolia, also know as Mongol Bank, purchased 952.6 kg of gold from legal entities and individuals in February, 2020; this is an increase of tenfold on the same month in 2019. This sharp rise of gold purchase came after Mongolia closed its border with China in order to prevent the spread of coronavirus.
If this continues, the Mongol Bank can set record for purchasing 24-25 tonnes of gold in the end of 2020. Previously, it had set record for purchasing 22 tonnes of gold in one year.
The 2.5 percent of discounted royalty on gold mining ended on 1 January 2019. Subsequently, 5 to 10 percent royalty taxes on gold mining have been imposed on miners, resulting in the Central Bank’s gold purchase being down 71.6 percent year-on-year in the period January-March 2019.
Published Date:2020-03-18
