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Mongolia's forex reserves drop to 4.3 bln USD www.xinhuanet.com
March 22 (Xinhua) -- Mongolia's foreign-exchange reserves fell to 4.3 billion U.S. dollars as of Tuesday, down 2 million dollars from the beginning of this year, according to the country's central bank.
The decrease shows that imports have exceeded exports, Byadran Lkhagvasuren, governor of the Bank of Mongolia, said at a press conference.
Mongolia's imports have increased by more than 40 percent since the start of this year, Lkhagvasuren said, adding that COVID-19 restrictions have prevented the country from exporting much of its coal, its main export product, despite the high prices of raw materials in the world market.
Therefore, the balance of payments was in deficit and foreign exchange reserves declined.
According to Lkhagvasuren, the central bank could propose restricting imports of luxury goods.
Mongolia has spent 1.37 billion U.S. dollars on imports since the beginning of this year, with almost half on luxury cars, according to the bank.
Published Date:2022-03-23
