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Mongolia's current forex reserves to run out in 3 or 4 months: central bank www.xinhuanet.com
Mongolia's current foreign exchange reserves totaled around 2.6 billion U.S. dollars, which will finance imports for only three to four months, local media reported on Wednesday, citing the central bank.
"Currently, our country's forex reserves have shrunk to around 2.6 billion dollars. The amount is adequate to cover imports for only three to four months," Byadran Lkhagvasuren, governor of the Bank of Mongolia, said in a statement.
Mongolia must make several sovereign bond payments in the coming two years, Lkhagvasuren said, adding that it is therefore necessary to increase the forex reserves.
In 2023 alone, the country will have to repay sovereign debts worth 1.3 billion dollars, he said.
The Asian 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.
Published Date:2022-10-27
