Copper concentrate exports increase, Mongolia's foreign exchange reserves reach $5 billion
UB News Agency, Ulaanbaatar, April 2nd - Mongolia's foreign exchange reserves have reached $5 billion in a short period of time.
Finance Minister Bao Zabuheng said that the working group responsible for increasing exports and addressing pressing issues met with representatives from the banking sector and discussed cooperation on protecting the national foreign exchange reserves. Moreover, relevant issues were resolved and policy consultations were proposed during the Financial Stability Council meeting. In the first quarter, 17.4 million tons of coal and 1.8 million tons of iron ore were exported, unchanged from the same period last year; 456,000 tons of copper concentrate were exported, an increase of 24%. As of April 1st, the national foreign exchange reserves increased by $305 million compared to the previous week.
He also said that they will ensure the above indicators and take policies to increase reserves. In the first quarter this year, the export volume of copper entities increased by 40%. At the same time, tax revenues also increased. That is to say, the loss of coal was compensated by copper. Construction will begin in the second quarter. At this time, income is activated to a certain extent, having a positive impact on the economy. Therefore, the government will focus on investment and recurrent expenditures that can be directly planned and prioritized.
Original article: https://www.toutiao.com/article/1828333685970953/
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