Mongolia to open precious metal testing laboratories to increase gold reservesStaff Writer | September 15, 2018
Mongolia said it will open two laboratories for precious metal testing within the next month, an effort to increase the country's gold reserves, the central bank's spokesperson said Friday.
Asia The landlocked country launched a five-month campaign
The landlocked country launched a five-month campaign in June to encourage gold miners and individuals to sell their gold to the central bank and commercial banks to increase gold reserves.
According to the Bank of Mongolia, the country's annual gold production has remained below 21 tons since 2005, the year when it reached a record high of 25 tons.
The central bank has purchased 12.2 tons of gold from legal entities and individuals during the first eight months, same as the amount of the January-August period in 2017. ■