Mongolia purchased more than 11 tons of gold

Mongolia has purchased more than 11 tonnes of gold amid rising gold prices in the international market.

Mongolia's central bank said on Wednesday it had bought 11.3 tonnes of gold this year. The central bank of Mongolia said it had purchased gold to ensure the country's economic stability. 

Foreign exchange reserves prove a country's economic confidence. Mongolia currently has 3.6 billion US dollars in forex reserves. The bank has claimed that the amount will be sufficient to cover imports for more than six months.

Not only Mongolia but also central banks around the world purchase gold as foreign exchange reserves increase.