Mongolia's forex reserves rise 3.7 pct

Mongolia's forex reserves rose to 2.8 billion U.S. dollars at the end of October, up 3.7 percent from a month earlier, the Bank of Mongolia said Wednesday.

However, the figure marks a 36 percent decrease from the beginning of this year, the central bank said in a statement.

The Asian country must make sovereign bond payments in the coming two years, Byadran Lkhagvasuren, governor of the central bank, has said, stressing the necessity to increase the forex reserves.

In 2023 alone, Mongolia will have to repay sovereign debts worth 1.3 billion dollars, said Lkhagvasuren.

The 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.