As a gold-producing country, maintaining a gold portfolio within our reserves has been a natural strategy – allowing gold to be converted into foreign exchange liquidity when necessary. Not only does it play a role within the liquidity tranche, but the Bank of Mongolia also introduced a dedicated gold reserve portfolio beginning in 2025, with the goal of gradually building it into a long-term strategic asset portfolio. Within our strategic asset allocation framework, gold is treated separately from other reserve currencies to minimise market price volatility shocks, which could potentially trigger costly and unstable ... (full story)