Mongolian central bank’s gold purchase continues to decline

5th March, 2019 10:45:08 printer

ULAN BATOR: The Bank of Mongolia announced on Monday that its purchase of gold declined by 81 percent year on year in February.

The central bank has purchased 84.1 kg of gold from legal entities and individuals last month, reports Xinhua.

The dramatic decline was mainly related to the expiration of the effective period of low royalty taxes on gold with the 2014 amendments to the Minerals Law, according to experts from the Bank of Mongolia.

The 2.5-percent of discounted royalty on gold mining ended on Jan. 1. From then on, 5 to 10 percent royalty taxes on gold mining have been imposed on miners.