During the regular Cabinet session on April 2, 2025, Mongolia’s Finance Minister Javkhlan Bold provided an update on the country’s exports and foreign exchange reserves.
Minister Bold began by highlighting the efforts of a task force created to boost exports and safeguard the National Foreign Exchange Reserves. The task force recently met with the banking sector to discuss strategies for further protecting these reserves. Additionally, the Financial Stability Council (FSC) convened to address related issues and propose policy recommendations.
Mongolia’s export figures for the first quarter of 2025 show promising results. The country exported 17.4 million tons of coal and 1.8 million tons of iron ore, which is consistent with the previous year’s performance. However, copper concentrate exports saw a notable 24% increase, reaching 456,000 tons. This boost in copper exports contributed significantly to the growth of the National Foreign Exchange Reserves, which rose by USD 305 million as of April 1, 2025, compared to the previous week.
This marks the third time Mongolia’s Foreign Exchange Reserves have reached such a level. The government is focused on policies aimed at maintaining and increasing these reserves sustainably.
Copper exports showed a 40% increase in volume compared to 2024, positively impacting the country’s tax revenues. The shortfall in coal exports was effectively compensated by the surge in copper sales. Looking ahead, the government is preparing for a boost in economic activity. Construction projects are expected to begin in the second quarter of 2025, which typically leads to increased revenues.
With this in mind, the government will prioritize investments and manage current expenditures carefully to maintain economic stability and growth. This strategic approach aims to ensure that the growth of the National Foreign Exchange Reserves continues in a sustainable manner.
