Mongolia’s forex reserves drop to $2.8 billion

Mongolia’s foreign-exchange reserves fell to $2.8 billion, down $1.7 billion from the beginning of this year.
The press office of the country’s parliament on Thursday said the significant decrease in forex reserves was largely related to the surge in gasoline and fuel prices.
The Bank of Mongolia said the average price of the gasoline brand AI-95 per litre rose to 4,210 Mongolian tugriks ($1.3) from 2,770 tugriks ($0.87) in February.
According to the country’s Mineral Resources and Petroleum Authority, a litre of diesel fuel is priced at $1.28 currently, up from $0.9 in February.
Currently, the landlocked Asian country has no oil refineries and relies heavily on neighbouring Russia for gasoline and diesel fuel.
(Xinhua/NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Diaspora
UAE imposes visa ban on Nigerians after Eiye, Aiye cult clashes in Dubai, Sharjah
Last week, a video made the rounds on social media where a group of men with machetes were yelling in an apartment parking lot, chasing one other and damaging public properties.

World
Five Nigerians named in Google’s innovation challenge
Mr Blecher said the 2022 challenge received a total of 425 submissions from 42 countries, representing a 27 per cent increase in total applications.

Africa
Madiba Foundation celebrates Mandela Day with South African mission in Nigeria
The yearly celebration encourages people to carry out acts of kindness that should last for a minimum of 67 minutes in their communities.

States
Customs seized N45 million worth of contraband in Kebbi: Official
He said that the success recorded in the seizure of the items was made possible due to credible intelligence from patriotic Nigerians.

Lagos
Sanwo-Olu to establish 250-hectare cattle ranch in Lagos: Official
The commissioner said that the state government had already begun a pilot feedlot project at Badagry.

World
Putin’s War: 100,000 Ukrainian refugees now in Britain, says government
Nearly 6.2 million refugees from Ukraine have been recorded across Europe as of July 26, according to United Nations data.