Mongolia's forex reserves hit record 8.9 bln USD on strong export earnings

ULAN BATOR, Oct. 7 (Xinhua) -- Mongolia's foreign exchange reserves reached a record high of 8.9 billion U.S. dollars at the end of September, the country's government press office said Wednesday.

Export earnings were the main driver of the increase in foreign exchange reserves, the press office said in a statement.

The Asian country's export revenues totaled 16.6 billion U.S. dollars in the first nine months of this year, up 54 percent from the same period a year earlier.

According to the Bank of Mongolia, the country's central bank, Mongolia aims to increase its foreign exchange reserves to 10 billion U.S. dollars over the long term.