Mongolia introduced a limit on the export of precious metals and cash foreign currency
Mongolia imposes a limit on the export of precious metals and cash foreign currency in an amount exceeding the equivalent of more than 20 million Mongolian tugriks (more than 6.5 thousand US dollars). This was announced today by the General Customs Administration of Mongolia.
This ban applies not only to Mongolian citizens, but also to foreign citizens, as well as stateless persons, and will be valid until January 1, 2023, the official statement says.
Since the conflict between Russia and Ukraine began on February 24, Mongolian commercial banks have begun imposing unexpected limits on daily US dollar transactions as foreign exchange reserves dwindle. Meanwhile, experts from the Central Bank of Mongolia note that the restriction on transactions in dollars was introduced not by the Central Bank of Mongolia, but by commercial banks themselves due to the lack of supply of foreign currency on the market.
A month ago, a daily limit on foreign exchange transactions for individuals in the amount of 50 million Mongolian tugriks (about 16,550 US dollars) was introduced. Then the amount fell sharply to 30 million tugriks and continued to fall to the current limit of 300 thousand tugriks.