A year after abolishing Windfall Profit Tax (WPT), Mongolia’s gold producers showed immense improvements in production resulting addition to country’s gold reserves. According to IMF, Mongolia’s gold reserves rose 1.2 metric tons to 3.5 tons last December, up for the eleventh year in a row.
However the precious yellow metal accounted only for nearly six per cent of Mongolia’s total reserves, compared to nearly seventy per cent in the US and Germany, the World Gold Council said. The country’s gold exports witnessed a 15% increase following the windfall profit tax abolition.