ULAN BATOR, June 4 (Xinhua) -- Mongolia's foreign exchange reserves reached a record high of 7.7 billion U.S. dollars at the end of May, the country's Ministry of Economy and Development announced on Thursday.

The figure represents an increase from 7.0 billion dollars at the beginning of the year, reflecting continued growth in the country's external reserves.

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