ULAN BATOR, July 4 (Xinhua) -- Mongolia's foreign currency reserves reached 3.26 billion U.S. dollars in May, a new high since June 2013, the Bank of Mongolia, the country's central bank, said Wednesday.

The figure is up 9.3 percent from the previous month and 2.6 times more than the same period last year.

The growth was attributed to the implementation of the third phase of the International Monetary Fund's (IMF) extended fund facility (EFF) program in Mongolia and higher commodity prices on international markets, the central bank said.

The three-year IMF program was approved in 2017, aiming to stabilize the economy and establish the basis for a more sustainable and inclusive growth.

Mongolia's foreign currency reserves have more than doubled since the start of the program, according to the central bank.

Experts with the central bank predict that by the end of 2019 the country's foreign currency reserves will reach 3.8 billion U.S. dollars, and 4 billion U.S. dollars by 2020.