ULAN BATOR, Jan. 22 (Xinhua) -- Mongolia's foreign exchange reserves rose to 3.5 billion U.S. dollars by the end of 2018, the highest level in six years, the president of the country's central bank said Tuesday.

The figure is up almost 20 percent from the previous year, Nadmid Bayartsaikhan told local media.

The growth was attributed to the implementation of the three-year Extended Funding Facility of the International Monetary Fund (IMF) in Mongolia and higher commodity prices in international markets, Bayartsaikhan said.

The 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 Bank of Mongolia.

"But our country's gross external debts stands at 27.9 billion dollars, which indicates that the country is still under heavy external debt risks. So, we need to focus more on consistently increasing foreign currency reserves," Bayartsaikhan said, noting that the appropriate level of foreign exchange reserves is a guarantee of any country's financial independence.