Compared To Last Year, The Imports Of Gold Increased By 52.51%

During the first ten months of the current fiscal year — Shrawan - Baishakh — 4631 kg of gold worth Rs.35.77 Arba were imported. This is a Rs 14 Arba increase over the same period previous year. In comparison to the previous year, gold imports have increased by 52.51 percent. In addition, gold investment climbed by 68.68 percent, while gold import revenue increased by 53.93 percent.

There are no inspections or controls in place for gold imports, and gold imports in the domestic market have skyrocketed, generating a dollar shortage. Furthermore, the stock market is down, and most gold is utilized for holding, resulting in an increase in import volume.

From chaitra 2078, Nepal Rastra Bank (NRB) stopped opening Letter of Credits (LCs) for gold and other commodities. The gold LC was opened in the second half of Baishakh, after the Ministry of Commerce published a notification in the Gazette and made public the list of commodities subject to import restrictions. The government has set a daily quota of 10 kg of gold through commercial banks at the moment.