KATHMANDU: Nepal Rastra Bank (NRB) has limited the import of gold to 10 kg per day.
The central bank has issued a circular to banks and financial institutions on Sunday stating that the daily quantity of gold that can be imported has been maintained at 10 kg.
Earlier, 20 kg of gold could be imported daily. The central bank has halved the import quota of gold being alert at the large amount of foreign currency spent for the purpose.
Traders, on the other hand, have been demanding to take up the quota to 30 kg of gold daily.
Nepal has imported gold worth Rs. 23.26 billion in the first six months of the current fiscal year. This is 90 percent more than the same period last year.
The central bank has been imposing restrictions on imports of various commodities in recent times as foreign exchange reserves have been steadily declining.
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