KATHMANDU: Gold imports have risen sharply as the economy is said to be strained due to rising imports of luxury goods.
According to the data of the Department of Customs for the first 10 months of the current fiscal year, 4,631 kg of gold worth Rs 35.77 billion has entered Nepal during this period.
The bullion import is about Rs 14 billion more than the same period last year. As of mid-April last year, Nepal procured 3,003 kg of gold worth Rs 21.20 billion.
The increase in gold imports compared to last year is 52.51 percent.
Similarly, increased investment in gold stands at 68.68 percent while the government’s revenue from gold imports also swelled by 53.93 percent.
Nepal Rastra Bank (NRB) had stopped opening LCs for gold and other commodities on March last year. However, after the Ministry of Commerce issued a notice in Nepal Gazette and made public the list of items to be tightened on imports, LC for gold was reopened.
At present, the government has set a quota of daily 10 kg of gold imports through commercial banks.