First Business News Portal in English from Nepal
KATHMANDU: The Nepal Rastra Bank (NRB) has limited the import of gold to 10 kg per day as the country’s foreign currency reserves are declining due to excessive imports.
On Sunday, the central bank issued a circular to banks and financial institutions stating that the daily quantity of gold that can be import has been fixed at 10 kg.
Earlier, 20 kg of gold could be imported daily. The central bank has halved the import quota after a large amount of gold came out.
Traders, on the other hand, have been demanding the import of up to 30 kg of gold daily.
In the first six months of the current Fiscal Year (up to December), Nepal already been imported Rs. 23.26 billion worth gold. 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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