Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The Nepal Rastra Bank (NRB) has announced that it will not sell gold coins (asarfi) to the public this Tihar, breaking a long-standing festive tradition. The central bank confirmed that no new gold asarfi coins were minted this year, making them unavailable for sale during Dhanteras, the day considered auspicious for purchasing gold and silver.
According to Pratibha Adhikari, Chief of the Mint Division at the NRB, the central bank will, however, continue selling silver coins in four different types, which are already available for purchase. “This year, gold asarfi coins will not be on sale as no new coins have been minted. However, silver coins are being sold in four types, and people do not have to wait for Dhanteras to buy them,” Adhikari stated.
Minting new gold coins requires a decision from NRB’s Board of Directors, but no such decision has been made even as the Tihar festival approaches. As a result, the printing and distribution of gold coins will not take place this year.
Despite rising demand and record-high gold prices in the market, the supply of physical gold remains tight both globally and domestically. Most central banks around the world are continuing to stockpile gold as part of their reserves, which has further strained supply chains.
On Tuesday, the price of gold in the Nepali market soared above Rs 248,000 per tola, marking an all-time high amid strong global demand and limited availability.
Last year, during Dhanteras, Nepal Rastra Bank had sold around 11 kilograms of gold and 171.5 kilograms of silver to the general public. The central bank’s records show that a total of 4,520 units of 2.5-gram gold asarfi coins were sold during the 2024 festive season.
Dhanteras, celebrated on the eve of Yama Panchak, holds special significance across Nepal’s Terai region and India, where people traditionally purchase new utensils, gold, and silver ornaments as symbols of prosperity. The day commemorates the appearance of Lord Dhanvantari during the churning of the ocean (Samudra Manthan), who emerged carrying a pot of nectar — symbolizing wealth, health, and good fortune.
The central bank’s decision not to issue gold coins this year is expected to slightly impact festive bullion sales, though jewelers anticipate strong private sector demand driven by record-high prices and cultural sentiment.
Your email address will not be published. Required fields are marked *
Comment *
Name *
Email *
Website
Save my name, email, and website in this browser for the next time I comment.
