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Import of Gold Rising in Nepal

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Import of Gold Rising in Nepal
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December 25: The import of gold, which was minimal in the first quarter of the current fiscal year, has increased in the month of Mangsir (mid-November to mid-December).

The country had imported only 100 kilograms of gold in the first four months of the current fiscal year. However, the import of gold has crossed more than 1000 kilograms in the fifth month, according to the Department of Customs.

According to the data provided by the department, a total of 1050 kilograms of gold have been imported in Nepal in the first five months of the current fiscal year.  Data show that the import of gold started increasing since the month of Kartik (mid-October to mid-November). It is believed that the import of gold  increased due to festive season and the marriage season that followed.

The business of gold had come to a halt during the start of the current fiscal year due to excessive price hike as a result of coronavirus pandemic. The business was in further trouble due to the imposition of lockdown and restrictions by the government. However, the business is returning back in track despite exorbitant price because of the marriage season. Data show that the country imported 400 kg of gold in mid-October to mid-November and 550 kg of gold in mid-November to mid-December.

Only  commercial banks are licensed to import gold in Nepal. The Federation of Nepal Gold and Silver Dealers Association recommends commercial banks to import gold as per the demand in the market.

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