June 28: Commercial banks have imported 200 kg of gold after the lockdown was eased. Prior to this, the import of gold was completely halted. 

Jewelry shops have been allowed to operate after the lockdown was eased on June 22. After that, Nepal Bankers Association imported gold upon the recommendation of the Federation of Nepal Gold and Silver Dealers Association,

Mani Ratna Shakya, former president of the federation, informed that the 200 kg of gold was imported by the bankers’ association. “The association has already imported the gold and distributed it to the businessmen,” he said, adding, “100 kg of gold have been imported in Kathmandu valley this time while the other 100 kg have been imported to places outside the valley.” 

District administration offices had imposed the ban in most of the districts across the country to contain the second wave of covid-19. The import of gold was halted from April 25. Shakya says that they have started importing gold after the ban was eased. 

The federation had urged the banks not to import gold due to the high chances of lockdown. The banks have been given the authority to import gold in Nepal. 

According to the statistics of the Department of Customs, the import of gold from mid-May to mid-June was zero.

Altogether 3,018 kg of gold worth Rs 21.68 billion has been imported till May 14 this year. The data show that gold worth Rs 2.12 billion was imported from Turkey while the remaining gold worth Rs 18.94 billion was imported from the UAE. 

The import of gold had also declined due to the lockdown imposed to control the first wave of covid-19. However, imports increased after the lockdown was lifted. Nevertheless, the import was affected again during the second phase of lockdown. 

The import of gold was below average in April. Prior to April, gold worth Rs 2.14 billion was imported monthly on average. However, gold of only Rs 1.75 billion was imported in April.