Gold import quota raised by 5 kg

Gold import quota raised by 5 kg

Commercial banks now can import 20 kg of gold with the Nepal Rastra Bank (NRB) revising the procedure on gold import, distribution and sales on Tuesday.

The NRB increased the import quota for two months due to high pressure from bullion traders as the current demand outstripped the supply.

Earlier, the commercial banks were allowed to import 15 kg of gold daily. Bullion traders say the rise in import quota would help to meet the market demand which stands at around 40-50 kg daily.

With the prices of Gold sliding to record lows, increasing number of customers are seen thronging in front of gold shops to buy gold to make jewellery. The onset of festive season has also fuelled the demand, said traders.

The yellow metal is being traded at Rs 48,200 per tola on Tuesday. Only commercial banks are allowed to import the gold.

Source: eKantipur