Daily import quota of gold reduced from 20 to 10 kg

KATHMANDU, MARCH 7 : The daily import quoata has been reduced from 20 kg to 10 kg. Nepal Rstra Bank (NRB) on Sunday came up with a new provision regarding this on Sunday.

According to the NRB, the implementation of the provision will help in minimizing the widening balance of payments (BoP) deficit and alleviating the pressure on the foreign currency reserves. 

However, it is suspected that the latest move on the part the central bank will prompt illict trade of the yellow metal because of its short-supply. Acocrding to the bullion traders, the daily demand of gold in the Nepali market stands at 30/40 kg.