Nepal Rastra Bank on Wednesday increased the import quota on gold being brought into Nepal on a daily basis.
With the decision, now 20 kilograms of gold can be imported on a daily basis.
The Ministry of Industry, Commerce and Supply decided to increase the yellow metal import quota and wrote to the central bank for implementation.
On March 6, 2022, Nepal Rastra Bank issued a circular to commercial banks reducing the daily gold import quota to 10 kilograms.
The government initially reduced the daily quota for gold imports in response to heightened import activity following the Covid pandemic and increased pressure on imports due to the Russia-Ukraine war, which led to a surge in consumer goods prices.
Now, with the external sector showing signs of stabilisation and a decrease in gold imports, the government has opted to raise the gold import limit. A notice has been sent to the NRB for its enforcement.
An official from the NRB said that they are in the process of drafting a circular to instruct commercial banks to implement the increased gold import limit.
