July 27: In the fiscal year 2022/2023, Nepal imported gold worth 22 billion 35 crore rupees. According to the statistics of the Department of Customs, in the fiscal year 2079/80, Nepal imported 29 lakh 16 thousand 586 grams of yellow metal.
The gold import in the last fiscal year marks a 42% decrease from the previous fiscal year (2078/79) when Nepal imported gold worth 35 billion 50 lakh 53 thousand grams. With the decrease in gold imports, the government’s revenue collection has also decreased.
In the previous fiscal year, revenue collection from gold imports amounted to 4 billion 29 crore rupees, while in the last fiscal year, it stood at Rs 2 billion 53 crore rupees.
Nepal imported yellow metal from the United Arab Emirates (UAE), Switzerland, Turkey, and Uzbekistan in the last fiscal year. During the review period, most of the gold was imported from the UAE. In the fiscal year, Nepal imported 24,66,546 grams of worth Rs 18 billion 91 crores from the UAE.
Similarly, Nepal imported 3 lakh 50 thousand grams of gold from Turkey worth 2 billion 72 crore rupees, 1 lakh grams from Switzerland worth 70 crore 99 lakh rupees, and 40 grams from Uzbekistan worth 2 lakh 80 thousand rupees.
Manik Ratna Shakya, the President of Federation of Nepal Gold and Silver Dealers Association, attributed the decrease in gold imports to the quota system. "The government has imposed a daily quota of 10 kilograms on gold imports till now. Therefore, the imports have decreased," Shakya said.
He added that due to the economic slowdown, the current supply has sustained the demand in the market. Gold prices have doubled in the last five years. In the month of Shrawan of 2075, gold was traded at Rs. 56,700 per tola.
At present, the price of gold stands Rs. 1,12,700 per tola, according to the Federation of Nepal Gold and Silver Dealers’ Association. Although there have been fluctuations in gold prices over five years, the price has remained above one lakh in recent months.
The businessmen predict that the price of gold will continue to rise in the days to come.
