Entrepreneurs reach NRB demanding increase in gold supply

Kathmandu: Stating that there is a shortage of raw gold in the market, gold and silver traders have demanded to increase the supply system. A delegation of the Federation of Nepal Gold and Silver Dealer’s Association reached Nepal Rastra Bank on Wednesday and demanded an increase in supply.

The association delegation led by President Manik Ratna Shakya met Executive Director of the Foreign Exchange Department of NRB Ramu Poudel and briefed him about the gold shortage. Claiming that there is extreme imbalance between supply and demand in the market, the association has warned to increase the supply of raw gold immediately.

According to President Manik Ratna Shakya, the demand is 35 to 40 kg per day during festival season and 25 to 30 kg per day during other normal times. At present, businessmen are getting raw gold at the rate of only 20 kg per day.

During the meeting with Executive Director Poudel, Chairman Shakya demanded that arrangements should be made for easy supply of gold, distribution of raw gold from nine different ports as mentioned in the directive issued by Nepal Rastra Bank, removal of compulsory arrangement for gold and silver traders to open bank accounts and move to single account system.