Gold out of stock in Nepali market

Kathmandu: According to the Nepal Bankers’ Association, the supply of raw gold in the market has been depleted during the main wedding season.

After Nepal Rastra Bank instructed the banks not to open LC (Bank Guarantee of Commodity Import), the import is nil and now the stock of raw gold in the market has run out.

Gold has not been imported for 11 days. Earlier banks used to import 10 kg of gold daily to distribute 5 kg inside the Kathmandu Valley and 5 kg outside.
According to the Bankers’ Association, 22 commercial banks used to import quota gold on a daily basis.

The Federation of Nepali Gold and Silver Entrepreneurs has confirmed that there is a shortage of gold for making new jewelry in the market.

Stating that the foreign exchange reserves have decreased, the executive heads of the banks of Rashtra Bank were called and verbally instructed not to issue LC.