The NRB on Friday had designated Gems and Jewelers Association and Gold and Silver Artists Association to recommend for the gold for their members.[break] Negosida had enjoying exclusive authority to recommend the gold to its wholesalers who had been distributing the gold to retailers and other association dealing gold and silver.
As per NRB decision, Negosida can recommend 50 percent and the new associations can recommend 25 percent each out of the total 10 kg of gold to be sold by banks per day as authorized by the central bank.
“We are compelled to announce the protest over the NRB’s decision as it created problems in allocating the limited quantity of gold made available by the banks. It would further worsen the shortage of gold in the market,” said Tej Ratna Shakya, president of Negosida. Banks have been providing 10 kg of gold to dealers per day in the recommendation of Negosida. Total 2500 members in 35 districts are associated with Negosida.
Shakya said that Negosida wouldn’t fix price of gold for two days of agitation. “We are receiving opinion from our district chapters on Sunday on the move of the NRB before submitting a memorandum to the governor of the NRB on Monday,” added Shakya.
As per the new provision, dealers inside the Bagmati zone and other remaining zones will get 60 percent and 40 percent of the total 10 kg of gold available each day in the market respectively. “With the NRB’s new decision, gold dealers have to wash off their hands from this profession due to meager quantity of gold available for them,” he said.
However, Gems and Jewelers Association, and Gold and Silver Artists Association has welcomed the NRB’s decision claiming that it would end the existing black marketing of gold in the market. Both associations have total 300 members in the Kathmandu valley.
Related story
Revised interest rate corridor system introduced
