We demanded the government to either lift existing ban on gold imports or resume auction of gold from Nepal Rastra Bank (NRB) - central monetary authority -- to ease supply of the yellow metal in the market, Manik Ratna Shakya, general secretary of Nepal Gold and Silver Dealers Association, told Republica.[break]
The central bank has already sold 564 kg of gold and 8 tons of silver through five auctions in the last couple of months.
During the meeting, Minister Mahato renewed his concern that the lift of ban on gold imports might make negative impacts in balance of payment (BoP) like in the past.
Nepal had imported gold worth Rs 41.5 billion in fiscal year 2009/10, prompting the officials to put restrictions on import.
Though the government has taken the policy of liberalizing gold import, the delay in lifting ban on imports as provisioned in the recently issued financial ordinance has worsened supplies of the yellow metal in the domestic market.
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