Issuing a press statement on Saturday, the umbrella organization of gold and silver dealers, expressed resentment over the central bank´s decision that ignored the association´s suggestions. [break]
The dealers had suggested the government granting permission to import gold up to 20 kg on the recommendation of the association.
The association has urged the government to withdraw its decision.
Citing negative impact on foreign currency reserve, the bank had imposed a restriction on gold import since March 1.
In a statement, the association said the new provision has minimized the role of the association by designating Nepal Bankers Association to recommend the banks for gold import. It said the bank´s decision wouldn´t address the shortage of gold in domestic market due to permission for import of lower quantities of gold as compared with the demand.
Dealers said the supply deficit of gold would create problem in controlling unethical practices in gold trading.
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