March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day. Issuing a circular on Sunday (March 6), NRB stated that it has lowered the quota on import of gold by half. Prior to this arrangement, as much as 20 kg of gold could be imported into the country per day.

The central bank amended the work procedure on gold import, sales and distribution, 2068 to restrict the import of gold due to concerns over the declining foreign exchange reserves.  

It may be noted that only the commercial banks are allowed to import gold in Nepal upon the recommendation of the Federation of Nepal Gold and Silver Dealers Association.  

The price of gold has increased in Nepal in the wake of Russia's invasion of Ukraine. The NRB had earlier tightened the provision related to import of silver and 47 other items considering the declining foreign exchange reserves.    

Besides gold, other items that have been restricted entry include clove, sugary item, drinks and tobaccos, perfume, cosmetic goods, shoes and sandal, shampoo, wigs, artificial bouquets, chips marble, ceramic goods, furniture, milk powder, eggs, dry vegetables, betel nuts, cashew nuts, black peppers, sausage, cocoa powder chocolate, dog foods, tomato ketchup among others, according to the state-owned national news agency RSS.