NRB Raises Daily Gold Import Quota to 25 kg

Nepal Rastra Bank has increased the daily gold import quota for commercial banks to 25 kilograms from the previous limit of 20 kilograms.

The central bank announced the decision through a circular issued on Friday, October 10,  by amending the Unified Circular, 2081. 

Gold imported by commercial banks is sold to traders.

According to the central bank, the revision was made in response to rising market demand for gold. Experts say investors are increasingly turning to the precious metal as a safe asset amid a continued surge in prices driven by the global political environment.

The price of gold in Nepal soared to a record high Thursday, October 9, reaching Rs 239,200 per tola (11.66 grams), the highest price in the country’s history. According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), gold prices have surged by Rs. 79,000 over the past year. In mid-October last year, gold was priced at Rs 160,000 per tola. The price dropped to Rs 235,000 on Friday, October 10.