Nepal has seen a sharp rise in the import of gold and silver during the first seven months of the current fiscal year. According to the Department of Customs, the total value of Nepal gold and silver imports reached over Rs. 46.34 billion.
During this period, Nepal imported 1,220 kilograms of gold worth Rs. 22.34 billion and 82,407 kilograms of silver worth Rs. 24 billion. Both figures are higher than those of last year, indicating a high demand for these commodities even though they are expensive.
Experts have pointed out that the rise in imports is due to the expectation of increased prices. Some consumers have opted to invest in silver as a cheaper alternative to gold. These two precious items have widespread use in Nepal.
Although the surge in gold imports is a positive sign of the high demand for the product, it is creating pressure on Nepal’s trade balance as more money is going out of the country.
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