KATHMANDU, July 30: Nepal imported gold worth Rs 23.5 billion in the last fiscal year. According to the Department of Customs (DoC), the country imported 1,600 kg of gold during the fiscal year 2023/24.
This expenditure represents a 5.81 percent increase compared to the previous year, when Nepal spent Rs 22.355 billion on gold imports. The rise in gold prices has significantly contributed to the increase in outflow of foreign currency. During the review year, the price of the precious yellow metal reached as high as Rs 149,800 per tola in Nepal.
Despite spending more on gold imports, the volume of gold imported has decreased by 9.07 percent from the previous year. Last year, Nepal imported 2,651 kg of gold, while 2,916 kg was imported in the year before.
Gold import decreases in current FY
The task of importing and distributing gold has been assigned to commercial banks by the government. Currently, gold is imported primarily from the United Arab Emirates (UAE) and Turkey, with additional imports from Hong Kong, Switzerland, Singapore, and other countries. Banks are importing 20 kg of gold daily from these countries.
According to the DoC, gold imports include 2,500 kg worth Rs 22.26 billion from the UAE, 150 kg worth Rs 1.395 billion from Turkey, and 1,364 grams worth Rs 22,000 from India.
In the previous fiscal year, gold was also imported from Switzerland and Uzbekistan. Gold worth Rs 709.9 million weighing 100 kg was imported from Switzerland; and gold worth Rs 280,000 was imported from Uzbekistan.
The government has also seen a revenue increase of Rs 1.10 billion from gold imports. Revenue from gold imports reached Rs 3.64 billion last year, reflecting a 43.72 percent increase compared to the previous year, when the revenue was Rs 2.54 billion.
