Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

Shortage of gold, Indian currency hits Nepal

IMG Auteur
Published : November 21st, 2012
241 words - Reading time : less than a minute
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : On the Web
The Times of India, in its November 19, 2012 article, reports that Shortage of gold, Indian currency hits Nepal.

Extract :

 

 

 

 

KATHMANDU: Nepal is facing scarcity of gold for the past few months as the local traders have been using the yellow metal instead of Indian currency, which is also scarce in the market, to import goods from India.


According to Tej Ratna Shakya, president of Nepal Gold and Silver Traders Association, Nepalese importers have been using gold to make payments for goods being imported from India for the last three months, leading to shortage of the yellow metal despite recent hike in gold prices.


In the local market here, one tola of gold, equals 11.664 grams, costs 60,400 Nepalese rupees.


Till the end of last financial year, the daily demand for gold in the market was 15 kilos, which has increased three-fold after the traders started taking gold to India through illegal channel to make payments against purchase of Indian goods, he said.


Nepal is highly dependent on India for import of foreign goods and it is estimated that three-fourth of Nepalese imports comes from India.


Nowadays, the demand for gold has reached 50 kilos per day, which is too difficult to meet as the Nepal Rastra Bank, the central bank of Nepal, only allows import of 15 kilos of gold daily.


This has adversely affected the business of those making gold ornaments, according to economic observers.


"We have not been able to take orders for making gold ornaments due to the shortage of raw gold in the market," Shakya said.

 

 

Read the rest of the article at The Times of India
Data and Statistics for these countries : India | All
Gold and Silver Prices for these countries : India | All
<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
The Rediscovery of Men
07 Decaccording-1
and now bernie has a brand new house. i smelled that the fix was in when he said he was running against filthy hillery. then at the perfect moment...
The Rediscovery of Men
07 Decaccording
i suspect that georgie S and his goons will crash the coin and try to starve our guts and spirits with fears we havnt felt perhaps ever. it will be...
The Deepening Deep State
07 Decaccording
james this is a nice piece of writing. good to see you moving to the Right. its probably safer there for awhile at least.
Jack Kemp's Gold Standard Act Of...
05 Decsam_site
We were on a disastrous 40% Gold Standard from 1914 thru 1944 and this half-assed 40% standard enabled the globalists to create two world wars...
Dollar Reappraisal : Gold Vanish...
04 Decsam_site
Enjoyed the gold history lesson of 1965. Palyi's quote "where the Welfare State is on the march, the Police State is not far behind" is prophetic....
Indian ‘Gold Ban’ a Portent of M...
03 Decsam_site-1
You believe like Brandon Smith, that Trump was allowed to win or is a secret globalist puppet that will be "fingered as the scapegoat for this...
Lawrie Williams: Major gold pric...
02 Decian15171
Hmm. the first signs of the long talked about disconnect between paper and physical?
Trump Makes The US Stock Market ...
02 DecThe Recusant
I'm forever blowing bubbles, Pretty bubbles in the air, They fly so high, Nearly reach the sky, Then like my dreams They fade a...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS