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

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...
FOLLOW : Central Bank, Gold, India, Silver
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 :0 (0 vote)
>> Next article
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
IMX Resources NL(Cu-Ni-Pa)IXR.AX
Shortfall from Share Purchase Plan to be underwritten
AU$ 0.01+8.33%Trend Power :
Corporate news
IMX Resources NL(Cu-Ni-Pa)IXR.AX
Results of Meeting
AU$ 0.01+8.33%Trend Power :
Corporate news
SpitfireSPI.AX
Notice under Section 708A(5)(e)
AU$ 0.01+11.11%Trend Power :
Corporate news
Entek EnergyETE.AX
Operations Update
AU$ 0.02+22.22%Trend Power :
Corporate news
Agrium Inc.AGU.TO
Agrium Obtains Issuer Bid Exemption Order to Permit Purchases by Way of Private Agreement
CA$ 136.14+0.26%Trend Power :
Corporate news
ConocoPhillips(Oil)COP
Governor plans to call for company buy-out in gas project
US$ 46.82+2.07%Trend Power :
Corporate news
Transcanada PipelinesTRP.TO
Governor plans to call for company buy-out in gas project
CA$ 45.50+0.75%Trend Power :
Corporate news
Encore Acquisition(Oil)EAC
6:13 pm Erickson Air-Crane announces it has been selected by Pan Aviation to provide emergency fire suppression support for the Municipality of Istanbul and the surrounding areas of Turkey
US$ 3.37+1.81%Trend Power :
Corporate news
Rare Element Res.(Au)RES.TO
Rare Element Files Canadian Preliminary Shelf Prospectus to Replace Expiring Shelf Prospectus from 2013
CA$ 0.48+5.43%Trend Power :
Corporate news
Gold Bullion Dev.(Au-Cu-Mo)GBB.V
GOLD BULLION ANNOUNCES FILING OF 43-101 TECHNICAL REPORT ON THE CASTLE SILVER PROPERTY, GOWGANDA ONTARIO
CA$ 0.02+33.33%Trend Power :
Corporate news
Comments closed