KATHMANDU, Dec 11: The 50 kg gold imported by the banks last week has started to be withdrawn from the banks’ lockers. Diyesh Ratna Shakya, senior vice-president of the Federation of Nepal Gold and Silver Dealers’ Associations (FENEGOSIDA) said that the banks have started selling gold from Monday.
Gold will be distributed based on the recommendation of FENEGOSIDA, and it will only be accessible within the valley. The distribution will not take place until Nepal Rastra Bank (NRB) makes a new decision regarding the districts outside the valley.
The banks have provided gold as per the old procedure. About 50 percent of the gold will be given to the FENEGOSIDA, 40 percent to the Federation of Nepal Gold Silver Gem & Jewellery Associations and 10 percent to the Federation of Handicraft Associations of Nepal (FHAN).
The banks had imported 50 kg of gold after the customs duty was reduced. It is reported that about 70 percent of the gold has already been sold. After the price of gold started to fall, the demand in the market increased. Therefore, entrepreneurs have started buying gold from the banks.