Import of silver soared multifolds in first two months of current FY

KATHMANDU, Oct 10: Nepal’s import expense on silver surged multifolds in the first two months of the current fiscal year.

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According to the Department of Customs, Nepal imported more than 69,000 kg of silver worth Rs 6.65 billion during mid-July and mid-September this year. During the review period last year, Nepal imported just 1,000 kg of silver worth Rs 761 million. In the entire period of the last fiscal year, the import was just Rs 5.80 billion.

At a time when the country is reeling under the pressure of low foreign currency reserves, the import of luxury items soared up, despite the commitment of the government to check the import of such goods. On an average, Nepal has been facing a trade deficit worth over Rs 100 billion a month.