KATHMANDU, April 17: Bullion traders on Sunday urged the government to arrange alternative means to supply raw gold and silver to the domestic market as the government has imposed a restriction on the import of the precious metals.
Three concerned associations including the Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida), the Federation of Nepal Gold Silver Gem and Jewelry Association (FNGSGJA) and the Federation of Handicrafts Association Nepal (FHAN), issuing a joint statement, have demanded the government manage the supply of the raw materials to the local traders. Citing the depleting foreign currency reserves, the government has put a curb on the banks to issue a letter of credit on the import of these precious metals.
Manik Ratna Shakya, president of Fenegosida, said the government needs to find a way out to maintain adequate supply of these raw materials without affecting the country’s foreign currency reserves.
Prachanda Shakya, president of FHAN, said the shortfall in supply of the raw metals has emerged as a problem to both traders and customers. “All three umbrella organizations also need to collaborate to solve the existing problem due to import restrictions,” Shakya said.