FENEGOSIDA urges NRB to manage distribution of gold

A delegation of Federation of Nepal Gold and Silver Dealers’ Association hands over memo to Nepal Rastra Bank Deputy Governor Bam Bahadur Mishra at the latter’s office in Kathmandu.

KATHMANDU: Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA) has urged Nepal Rastra Bank (NRB) to manage the distribution of gold based on the provincial structure.

A delegation of FENEGOSIDA led by its President Manik Ratna Shakya on Monday met with NRB Deputy Governor Bam Bahadur Mishra and urged him to amend the procedure for the distribution of gold according to the federal structure.

The federation asked to arrange for the gold distribution regionally as soon as possible citing that the gold being distributed according to the old structure was not practical in the current situation.

In that regard, NRB Deputy Governor Mishra said that he has taken the demand of the Federation seriously and will take the necessary decision after consulting with the relevant bodies. He assured the delegation of jewellers that he would take the necessary steps to implement the system in which transactions can be done from one bank account through all banks and gold can be easily available from the checkpoints specified in the procedure.

During the meeting, the representatives of FENEGOSIDA mentioned that the gold and silver businesspersons across the country were in trouble due to the low quota of gold and also asked to improve the supply system.

On the occasion, FENEGOSIDA President Shakya said it is a mandatory and uncomfortable situation for businesspersons to open an account in each bank when buying gold. Although there is an arrangement in the procedure to provide gold from different nine checkpoints in the country, since the banks are not working according to it, they are forced to go to Kathmandu to supply gold to the businesspersons, Shakya informed NRB Deputy Governor Mishra.

In recent times, gold has been imported at the rate of 10 kilograms per day which the businesspersons complained that it was very less compared to the market demand.


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