KATHMANDU: Nepal imported gold worth NPR 23.5 billion in the last fiscal year, according to the Department of Customs (DoC). The country brought in 1,600 kg of gold during the fiscal year 2023/24, marking a 5.81 percent increase in expenditure compared to the previous year, when Nepal spent NPR 22.355 billion on gold imports.
The rise in gold prices significantly contributed to the increase in foreign currency outflow, with the price of the precious yellow metal reaching as high as NPR 149,800 per tola in Nepal during the review year.
Interestingly, despite the higher spending, the volume of gold imported decreased by 9.07 percent from the previous year. Last year, Nepal imported 2,651 kg of gold, compared to 2,916 kg the year before.
The responsibility of importing and distributing gold has been assigned to commercial banks by the government. Currently, gold is imported primarily from the United Arab Emirates (UAE) and Turkey, with additional imports from Hong Kong, Switzerland, Singapore, and other countries. Banks are importing 20 kg of gold daily from these countries.
According to the DoC, the gold imports included 2,500 kg worth NPR 22.26 billion from the UAE, 150 kg worth NPR 1.395 billion from Turkey, and 1,364 grams worth NPR 22,000 from India.
In the previous fiscal year, gold was also imported from Switzerland and Uzbekistan. Gold worth NPR 709.9 million, weighing 100 kg, was imported from Switzerland, while gold worth NPR 280,000 was imported from Uzbekistan.
The government has also seen a significant revenue increase from gold imports, with revenue reaching NPR 3.64 billion last year. This reflects a 43.72 percent increase compared to the previous year, when the revenue was NPR 2.54 billion.