In the first two months of the current fiscal year, Nepal’s import expense on silver increased by a factor of ten.
Nepal imported more than 69,000 kg of silver worth Rs 6.65 billion between mid-July and mid-September this year, according to the Department of Customs. Nepal imported only 1,000 kilogramme of silver for Rs 761 million during the review period last year. The total imports for the previous fiscal year were only Rs 5.80 billion.
Despite the government’s resolve to control the purchase of luxury goods at a time when the economy is hurting from low foreign currency reserves, the import of such commodities has skyrocketed. Nepal has been running a trade imbalance of about Rs 100 billion each month on average.