Kathmandu, May 22
While there are reports that the country’s economy is in trouble due to increasing luxury imports, the government data show the import of gold, also a luxury item, rose excessively in the past 10 months.
The Department of Customs says Nepal imported gold worth Rs 35.77 billion between the beginning of the current fiscal year (mid-July 2021) and mid-April 2022.
The amount the country spent in this period is Rs 14 billion more than the amount recorded in the same period last year.
The country imported 4,631 kg of the precious metal in the past 10 months. In the same period last year, the volume of imports was Rs 3,003 kg worth Rs 21.2 billion.
Due to the 52.51 per cent increase in the volume of gold imported, the country had to spend 68.68 per cent more amount than that of the period the previous yet. In turn, the government earned 53.93 per cent more in revenues.