- CNTV English - CCTV News

Homepage > News > Biz >

Nepali gov't bans gold import

09-03-2010 16:00 BJT

KATHMANDU, Sept. 3 (Xinhua) -- Nepali government has imposed a ban on gold imports to deal with the mounting pressure such imports been exerting on the country's foreign currency reserves.

"We have decided to completely bar the imports from Friday and the decision will remain in effect till further notice," Ganesh Dhakal, joint-secretary at the Ministry of Commerce and Supplies ( MoCS), told Friday's Republica daily.

Officials stated that MoCS took such a decision mainly on request from the central bank, as soaring imports of the yellow metal continued to put pressure on the country's foreign currency reserves.

Nepal has been suffering a huge trade deficit, mainly due to multifold increments in imports compared to exports. Propelled by widening trade deficit along with slowing growth in remittances, the balance of payments has been in negative territory also since the first quarter of last fiscal year.

While a rapid rise in gold imports was one of the factors behind this state of affairs, Nepal Rastra Bank, the central bank of the country, despite controlling its supply, has been facing a tough time bringing the situation under control.

Editor:Xiong Qu |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program