In the last fiscal year, Nepal imported gold valued at Rs 23.5 billion, according to the Department of Customs (DoC). The country brought in 1,600 kg of gold for the fiscal year 2023/24.

This expenditure marks a 5.81 percent increase from the previous year, when Nepal's gold import bill was Rs 22.355 billion. The rise in gold prices has played a significant role in the higher outflow of foreign currency, with the price of gold peaking at Rs 149,800 per tola in Nepal during the review period.

Despite the higher spending, the quantity of gold imported fell by 9.07 percent compared to the previous year. Nepal imported 2,651 kg of gold last year, down from 2,916 kg the year before.

Commercial banks are now responsible for importing and distributing gold, with imports primarily coming from the United Arab Emirates (UAE) and Turkey, as well as from Hong Kong, Switzerland, Singapore, and other nations. Currently, banks are importing 20 kg of gold daily from these sources.

The DoC reports that gold imports include 2,500 kg from the UAE worth Rs 22.26 billion, 150 kg from Turkey valued at Rs 1.395 billion, and 1,364 grams from India worth Rs 22,000.

In the previous fiscal year, additional gold imports included 100 kg from Switzerland valued at Rs 709.9 million and gold worth Rs 280,000 from Uzbekistan.

The government also experienced a revenue increase of Rs 1.10 billion from gold imports, with total revenue reaching Rs 3.64 billion last year. This represents a 43.72 percent increase compared to the Rs 2.54 billion earned the previous year.