The central
bank has revised gold import quota upwards by five kg for six months starting from
January 15.
Earlier in
August, the central bank had increased the precious yellow metal supply quota –
on the request of bullion traders – by five kg to 20 kg as the demand exceeded
supply for three months in the marriage season only.
The central
bank has today, issuing a circular, said that it has increased gold supply
quota to 20 kg per day for six months to help traders meet the increasing
demand during the wedding season.
However, the
bullion traders claim that the market demand is double – in the weeding season –
the central bank quota of 20 kg per day that has fuelled the smuggling of the
precious yellow metal. Apart from ornamental usages traditionally, gold has also
become a good investment portfolio due to lack of investment tool in the market
that has increased the demand.
The traders have,
thus, asked the government to permanently fix the supply quota at 30 kg per day
instead of revising every once in a while, whereas the central bank has been
keeping hawk's eye on gold import since it has hit the Balance of Payment (BoP)
a couple of years ago.
No comments:
Post a Comment