Central bank wants digital payment in gold business

Kathmandu, Feb. 10

The central bank has asked the gold and silver entrepreneurs to immediately apply the digital technology applications in their businesses.

Governor of the Nepal Rastra Bank Maha Prasad Adhikari on Wednesday stressed on the QR code based payment in making payment for gold and silver jewelleries and other products.

"Sticking to the traditional mode of payment in the age of digitalisation is impractical. Large-size payments happen in this business but the mode is still traditional," Adhikari told a delegation of the Federation of Nepalese Gold and Silver Dealers' Association while meeting the latter at his office.

He also urged the gold and silver businesses to promote Nepali labour and skill. Stating that a large number of Nepali youth are leaving the country in search of employment abroad while about 70,000 foreign workers are employed in this sector, Governor Adhikari said that skill-based training could be a way to attract Nepali youth to the sector.

Foreign workers take a large amount of money to their home country every year from gold and silver market of Nepal.

He expressed commitment, on behalf of the central bank, to supporting the skill development training to create workers and artisans needed in the gold and silver businesses.

Adhikari said that he was positive on the demands of the federation and would try to address them as far as practicable.

NRB is positive to manage the gold supply as per the market demand since it was related to the stock of the foreign currency in the country.

Likewise, he was ready to make arrangement to import gold from the assigned border point and control the gold sale if it was not approved at least 15 days and review the quota-system set in the gold supply.

President of the federation Manik Ratna Shakya requested to the Governor to take initiatives to resolve the challenges faced by the entrepreneurs.

Published in The Rising Nepal daily on 11 February 2021.