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The price of gold has dropped by Rs 400 per tola in the domestic market on Sunday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 174, 100 per tola today. It was traded at Rs 174, 500 per tola on Friday.

Similarly, the price of silver has dropped by Rs 5 and is being traded at Rs 2, 045 per tola today.

Gold price has set a new record in the domestic market today.

According to the Nepal Gold and Silver Dealers’ Association, the price of precious yellow metal has increased by Rs 4, 000 per tola and is being traded at Rs 174, 500 per tola. It was traded at Rs 170, 500 per tola on Thursday.

Likewise, the silver is being traded at Rs 2, 050 per tola.

The current account remained at a surplus of Rs.166.80 billion in the review period compared to a surplus of Rs.162.52 billion in the same period of the previous year, Nepal Rastra Bank (NRB) stated in its 'Current Macroeconomic and Financial Situation of Nepal (Based on Seven Months Data Ending Mid-February, 2024/25) Report'.

In the US Dollar terms, the current account registered a surplus of 1.24 billion in the review period against a surplus of 1.22 billion in the same period last year. In the review period, net capital transfer amounted to Rs.5.83 billion.

In the same period of the previous year, such transfer amounted to Rs.3.80 billion. Similarly, in the review period, Rs.7.45 billion foreign direct investment (equity only) was received.

In the same period of the previous year, foreign direct investment inflow (equity only) amounted to Rs.5.19 billion.

Balance of Payments (BOP) remained at a surplus of Rs.284.41 billion in the review period compared to a surplus of Rs.297.72 billion in the same period of the previous year.

In the US Dollar terms, the BOP remained at a surplus of 2.11 billion in the review period compared to a surplus of 2.24 billion in the same period of the previous year.

Foreign Exchange Reserves Gross foreign exchange reserves increased 16.1 percent to Rs.2369.08 billion in mid-February 2025 from Rs.2041.10 billion in mid-July 2024.

In the US dollar terms, the gross foreign exchange reserves increased 11.7 percent to 17.05 billion in mid-February 2025 from 15.27 billion in mid-July 2024.

Of the total foreign exchange reserves, the reserves held by NRB increased 13.9 percent to Rs.2105.14 billion in mid-February 2025 from Rs.1848.55 billion in mid-July 2024.

Reserves held by banks and financial institutions (except NRB) increased 37.1 percent to Rs.263.93 billion in mid-February 2025 from Rs.192.55 billion in mid-July 2024.

The share of Indian currency in total reserves stood at 22.0 percent in mid-February 2025.

Foreign Exchange Adequacy Indicators Based on the imports of seven months of 2024/25, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 17.2 months, and merchandise and services imports of 14.4 months.

The ratio of reserves-to-GDP, reserves-to-imports and reserves-to-M2 stood at 41.5 percent, 120.3 percent and 32.5 percent respectively in mid-February 2025.

Such ratios were 35.8 percent, 108.6 percent and 29.3 percent respectively in mid-July 2024.

Fertilizer shortages have been a recurring issue every year, particularly during the farming season when demand is highest. This year is no exception, as farmers are once again facing difficulties due to the failure to import fertilizer on time. The delay stems from the inability of the Agricultural Materials Company, responsible for fertilizer distribution, and its contracted suppliers to adhere to their agreement.

The company does not accept fertilizer shipments that arrive after the agreed deadline. Instead, such delays result in fines and blacklisting of suppliers. Due to a dispute between the Agricultural Materials Company and a contractor, 1,300 tons of urea fertilizer have remained stuck in a warehouse at the northern Tatopani customs checkpoint for 21 months.

According to Anirudra Thapa, the warehouse manager of the Tatopani customs dry port, 3,590 tons of urea fertilizer were imported from China daily between 1 June and 17 June 2023. Of this, approximately 2,290 tons were transported from the warehouse to the Agricultural Materials Company.

“Around 1,300 tons remain in the warehouse. We are unsure of what transpired between the importer and the agricultural company. Our role at the dry port is warehouse management—storing imported goods in containers until the responsible parties complete the necessary documentation, clear customs, and arrange transport. However, the fertilizer has been stuck in the warehouse, and the suppliers have ceased communication. We have heard that the matter has occasionally reached the court,” Thapa told Annapurna. The warehouse charges rent at a rate of 17 paisa per kilogram per day. “If the suppliers had come to collect it, we would have facilitated the process as much as possible, but they have not been in touch.”

As per customs regulations, unclaimed goods must be confiscated if they are not collected within 60 days of arrival. Despite this rule, the fertilizer has remained in storage for over eight months, increasing financial liabilities. Although the fertilizer has not yet deteriorated, prolonged storage increases the risk of degradation. Additionally, the prolonged presence of the fertilizer in the warehouse has caused logistical challenges for handling other goods arriving at the Tatopani dry port.

The government provides subsidies on such fertilizers. Silk Market Pvt Ltd, Sinomac, Globalmatics, and Bidh Pvt Ltd had jointly opened a letter of credit (LC) with a bank to import fertilizer from China. However, when the shipment failed to arrive on time as per contractual terms, the Agricultural Materials Company canceled the tender. Consequently, the fertilizer remained stranded at the customs yard. The issue has been reported in the media multiple times, yet no resolution has been reached. Meanwhile, as the Finance Committee reviews amendments to the Customs Act, concerned Members of Parliament have been inspecting customs points. On Sunday, 12 MPs, including Finance Committee Chairman Santosh Chalise, visited the Tatopani customs checkpoint. Upon witnessing the stockpiled fertilizer, Chairman Chalise contacted Agriculture and Livestock Minister Ramnath Adhikari and the Agriculture Secretary to address the matter.

Tatopani Customs Checkpoint Chief Kamal Kumar Bhattarai stated, “The Customs Act is currently under review by the Finance Committee. The monitoring team inspected the customs office and checkpoint, expressed concern over the prolonged storage of fertilizer, and raised the issue directly with the Agriculture Minister from my office. The team conducted their inspection on Sunday and returned on Monday.”

According to Bishnu Prasad Pokharel, Managing Director of the Agricultural Materials Company, three years ago, Silk Market Pvt Ltd, Sinomac, Globalmatics, and Bidh Pvt Ltd entered into a joint venture (JV) contract with the company. Even under the initial agreement, fertilizer deliveries were delayed. At the time, the company imposed legal penalties, confiscated deposits, and blacklisted the suppliers. In response, the companies sought legal intervention, and the court temporarily halted punitive actions.

Following the court's decision, the suppliers did not immediately deliver the fertilizer but eventually shipped it later. The original contract required the suppliers to import 25,000 tons of urea fertilizer. Subsequently, a revised agreement stipulated that the fertilizer already held at customs would be delivered to the Agricultural Materials Company within 30 days, while the remaining 21,500 tons would be supplied within 107 days.

“Despite the 30-day commitment, it took them 8–9 months to deliver just 1,300 tons. Even after 300 days, they failed to supply the remaining fertilizer. We extended deadlines multiple times, sent formal requests, and urged compliance. However, as no action was taken, we were compelled to impose penalties and blacklist the companies once again,” Pokharel explained.