The three federations in the gold and silver sector have collectively urged the government to make alternative arrangements after the supply of gold and silver stopped. A joint meeting convened by the Federation of Nepalese Gold and Silver Entrepreneurs today requested the government to adopt alternative supply arrangements.
The supply of gold and silver in the market has come to a standstill with the decision of the banks last year not to open LC other than essential commodities. According to him, the livelihood of more than 20,000 businessmen and thousands of artisans in the region is in crisis.
President of the Federation of Nepalese Gold and Silver Entrepreneurs Manikaratna Shakya said that alternative arrangements should be made to keep the market regular even if the supply of gold from banks is stopped in the current situation of declining foreign exchange reserves. He said that the current needs could be met by adopting internal resources and other measures without affecting the foreign exchange reserves.
President of the Federation of Nepal Gold, Silver, Gems and Jewelery Entrepreneurs Sureshman Shrestha also stressed on the need to look for supply alternatives for the convenience of the government, gold and silver traders and general consumers.
Similarly, President of the Federation of Nepalese Handicraft Entrepreneurs, Prachanda Shakya, said that when the supply of raw materials was stopped, Problem started to arise. He also pointed out the need for the three organizations to work together for its solution.
The three umbrella organizations working in the gold and silver sector have agreed to move forward to solve the problem by setting up a joint mechanism, said Arjun Rasaili, senior vice president of the Federation of Nepali Gold and Silver Entrepreneurs.
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