More than 90 percent of gold and silver coins sold by Rashtra Bank in a year are sold during Tihar
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The Exchequer Department of Nepal Rastra Bank has also been distributing gold and silver coins to the general public. But like the demand for notes is high during Dasain, the demand for gold and silver coins is high during Tihar, according to Rashtra Bank officials.
"More than half of the notes supplied to the market in a year leave the Rashtra Bank only during Dasain," the source said, "More than 90 percent of the gold and silver coins sold by the Rashtra Bank in a year are sold during Tihar."
Rashtra Bank spokesperson Ramu Poudel said that because the demand is low, a small number of gold coins (asarfi) and silver coins (medallions) are being sold every day along with ordinary coins (one and two rupees) from the tax department. "At present, there is not much demand for Asarfi and Medallion coins, they are being distributed according to demand. We have a sufficient number of medallions, 10 and 15 gram asarfis," he said. "As the demand for these coins is high during Tihar, the National Bank has made internal preparations accordingly."
The passion for gold and silver coins among Nepalis is evident. Last year, around 43,000 gold and silver coins were sold during Tihar and Dhanteras alone. Rastra Bank has been selling 10 gram, 5 gram and 2.5 gram gold coins (Asarfi) and different rates of cow, Ganesh and Gajalakshmi silver coins.
The custom of worshiping coins targeting Dhanteras is not new in Nepal. Gold and silver businessmen say that Dhanteras has been given priority for a decade and its demand has been increasing in recent years. Although the demand for gold in the market has decreased as the economy is in recession, the demand for gold and silver coins has not decreased, according to Nepali gold and silver businessmen. Officials of Rashtra Bank also admit that the demand for Asarafi and souvenir coins is increasing every year.
The price of gold is determined based on the market price of gold. Asarfi can be bought from Rashtra Bank just like buying gold jewelery in the market. Gold and silver shops in the market also sell gold and silver jewelry. But since the National Bank is a government body, one can be confident about the quality. That is why common people prefer to buy asfarifi from Rashtra Bank. In addition to the general public, if there is a demand of at least 20 units of surplus goods from organized and private sector institutional buyers, the National Bank will sell them by departmental decision based on the balance of surplus goods, the needs of the requesting organization and the appropriateness.
The price of gold is determined by adding manufacturing cost to the market price of gold. When selling gold to individuals, the National Bank sets the daily price by adding 300 rupees per gram to the prevailing market price of gold. But in the case of institutions, the Rastra Bank has said that it will be an additional 500 rupees per gram. According to Thursday's gold prices, the price of gold is Rs 25,120 for 2 and a half grams, Rs 50,240 for 5 grams and Rs 1,480 for 10 grams.
is a gold coin. Asarfi is not a currency in circulation even though it is in the form of coins. So wasteful cannot buy goods or spend as needed. The gold is melted into the shape of a coin, which is called asarafi. This work is done by the National Bank. Even though they are Asarfi coins, they do not have (value) marked on them. On one side of the coin is ``Asarfi Nepal'' and on the other side is Nepal Rastra Bank and the date.
Rastra Bank has also been making and selling silver coins. These coins are called medallions and souvenirs. The coins are also made from silver and cypronickel (an alloy of copper and nickel). Medallion is a coin minted for the purpose of promoting ornaments, decorations, religious, cultural, natural heritage.
