The money sent abroad from Nepal for educational purposes has doubled.
According to the data released by the Nepal Rastra Bank (NRB) on Tuesday, in the first two months of the current financial year, Rs 23.33 billion was remitted abroad for educational expenses.
This is almost double compared to the amount in the same period last year. Last year, Rs 12.76 billion was sent abroad for education till Bhadra (mid-August to mid-September). The outflow of cash for education has led to a deficit in Nepal’s service income.
The expenses of Nepalis going abroad from Nepal are much higher than the expenses made by tourists coming to Nepal. This means that the amount spent by Nepalis on education is much higher.
According to the data, Nepal’s net service income till the month of Bhadra is Rs 25.34 billion. In the previous year, the service income incurred a loss of Rs 19.26 billion.
This year, the tourism income is only Rs 9.34 billion in two months. This is 53.9 percent more than the same month last year. However, as travel expenses have increased by 76.5 percent, this year the net service income is at a high deficit, according to the data of NRB.
