Nepal witnesses transfer of over Rs 47bn for education abroad in 5 months

KATHMANDU: Nepal witnessed a significant outflow of cash for education in foreign countries in the first five months of current fiscal year 2024/25. 

A total of Rs 47.71 billion was spent on education under the service account, according to the latest macroeconomic and financial situation report released by Nepal Rastra Bank (NRB) on January 10.

The NRB's data highlighted that travel payments under the service account saw a 12.2% increase, amounting to Rs 85.01 billion, with Rs 47.71 billion allocated specifically for education.

This is an increase from the same period last fiscal year when travel payments were at Rs 75.73 billion, and Rs 47.34 billion was for education abroad.

Additionally, the net services income showed a deficit of Rs 40.71 billion in the initial five months of the current fiscal year, compared to a deficit of Rs 26.55 billion during the same period last year.

Moreover, travel income under the service account rose by 3.1% to Rs 35.19 billion during five months, up from Rs 34.12 billion in the corresponding period of the previous fiscal year.

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