July 10: Nepali citizens spent over Rs 119.99 billion on foreign travel in the first eleven months of the current fiscal year (FY 2022-23), according to the latest report of Nepal Rastra Bank (NRB).

The Current Macroeconomic and Financial Situation Report released by the NRB on Monday shows that the travel expenses of Nepali nationals increased by 37.9 percent to climb to Rs 119.99 billion, including Rs 89.18 billion for education during the eleven months of the current fiscal year.

Such expenses were Rs 87.03 billion and Rs 59.99 billion respectively in the same period of the previous year.    
Meantime, in the review period, Nepal’s travel income amounted to Rs 58.06 billion following a 94.3 percent rise compared to the corresponding period of last fiscal year. The figure was Rs 29.88 billion last year.    

It means that Nepalis spend more on foreign visits than the country earns from foreign tourists. The total amount spent by Nepalis for higher education abroad (Rs 89.18 billion) is much more than Rs 58.06 billion which the country generated from tourists.