Kathmandu: Nepali students pursuing higher education abroad have taken Rs 64.15 billion out of the country in the first seven months of the current fiscal year, according to data released by Nepal Rastra Bank (NRB).
The NRB report highlights that under the services account, overall travel expenses have surged by 10.6 percent, reaching Rs 115.88 billion. Of this, Rs 64.15 billion was spent specifically on education. In the same period last year, total travel expenses stood at Rs 104.75 billion, while education-related spending was higher, at Rs 66.64 billion.
The report also indicates that the net service income deficit has widened to Rs 50.22 billion, a significant increase from Rs 36.38 billion recorded during the same period last year.
Meanwhile, tourism income under the services account saw a 7.7 percent growth, rising to Rs 49.21 billion from Rs 45.68 billion in the corresponding period last year.
The growing outflow of funds for foreign education has been a subject of concern, with policymakers emphasizing the need to improve higher education infrastructure and opportunities within Nepal to curb capital flight.