Kathmandu- Nepal’s travel payments increased by 11.8 percent to Rs 75.74 billion in the first four months of the current fiscal year 2082/83, driven largely by spending on foreign education, according to Nepal Rastra Bank (NRB).
In its Current Macroeconomic and Financial Situation report released on Monday, the central bank said travel payments up to mid-November included Rs 48.26 billion for education purposes. In the same period of the previous fiscal year, total travel payments stood at Rs 67.75 billion, including Rs 37.77 billion for education.
The NRB reported that travel income during the review period rose marginally by 0.9 percent to Rs 27.15 billion. As a result, net services income remained in deficit at Rs 32.91 billion, widening from a deficit of Rs 22.37 billion recorded in the corresponding period last year.
Meanwhile, remittance inflows grew sharply by 31.4 percent to Rs 687.13 billion in the first four months of the current fiscal year, compared to a 9.4 percent increase in the same period last year. During mid-October to mid-November alone, remittance inflows reached Rs 133.82 billion, up from Rs 114.31 billion a year earlier, the central bank report stated.
