Nepal’s Travel Payments Surge to $522 Million in Four Months

Nepal’s travel payment increased 11.8 percent to Rs 75.74 billion (approx. $522 million), including Rs 48.26 billion (approx. $323 million) for education in the first four months of the current fiscal year 2082/83 BS.

As per the Current Macroeconomic and Financial Situation of Nepal released on Monday by the Nepal Rastra Bank (NRB) based on four months ending mid-November, such income was Rs 26.90 billion (approx. $185 million) in the same period of the previous year.

In the same period of the previous year, travel payment was Rs 67.75 billion ($467 million) including Rs 37.77 billion (approx. $360 million) for education.

The central bank stated that travel income increased 0.9 percent to Rs 27.15 billion (approx. $187) in the review period.

Net services income remained at a deficit of Rs 32.91 billion (approx. $227 million) during the review period. Such income had a deficit of Rs 22.37 billion (approx. $154 million) in the same period of the previous year, according to the central bank.

Likewise, the remittance inflows increased 31.4 percent to Rs 687.13 billion (approx. $4.737 billion) in the four months of current fiscal year compared to an increase of 9.4 percent in the same period of the previous year.

During mid-October to mid-November (Kartik month), remittance inflows stood at Rs 133.82 billion. In the same period of the previous year, such inflows were Rs 114.31 billion, the report on the Current Macroeconomic and Financial Situation stated. (RSS)