While Nepal spends a huge amount of its foreign exchange on import bills yearly, foreign education and abroad travel have emerged as the other major areas where the country's hard-earned foreign currency is being spent. According to the latest macroeconomic report of Nepal Rastra Bank (NRB), Nepalis have spent Rs 51.44 billion in the first six months of the current fiscal year 2022/23 for foreign education and abroad travel. The amount spent by Nepalis for these two purposes is much higher than the country's tourism income during the same period. Foreign tourists spent as much as Rs 28 billion in Nepal in the first half of the current fiscal year.

Nepalis have been going for study abroad which has resulted in growing spending. Nepalis spent as much as Rs 67.70 billion for education abroad in the last fiscal year 2021/22 which had surged due to suppressed spending in the previous two fiscal years due to Covid-related restrictions. In FY 2020/21 and FY 2019/20, spending for education decreased to Rs 24.95 billion and Rs 25.81 billion, according to the NRB.

Likewise, Nepalis are spending heavily on traveling to other countries as tourists. According to NRB data, as much as Rs 16 billion was spent on foreign travels during the first six months of the current fiscal year. Nepalis spent around Rs 30 billion traveling to foreign destinations in FY 2021/22 which is close to the country's tourism earnings of Rs 32.44 billion. “Partial spending by Nepali migrant workers in foreign exchange is also included in this expenditure,” said a senior NRB official. “Nepalis are spending large amounts of foreign exchanges for travels abroad for different purposes in recent years,” said the NRB official. “As Nepal is an open economy, we cannot control such spending.” Nepalis spent as much as Rs 97.32 billion in the last fiscal year 2021/22 for travels abroad both for visiting foreign destinations and studying abroad which is triple the amount the country earned from foreign travelers. Nepal earned as much as Rs 32.44 billion from foreign visitors in the last fiscal year. Nepal’s tourism earnings were battered by travel curbs after the Covid-19 pandemic which has been recovering lately. The country earned only Rs 7.26 billion from foreign tourists in the fiscal year 2020/21, according to NRB. But the country’s tourism is reviving which is clearly indicated by the growth in foreign visitors in 2022. Nepal welcomed 614,148 foreign tourists in 2022, a sharp rise from 149,833 in 2021, according to Department Immigration data. In January, 55,074 foreign visitors visited the country. Nepal has targeted to welcome one million foreign tourists in 2023. “As international travel has become easier, more tourists are expected to visit Nepal in 2022 and we can hope foreign currency earnings to rise,” said the NRB official.   RISING TRAVEL SPENDING

FISCAL YEAR	INT'L TRAVEL SPENDING		TOURISM INCOME
	For Travel	For Education
2022/23 (First 6 months)	Rs 16.09 billion	Rs 35.35 billion	Rs 28 billion
2021/22	Rs 29.62 billion	Rs 67.70 billion	Rs 32.44 billion
2020/21	Rs 7.85 billion	Rs 24.95 billion	Rs 7.26 billion
2019/20	Rs 27.32 billion	Rs 25.81 billion	Rs 60.88 billion