Capital flight worth Rs 64.15 billion for foreign study

KATHMANDU, MARCH 11 : At a time when universities are being urged to provide quality education and industries are striving to create an environment that retains youth within the country, Nepal Rastra Bank has recorded a significant outflow of funds for foreign studies.

In the first seven months of the current fiscal year, this outflow amounted to Rs 64.15 billion.

Similarly, travel spending under the service category has increased by 10.6 percent, reaching Rs 115.88 billion during the same period. Of this, Rs 64.15 billion was spent on education alone.

In comparison, the expenditure on foreign education during the same period last year stood at Rs 66.64 billion.

Meanwhile, net service income has declined by Rs 50.22 billion over this period.