KATHMANDU, Nov. 19 (Xinhua) -- Nepal spent more for its nationals travelling abroad than it earned from foreign visitors during the first quarter of the current 2024-25 fiscal year, which began in mid-July, the central bank said on Tuesday.
The South Asian country spent 167.9 million U.S. dollars for Nepalis travelling abroad for tourism and pilgrimage in particular, and earned 125.8 million dollars from foreign arrivals during the period, the Nepal Rastra Bank said in a report.
With the amount spent by Nepalis on education, health and business abroad included, the figure was as high as 415.9 million dollars in the first quarter.
"More Nepalis are going abroad for tourism and pilgrimage, attending conferences and meeting relatives," said Gunakar Bhatta, chief of the economic research division at the central bank.
He told Xinhua that the bank had increased the limit of foreign exchange facilities for Nepalis travelling abroad along with improving forex reserves.
The bank raised the limit to 2,500 dollars from 1,500 dollars for Nepalis travelling abroad last year.
In 2023, 1.6 million Nepalis went abroad for employment, tourism, pilgrimage, study and other purposes, according to the Department of Immigration.
Nepal welcomed over 1 million foreign tourists in 2023. ■