During the same period, the amount spent for studying abroad this year is about 5 billion rupees more than last year
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In the first two months of the current financial year compared to last year, the amount of money going out for foreign studies has increased, while the money coming into the country has decreased under the same heading. According to the monthly report of the National Bank, foreign currency worth about 28 billion rupees has been withdrawn for foreign studies in two months of this year.
This is about 5 billion rupees more than the amount released for foreign studies in the same period last year. In July and August of last financial year, 23.32 billion rupees were spent on foreign studies.
In July alone, foreign exchange equivalent to 14 billion 92 million rupees was withdrawn in foreign studies. In the first month, the amount released under this heading increased by about 39 percent compared to the same period of the previous financial year.
In the last few years, the data of the National Bank has shown that the foreign currency that goes out of Nepal along with the students for studying abroad has been continuously increasing. Experts say that there has been an increase in the trend of going abroad for higher education in recent years as there is work and good income along with studying abroad. They claim that this has had a positive effect on the remittance flow.
Students from abroad come to study in Nepal. In two months of the current financial year, foreign students have spent about 447.3 million rupees for studying in Nepal, according to the data of Rashtra Bank. This amount is less than the same period last year.
In two months of the last financial year, foreign students spent 1.28 billion 1.3 million rupees for studying in Nepal. This confirms that the number of students coming to study in Nepal is decreasing. Especially, foreign students have come to Nepal to study subjects such as medicine, engineering, literature, and culture. But the money they spend here is an income for Nepal.
In the last financial year alone, 1 trillion 25 billion 13 crore rupees were withdrawn from the country for studies. Last year it was 24 percent more than the previous financial year. In the financial year 079/80, 1 trillion 42 crore rupees were released for study abroad. Similarly, in the financial year 078/79, 67 billion 70 million rupees, 46 billion 32 million rupees in the financial year 075/76 and 25 billion 81 million rupees in the financial year 076/77, according to the data of Rashtra Bank.
Political instability has been looming in Nepal for a long time, government reports have shown that the number of young people leaving Nepal in the name of studies is increasing day by day due to the lack of effective work from the state level for economic development, lack of new employment opportunities. This is confirmed by the fact that the government data shows that the amount of money leaving Nepal for studying abroad is continuously increasing after the covid infection.
In the last one decade, the number of permission to study abroad has increased by almost three times according to the data of the ministry. In the financial year 071/72, 30 thousand 797 students took permission to study abroad. Even for older students, families send expenses for a few years. Therefore, compared to the previous year, the number of foreign study permits (No Objection Letter (NOC)) has decreased, but the amount of money withdrawn for study has increased. They say that there is no need to worry about spending a lot of money on studying abroad. According to them, when they go to study abroad, students do not just take money away from Nepal, they gain knowledge, earn money and give Nepal an identity in the international world Experts say that those who study abroad should not worry about the fact that there is no opportunity in Nepal The government has no plans to create an environment for students to live in their own country.However, according to the Rashtra Bank's suggestion, the government has banned the affiliation of foreign educational institutions in recent years.
Due to continuously increasing remittance inflow and non-increasing imports, foreign currency (exchange) reserves have accumulated in the country. According to which, as of last August, the foreign exchange reserves reached 21 trillion 52 billion 53 billion rupees. This is the highest ever. For the last 15 months, foreign exchange reserves have been setting new records every month.
If the import of two months of the financial year 081/82 is taken as the base, the foreign exchange reserves with the banking sector are sufficient to support 16.8 months of goods imports and 13.7 months of goods and services imports, the Rashtra Bank claims. This is more than the annual target set by the National Bank. This year, Rashtra Bank aims to maintain foreign exchange reserves sufficient to cover the import of goods and services for at least seven months. Even though there is enough foreign currency, even though a large amount of money is spent on studies, visits, health treatment, etc., its impact has not been seen. However, experts argue that it is time to be cautious.
