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Kathmandu, Dec 16: Despite the presence of numerous universities and educational institutions within the country, a significant amount of money continues to leave Nepal for education abroad.

According to Nepal Rastra Bank, spending on education overseas reached Rs 42.96 billion in the first four months of the current fiscal year. In the same period last year, such expenditure was Rs 32.22 billion, indicating an increase of nearly Rs 10 billion compared to the previous year.

During the review period, travel expenses under the service account rose 16.4 percent to Rs 64.59 billion, up from Rs 55.49 billion in the same period last year. Meanwhile, travel-related income under the service account increased 8.1 percent to Rs 19.19 billion, compared to Rs 17.76 billion a year earlier.

Overall, the net service account remained in deficit at Rs 32.68 billion during the review period, higher than last year’s deficit of Rs 23.01 billion.

 People’s News Monitoring Service