Rising income level send Nepalis to holiday abroad

Nepalis-holiday-abroad

Nepalis spent a whopping Rs 48 billion on foreign holidays in the first half of Fiscal Year 2018/19.
Data compiled by Nepal Rastra Bank (NRB) shows outbound Nepali holidaymaker spent Rs 47.99 billion in the first six months of FY 2018/19 — a rise of 30 percent compared to spending figures in the same period of FY2017/18. Such spending was Rs 34.61 billion in the first six months of FY2017/18.

Meanwhile, spending by foreign tourists in Nepal in the period grew by only 8 percent to Rs 36.5 billion. This shows that country’s receipt from tourism industry — a priority sector of the government — is lower than what Nepalis spend in foreign trips. In the same period a year earlier, foreign tourists had spent Rs 33.75 billion in Nepal.

Interestingly, spending by Nepalis on foreign holidays is increasing at a time when the government has started ‘Pahile Desh, Ani Bidesh’, which translates into visit country before foreign country, to promote internal tourism. Increasing spending by Nepalis in foreign trips prompted Nepal Rastra Bank (NRB), the central monetary authority, to lower foreign exchange limit for foreign visits to US$ 1,500 from $2,500.

Thailand-Phuket

The decision was aimed discouraging growing outflow of foreign currency on account of outbound tourism. Despite this, spending by outbound Nepalis is increasing with every passing year.

Deepak Raj Joshi, CEO of Nepal Tourism Board (NTB), attributed expanding outbound tourism to global phenomenon. “It is happening globally regardless of whether we accept it or not,” he said, adding that rising income level of Nepalis is the main reason behind increasing outbound spending. “Nepalis, who can afford travelling, prefer foreign trips. Some are even going to foreign countries for destination weddings,” he added.

Joshi, however, added that outbound tourism spending cannot be compared with revenue from inbound tourism. “These are different things and should be understood differently,” he said, “We cannot stop people travelling abroad. Our focus should be on bringing more foreign travelers to Nepal.”

Related Post

26 Commercial Banks enter the ‘billion-rupee-club’ on net profits Proving that concerns about lack of loanable funds squeezing their profits were just a farce, the growth of net profit of commercial banks in the ...
Nepali rupee devaluates further The value of Rupee plunged further to a new low of Rs 119.33 against US dollar, according to the reference rate set by the Nepal Rastra Bank for W...
Foreign exchange reserve swells to record high With the swelling foreign exchange reserves, the richer Nepal can afford to buy more merchandise from abroad to feed its growing consumerism. The f...
Realty sector gradually emerging out of trouble Real estate transactions have picked up, albeit in slow pace, in the recent months, leading to increase in land registration fee collection. Accord...
Forex NEPAL RASTRA BANK Exchange Rate for 19 March 2019 Exchange Rates Fixed by Nepal Rastra Bank Currency Unit Buying/Rs. Selling/Rs. ...
Tourist arrivals up by 30 percent Tourist footfall to Nepal surged by 29.67 percent over the first 10 months of 2017 compared to figures of the same period of 2016. Data compiled by...
Rise in travelling numbers prompts airlines to hike airfares Airfares have gone up as travel demand continues to grow despite the end of the festival season in Nepal. According to travel agencies, the large nu...
Coca-Cola introduces Minute Maid in Nepali market Bottlers Nepal Ltd has introduced ‘Minute Maid’ juice brand in the Nepali market with the launch of ‘Minute Maid Mango’. Minute Maid Mango is a man...
Nepal Airlines announces Kathmandu-Bangkok roundtrip airfare at just Rs.26,000 National flag carrier Nepal Airlines has announced a special offer on its flight to Bangkok of Thailand. Under the scheme announced on Thursday, i...
Tourism rebounds in Khumbu Region after earthquake Tourism activities have started to pick up pace in the Khumbu region after encountering a slowdown after the devastating April 25 earthquake. The a...
Gulf carriers jack up fares on higher travel demand Air travellers will have to open their wallets wider this season. Airlines from the Gulf serving Nepal have hiked airfares prompted by growing seaso...
IndiGo plans Ktm-Delhi flight from August 4 Fares on the New Delhi- Kathmandu flight are poised to dip to as low as Rs 5,000, to the joy of budget travellers, as India’s low-cost carrier IndiG...
Britannia to establish a biscuit and bakery plant in Nepal India's Britannia Industries Limited has received permission to produce its biscuits and bakery products in Nepal. The renowned food company with a...
DragonAir to double flights to Kathmandu next month Dragon Air -- the Hong Kong-based airlines -- has announced of adding three more flights in its Kathmandu-Hong Kong route, making the total weekly f...
Panel to submit report on petro pipeline next week A technical team entrusted with the task of holding study on the appropriate modality for the Nepal-India cross-border petroleum pipeline is schedul...
Oman Air begins flights from Muscat-Kathmandu Omani ambassador to Nepal Humaid Ali Al-Mani has said that the start of Oman Air’s service to Nepal as its 40th destination would boost the country’...
Domestic airlines slashes airfares by 18.3 % Within hours of the Nepal Oil Corporation (NOC) reducing the Aviation Turbine Fuel (ATF) price, domestic airlines have slashed airfare by as much as...
You might also like