Kathmandu: Nepal has witnessed a significant increase in remittance inflows, with the total reaching Rs. 1,191.31 billion in the first nine months of the current fiscal year, according to data released by Nepal Rastra Bank.

This represents a 10% increase compared to the same period last year, although the growth rate has slowed from the 17.2% recorded during the corresponding period in the previous fiscal year.

In terms of U.S. dollars, remittance inflows rose by 7.3%, reaching USD 8.74 billion, a drop in growth from last year’s 15.2% increase.

Rise in Net Secondary Income
Nepal’s net secondary income, which includes remittances and other transfers, also surged to Rs. 1,301.94 billion, up from Rs. 1,174.54 billion during the same period last year.

Labor Migration Figures Support Growth
The increase in remittances corresponds with a rise in the number of Nepalis going abroad for work. According to Nepal Rastra Bank:

-358,222 individuals obtained final labor permits (both institutional and individual-new)

-249,652 received re-labor permits during the review period

These figures indicate continued reliance on foreign employment as a major source of income for many Nepali households and a key contributor to the national economy.