Bangladesh Proposes Three Mechanisms to Ease Workers’ Remittances from Maldives Amid USD Shortage
MMA Governor Ahmed Munawar speaking at a press conference held in the President’s Office on August 24, 2026 | Photo: President’s Office
Bangladesh Bank has proposed three mechanisms to facilitate remittance transfers by Bangladeshi migrant workers in the Maldives, including arrangements involving Maldivian rufiyaa, travel-related payments and a bilateral currency swap.
According to a report published by Bangladeshi newspaper The Business Standard, Bangladesh Bank Governor Md Mostaqur Rahman outlined the proposals in an 8 October letter to Maldives Monetary Authority (MMA) Governor Ahmed Munawar.
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The letter said Bangladeshi workers continued to face difficulties sending their earnings home despite efforts to strengthen formal foreign exchange channels in the Maldives. It called for cooperation between the two central banks to establish safe, transparent and cost-effective transfer mechanisms through formal banking channels.
Diverting remittances through other banks
Under the first proposal, Bangladesh Bank wants to explore using Maldivian rufiyaa through an arrangement under the Asian Clearing Union (ACU), with beneficiaries in Bangladesh receiving the corresponding funds in taka through authorised banks.
Sent remittance via Maldivian money transfer operators
The second proposal would allow licensed banks and money transfer operators in the Maldives to make eligible travel-related payments in rufiyaa for Bangladeshi nationals travelling to the country. Authorised banks in Bangladesh could issue taka-denominated cards, with settlements managed under an agreed regulatory framework.
Currency swap between Maldives and Bangladesh
The third proposal involves exploring a bilateral currency swap arrangement between the two countries to facilitate the repatriation of Bangladeshi workers’ earnings.
Bangladesh Bank said the proposals would require regulatory approval and compliance with the laws of both countries. It also expressed readiness to hold discussions with the MMA through a joint delegation comprising central bank officials and representatives of the Bangladesh Mission in the Maldives.
The proposed discussions would cover regulatory requirements, operational arrangements and settlement mechanisms.
