Bangladesh proposes remittance measures for workers in Maldives amid dollar shortage

Bangladesh Bank has proposed three measures to ease remittances from the Maldives, where Bangladeshi workers face difficulties sending money home through official channels, Sun Online reported.

According to the report, Bangladesh Bank Governor Md. Mushtaque Rhaman outlined the proposals in a letter to Maldives Monetary Authority (MMA) Governor Ahmed Munawar, calling for cooperation to establish a secure and cost-effective remittance system.

The first proposal seeks to facilitate transactions in Maldivian rufiyaa through the Asian Clearing Union (ACU), allowing recipients in Bangladesh to receive funds in taka.

The second would enable Bangladeshi travellers to make payments in rufiyaa in the Maldives, alongside the issuance of taka-denominated cards by Bangladeshi banks. The third proposes a bilateral currency swap agreement between the two countries.

Sun Online reported that Bangladesh Bank said the measures could be implemented within both countries’ legal and regulatory frameworks. It also offered to send a delegation to the Maldives to discuss the legal requirements and practical arrangements.

Bangladeshis make up the largest expatriate workforce in the Maldives. The report cited 2024 figures showing that more than 100,000 of the country’s over 200,000 foreign workers were Bangladeshi nationals.

According to Sun Online, dollar shortages and restrictions on access to foreign currency have made remittances increasingly difficult. Workers face high costs when purchasing dollars on the black market, while fees charged by banks and remittance agencies add to the financial burden.

Citing Bangladesh Bank statistics, the report said remittances from the Maldives fell from USD 141.1 million in the 2024–2025 fiscal year to USD 118 million in 2025–2026, a decline of 16.4 percent. Transfers totalled USD 38.05 million during the first three months of the current fiscal year.