Bangladesh Bank (BB) is exploring the establishment of Bangladeshi bank branches and alternative currency settlement arrangements in the Maldives to help over 100,000 expatriate workers send remittances through formal channels.
BB Governor Md Mostaqur Rahman has written to Maldives Monetary Authority (MMA) Governor Ahmed Munawar seeking cooperation, proposing three mechanisms including Asian Clearing Union arrangements, travel-related payment solutions in rufiyaa, and a bilateral currency swap.
The initiative comes as remittance inflows from the Maldives saw a year-on-year decline to $118 million in FY 2025-26, driven by high transfer costs and difficulties in exchanging local currency. Private banks like BRAC Bank and National Bank have conducted feasibility studies, and further implementation will depend on regulatory approvals from both countries.
— Daily Best News Desk • Fearless in the search for truth
Reported by National Desk, • Edited by the Daily Best News desk. Send corrections to [email protected].
