Bangladesh proposes currency swap to ease Maldives remittances

Bangladesh Bank has proposed three mechanisms to make remittances from the Maldives safer, cheaper, and easier for more than 100,000 Bangladeshi workers there.

In an Oct. 8 letter to Maldives Monetary Authority governor Ahmed Munawar, Bangladesh Bank governor Md Mostaqur Rahman proposed accepting Maldivian rufiyaa through the Asian Clearing Union (ACU), enabling travel payments in rufiyaa, and exploring a bilateral currency swap.

Bangladeshi banks would pay beneficiaries in taka, while taka-denominated cards could support eligible travel transactions. The proposals remain subject to regulatory approval and both countries’ laws.

Bangladesh received $118 million from the Maldives in fiscal 2025-26, down 16.4% from $141.1 million a year earlier. Workers currently face high commissions and often buy dollars on the curb market because banks and exchange houses are reluctant to accept rufiyaa directly.