Photo: High Commission

DHAKA, June 23, 2026 (BSS) – Bangladesh has moved to facilitate easier, safer and more affordable remittance services for its expatriate workers in the Maldives through formal banking channels, with a focus on introducing direct fund transfers in local currencies.

The issue came up during a meeting between Bangladesh High Commissioner to the Maldives Dr. Md. Nazmul Islam and Bank of Maldives (BML) Chief Executive Officer and Managing Director Mohamed Shareef, according to a press release issued by the Bangladesh High Commission in Male today.

During the meeting, the two sides discussed various technical and structural aspects of enabling Bangladeshi expatriates in the Maldives to send their remittances home more quickly and at lower costs through banking channels.

Particular emphasis was placed on introducing a simplified remittance window that would allow direct conversion and transfer of funds from the Maldivian currency, Rufiyaa (MVR), to Bangladeshi Taka.

High Commissioner Dr. Islam said Bangladeshi workers are making significant contributions to the infrastructure and economic development of the Maldives.

He stressed the need for establishing a transparent and affordable banking network to ensure that expatriates' hard-earned income is not diverted through illegal channels.

The high commissioner said the introduction of a direct remittance facility would reduce transaction costs for expatriates while increasing the inflow of legitimate foreign exchange reserves into Bangladesh.

The meeting also explored opportunities for expanding banking cooperation between Bangladesh and the Maldives, including the possibility of introducing commercial credit facilities to support bilateral trade and investment.

Mohamed Shareef praised the contribution of Bangladeshi workers to the Maldivian economy and reaffirmed the Bank of Maldives' commitment to simplifying remittance services and promoting formal financial transactions.

He said discussions on technological and policy options would continue to further streamline the remittance process.

The high commissioner expressed optimism that, with the support of the Bangladesh government, Bangladesh Bank, the Ministry of Finance and the Ministry of Expatriates' Welfare and Overseas Employment, improved financial services could be ensured for Bangladeshi expatriates.

He also conveyed Bangladesh's appreciation to the Maldivian government for its continued cooperation and support.