Bangladesh's central bank has asked the Maldives Monetary Authority (MMA) to cooperate on a plan to open branches of Bangladeshi banks in the Maldives, aiming to make it easier for Bangladeshi workers to send money home.

Bangladesh Bank Governor Ahsan H Mansur wrote to MMA Governor Ahmed Munawar on 8 October seeking the authority's support, Bangladesh Bank said. A senior Bangladesh Bank official said the central bank was now awaiting a response from the MMA.

The official said feasibility studies had been completed on setting up branches of Bangladeshi private banks, including BRAC Bank and National Bank. Bangladesh Bank also recently held an online meeting with the Bangladesh High Commission in Malé on the proposal.

Banks from India, Sri Lanka and Pakistan already operate in the Maldives, and Bangladeshi banks should be given the same opportunity, the official said.

Three proposals

Alongside the branch plan, Bangladesh Bank has put forward three measures to ease payments between the two countries:

  • using the Asian Clearing Union so workers can send money in rufiyaa, with families in Bangladesh receiving the equivalent in taka;

  • allowing Bangladeshis travelling to the Maldives to pay in rufiyaa using cards linked to taka accounts, through Maldivian banks and money transfer operators;

  • a bilateral currency swap arrangement between the two central banks.

Bangladesh Bank said the proposals would depend on the MMA's response and on the laws of both countries. It said it was ready to send a delegation, including officials from the Bangladesh High Commission, for technical talks with the MMA.

Falling formal remittances

According to official Bangladeshi figures, remittances from the Maldives to Bangladesh fell from USD 141.1 million in the 2024-25 financial year to USD 118 million in 2025-26, a drop of 16.4 percent. Remittances over a recent three-month period totalled USD 38.05 million.

Bangladeshi officials say more than 100,000 Bangladeshis work in the Maldives. Many struggle to send earnings through formal channels because banks and money transfer agents are reluctant to accept rufiyaa directly, pushing workers to buy dollars on the parallel market or use informal hundi networks.

The MMA has not publicly commented on the request.